Gotcha!

It seems that Sir Fred "The Shred" Goodwin has struck a deal with his former company (RBS) over his pension pot of £17M.

Sir Fred, who will go into the history books along with Lord Simpson of Marconi as being one of the great destroyers of value, has agreed to forgo £4.7M of his pension. He will now draw a "measly" £342,500 inflation-protected income for life, instead of the £555,000 a year agreed previously.

For its part RBS announced that an internal investigation into Sir Fred's conduct, expenses and use of company resources had concluded that there was no wrongdoing or misconduct that could justify reducing his pension.

In other news billionaire and cricket entrepreneur Allen Stanford has been arrested in the US after surrendering to the FBI.