Northern Rock scandal boss gets over 1.5 million dollars

This video from Britain is about the Northern Rock scandal.

From The Observer weekly in Britain:

Ex-Northern Rock boss gets £750,000

Chief at helm when bank almost crashed will also draw on £2.5m pension as shares plunge to 5p

Richard Wachman, city editor

Sunday March 30 2008

Northern Rock will ignite a storm of controversy tomorrow when it reveals that its former boss Adam Applegarth received a £750,000 [over 1,5 million US dollars] pay-off when he left last December.

Applegarth, who is 46, is also entitled to draw on a pension pot of £2.5m at the age of 55, built up since joining the bank as a graduate trainee almost 20 years ago. Experts say that could bring him retirement benefits of up to £200,000 a year.

Vince Cable, Treasury spokesman for the Liberal Democrats, said it was ‘outrageous that someone who brought the bank to the brink of destruction and subjected taxpayers to liabilities worth billions of pounds should be rewarded for failure’.

So, a pension of £200,000 a year for Northern rock scandal boss Applegarth when he gets 55. While capitalists like Applegarth are pushing in all countries to get workers’ retirement ages up from 65 to 67 years or something.

$10 million for American Axle CEO: here.

Corruption in Britain: here.

Northern Rock update May 2008: here.

Update March 2009: here.

Banks are crashing while 140,000 repossessions loom at Northern Rock: here.

4 thoughts on “Northern Rock scandal boss gets over 1.5 million dollars

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