Unemployment benefit - NRK style

We haven't heard much about Adam Applegarth, the man who destroyed Northern Rock as a viable private financial instititution.

He is back in the news today. He is having some difficulty finding new work. Normally, this would be a personal tragedy, but according to his termination package, this translates into a huge increase in his pension entitlement.

From today's Times.....

Adam Applegarth, the disgraced former chief executive of Northern Rock, has received a £109,000 pension top-up from the taxpayer-funded bank in addition to his existing severance arrangements agreed more than a year ago, it emerged today.

State-owned Northern Rock confirmed today that the pension top-up was new money in addition to severance payments of £1.16 million announced a year ago.

The state-owned bank also revealed that because Mr Applegarth had failed to get a new job, it had had to pay his is full severance entitlement, which amounted to £732,000 in 2008.

How do they get away with it? It is because we allow it.