RBS reveals whopping pre-tax losses

Sir Fred Goodwins refusal to give up any of his £693,000-a-year pension from troubled Royal Bank of Scotland has been branded "unacceptable" by City Minister Lord Myners. The former RBS chief executive rejected Government pressure to accept a reduction in his package, insisting that changes to the early retirement deal he negotiated when he was forced out in the autumn were "not warranted". The massive payouts have been branded "obscene" and "grotesque" by MPs, and Prime Minister Gordon Brown indicated that the Government was considering legal action to claw back all or part of the money. But in a letter to Lord Myners, Sir Fred claimed the Treasury minister was aware of the details of his entitlement at the time of his departure. Responding by letter on Thursday evening, Lord Myners disputed the bankers version of events and told him his decision not to volunteer a reduction in his pension was "unfortunate and unacceptable".