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We find Fred the Shred Goodwin's hideaway in France. And the good news? He's not coming back
THE News of the World has FOUND runaway disgraced banker Fred 'The Shred' Goodwin - in a £4 MILLION hillside hideaway in the South of France.
The former RBS chief - who became Fred the FLED after costing angry taxpayers £20 BILLION to bail out his bank - is secretly living in film star luxury in a gated private estate on the Riviera, we can reveal.
We're afraid we can't tell you exactly where the hated Goodwin's luxury bolthole mansion - complete with huge pool and a tennis court - is because the winding road there simply couldn't cope with the traffic jam.
FOUND: Hated banker Fred the Shred's hillside hideaway
But we CAN tell you the man dubbed the World's Worst Banker - who has just given up half of his £703,000-a-year pension - is enjoying his new life in the sun with his pampered wife and two children so much that he's NOT COMING BACK.
And one of Goodwin's neighbours in the private gated resort in the hills not far from trendy Cannes told us just why.
"His is one of the biggest houses here - right at the top of the resort on a private road," he said. "He overlooks a beautiful valley, including a golf course, a lake, and he has a view across the south of France.
"No-one can get anywhere near him without getting through the gates - and there are security guards with Rottweilers patrolling the resort around the clock.
Brink
"He certainly lives a millionaire's lifestyle. All the people back in Britain who lost their jobs and homes through his incompetence must be raging. He's walked away with a gold-plated pension and now he gets to stick two fingers up at everyone back home."
Slippery Sir Fred - nicknamed The Shred because of his ruthlessness in slashing thousands of jobs - quit Scotland in February after bringing RBS to the brink of collapse with a string of disastrous multi-million pound investments.
He had already resigned with a giant pension a month before his bank announced losses of £24.1billion - the largest in UK corporate history. He bolted abroad when his £2 million Edinburgh home was attacked by credit crunch protestors.
Since then Goodwin's whereabouts have been one of the mysteries of the global financial collapse, with supposed sightings worldwide.
But we found the 50-year-old sipping drinks with wife Joyce, 49, in a posh golf club and spa bar on a rare trip down from his hilltop retreat which boasts a 25ft pool, tennis court and summer house.
They lunched together in a restaurant where a pint of beer costs £8 and a steak is £30. But money's no problem to a man in early retirement with a £2,000-a-day pension.
Then they pootled off around the sprawling private resort in an electric golf buggy, visiting local shops and estate agents.
Goodwin and his family have become so at home in their posh hideaway they've even flown his in-laws, Norman and Nessie McLean, to enjoy the resort. He and Joyce have also arranged schools for their two children in France. The neighbour said: "You can't miss them as a family. Sir Fred's wife has always liked to be called Lady Goodwin.
"She's not shy in making herself known. She's always dressed in black with designer sunglasses, like an overweight WAG, chain-smoking and knocking back booze."
And when the stress of being in hiding all gets to much for Lady Goodwin she can always relax at the spa with a £63 shoulder massage or some £130-a-time anti-aging therapy.
When they're not wandering the grounds, Joyce and the children run down to the coast in their £500-a-day rented sports Mercedes while Fred stays in his hilltop eyrie. "He is a bit of a recluse up there," said the neighbour. "His family are enjoying life in the sun and go out most days but Sir Fred rarely leaves home."
His large multi-million pound property - which came with the use of a Mercedes E320 and sporty Mini Cooper - is cut off from the rest of the world by wrought iron gates and a high hedge.
It's set in landscaped and manicured land, with a private terrace at the centre of the plot. This is the second luxury property occupied by Sir Fred and his family in the South of France. They originally moved into a sumptuous villa connected to Scottish business family the Morrisons - big pals of Goodwin from his banking days. The family, headed by Sir Fraser Morrison, own a string of firms in the UK, and a country estate in Fife offering pheasant shooting - a favourite pastime of Sir Fred.
His other favourite pastime was pushing the Royal Bank of Scotland to the brink of total disaster as its chief executive.
When he wasn't splashing out customers' money on a lost cause like the £10 billion takeover of Dutch bank ABN Amro, he was wasting £350 million on a new corporate headquarters at Gogarburn, outside Edinburgh. The bank also admitted in 2004 that it owned a private jet worth £17.5million for the personal use of Goodwin and the board. As the credit crunch began to bite, Goodwin announced his resignation as chief executive on October 11 last year - a month before RBS revealed its record losses.
The government had to put in £20 billion of taxpayers cash to keep it operating - and also insure a staggering £325billion in toxic assets so the bank could lift itself out of difficulty.
Angry
So far this year, more than 15,000 jobs have been axed in a desperate bid by the firm to cut costs. Goodwin's huge £703,000-a-year pension was not revealed until February this year amid widespread public condemnation and calls for it to be stripped from him in the courts when he stubbornly refused to give it up. Angry Premier Gordon Brown said "a very substantial part of it should be returned", while former Deputy PM John Prescott called for it to be withdrawn completely.
