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Wednesday, March 18, 2009

Myners - A Lesson in Failure

Lord Myners attempted a bravura performance yesterday in front of the Treasury Select Committee, wrt their investigation into Sir Fred "The Shred's" RBS pension.

Unfortunately for Myners, he wasn't terribly convincing as he sought to deflect people's attention and pass the buck by saying (in a tone of "disgust") that the RBS Board had "bent over backwards" to reward Goodwin.

Other "playing to the gallery" quotes from Myners included gems such as:

-"beyond my comprehension"

-"extraordinary"

-"outrageous"

On listening to Myners one would be forgiven for thinking that he played no part in the affair whatsoever. Unfortunately for the hapless and hopeless peer of the realm, Myners had a very large role in the affair.

Myners admitted that he had been warned by Bob Scott ex head of RBS's remuneration committee that "The pension will be enormous, you know that".

Did Myners then, on being warned of this, ask how much the pension would be?

Can you guess the answer?

Yes that's right, Myners claims he didn't ask!

"I sought no information."

Either the man is lying, or else he is surely one of the most incompetent fools ever appointed to represent the taxpayer.

As Michael Fallon MP put it:

"Either you were party to very expensive back-scratching, or you neglected your duty to the taxpayer."

The bottom line is that Myners failed in his role, over such an obvious and easy target.

The question now is, given that the government failed in this relatively simple matter, what other horrors are lurking in the details of the bailouts that they have agreed to on our behalf?

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