Tuesday, 3 March 2009

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.

5 comments:

Josh said...

Give back the cash Applegarth

Anonymous said...

harry Enfield wasn't funny. He was true. OMG.

Anonymous said...

harry Enfield wasn't funny. He was true. OMG.

Anonymous said...

harry Enfield wasn't funny. He was true. OMG.

Anonymous said...

"we" was the shareholders.
now the shareholders are the big we.