Wednesday, March 4, 2009
Fruits of failure
"Northern Rock revealed yesterday that it was forced to pay disgraced former chief executive Adam Applegarth more than £800,000 last year in pay and pension top-ups following his departure from the bank after he failed to find another job. Applegarth was paid £731,000 after he quit the bank in November 2007 following a deal that awarded him a year's pay until he found another job. The Newcastle-based bank also had to stump up an extra £108,000 to fund Applegarth's guaranteed £305,000-a-year pension which pays out from the age of 60." Funny how bankers seem to be so careful with their personal financial arrangements.