Former bank chief Fred Goodwin, who presided over one of the largest corporate losses in British history, has taken out an injunction banning the media from calling him a banker. Source: AFP
A FORMER bank chief who became one of the faces of the financial crisis in Britain has taken out an injunction banning the media from calling him a banker.
Britain's media is reporting the move by former Royal Bank of Scotland CEO Fred Goodwin, who presided over a $40 billion corporate loss in 2009.
Liberal Democrat lawmaker John Hemming told the House of Commons that Mr Goodwin had gone to the courts to stop media outlets publishing information about him - including referring to his former role.
The Royal Bank of Scotland nearly collapsed in 2009 while Mr Goodwin was in charge, and it was saved only by a $51 billion subsidy from taxpayers and shareholders.
The RBS result, when it was reported in February 2009, was then the largest corporate loss in British history.
Mr Hemmings, using parliamentary privilege - which in turn means media can report his remarks - said on Thursday: "In a secret hearing, Fred Goodwin has obtained a super-injunction preventing him being identified as a banker."
The issue is being seen as the latest clash between parliament and the courts over the use of so-called "super injunctions" by the rich and famous to protect their privacy, The London Times reported.
"Will the government have a debate or a statement on the issue of freedom of speech and whether there is one law for the rich, such as Fred Goodwin, and another law for the poor?" Mr Hemmings said.
George Young, the Leader of the House, said a forthcoming Westminster Hall debate would explore freedom of speech and that he would raise the issue with the appropriate minister.
But he warned British lawmakers about addressing legal proceedings and court responsibilities: "I think any minister would be cautious about commenting on that."
Mr Goodwin was nicknamed "Fred the Shred" because of his management style.
The Times reported in June 2009 that Mr Goodwin had bowed to public pressure and agreed to nearly halve his controversial ($34m) pension deal.
He also agreed that his annual pension be cut from $1.1m to $550,000.
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