But arrogant Goodwin rode out the pressure until a gang of fed-up taxpayers took the law into their own hands. They smashed three windows at his mansion and damaged his Mercedes.
A sinister email from bankbossesare criminals@mail.com followed, declaring: "We are angry that rich people, like him, are paying themselves a huge amount of money, and living in luxury while ordinary people are made unemployed, destitute and homeless.
"This is a crime. Bank bosses should be jailed. This is just the beginning."
But now Goodwin is beginning a new life far from their clutches. A sign near his hideaway reminds all rich residents of the 'golden rules' of living in such an exclusive spot - urging them not to 'hang washing' anywhere it can be seen, or disturb neighbours.
No problem for The Shred. All his dirty washing is still hanging out back in Britain.
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This article has 25 comments
It's about time everyone gave Sir Fred a break. The economy was always going to crash and burn. Every other bank in the world especially American banks started it off. Before the collapse of RBS Sir Fred was hailed as a hero. Under his leadership RBS went from being an average sized British bank to a global institute and a bank among the top 10 in the world. The contract Sir Fred signed which was negociated with the former RBS board was finalised years before the economy went into meltdown. The man is simply being scapegoated by the government to turn the attention away from the disastrous way they have been running the country.
By Gmc.. Posted July 1 2009 at 7:29 PM.
his actions busted the bank. if it were any other company he would have lost his job with no compensation and would have only been allowed 30k per year pension through a compensation scheme. if it wasn't for the taxpayer there would have been no contracts to honour and it is through the government's incompetence that they didn't make sure that RBS closed busted one evening and re-opened next morning as a new government owned RBS with no liability towards Fred and his submissive directors.
By andrew.. Posted June 20 2009 at 5:30 PM.
Re: the wife - I knew her at school. Sounds like she hasn't changed much. I can't see her being that willing to give back any money.
By Hutchesonian.. Posted June 18 2009 at 2:05 PM.
You should lay off his wife.
Fair enough Goodwin was a disaster at RBS and definitely shouldn't be getting so much of our money. But snide comments about his wife being an 'overweight WAG' and needing anti-aging therapy are out of order if you ask me.
By Matt.. Posted June 18 2009 at 12:54 PM.
Why would he spend £180,000 a year renting a Mercedes?
By JR.. Posted June 18 2009 at 1:13 PM.
this guy should be in jail!!
otherwise the same mistakes will be repeat over and over, bad management, high bonuses, too risky for the RBS customers and no benefits for all tax payers at the end of the day...
As there is no punishment for all these greedy bankers and government allows them to 'go in peace', It will take time to recover the economy, and even more time to trust government and banks...
Why should they go free? they are the ultimate responsible of all this, along with those who suppose to look after their work.
By Sophia.. Posted June 18 2009 at 9:32 AM.
the guy had a contract , he worked and studied hard to get what he has, i think people should respect , stop blamming him.
no matter what happen now, he signed a contract before the recession period
By billy tony.. Posted June 14 2009 at 11:16 PM.
I once did a temporary job in a local RBS Cash Centre so please hear me out. I'm sorry but this is a recession. No matter who was in power he was powerless to stop the tide. Besides, for many previous years the bank made record profits and employees took home tremendous volume bonuses. Sir Fred was hailed as a hero. Furthermore, you might not like hearing this but the economy always eventually recovers and Sir Fred's methods will reign supreme once again. So stop wingeing and get a life you sad losers.
By the Big Bitch.. Posted June 14 2009 at 1:55 PM.
I Agree wholeheartedly with Ken O'Neill,s comment regarding making the Goodwin family and their hangers-on persona non gratia wherever they go.
A .Cairns
By A Cairns.. Posted June 14 2009 at 12:25 PM.
Stalk him until he repents (and gives us back our money)!
By Madmax.. Posted June 14 2009 at 12:32 PM.
The only lesson learnt if he is allowed to get away with it is that it pays to have your nose in the trough and tough it out until the pursuers give up.
You can be sure the band of crooks and hypocrites who run the government will drop the subject just as soon as they think you have we have forgotten about it.
By James.. Posted June 14 2009 at 12:01 PM.
Please give this guy a break - Have you all forgot about football players running around for 90 mins to get paid £150,000 a week. These types of guys are in the office from 6am to 7pm earning a living!!!!
By Scott Robert.. Posted June 14 2009 at 11:14 AM.
As an RBS employee I was/am angrier than most at Fred Goodwin's actions. HOWEVER, for the good of the country it really is time to try to put him behind us and carry forward the lessons learned. This type of article does the countries economy little good as we slowly begin to recover and rebuild. For the 8 millionth time, a major factor in the economy is confidence, so how can these eye spy reports do any good??
By Steve.. Posted June 14 2009 at 10:37 AM.
Frederick (I can't bring myself to call him 'Sir' - he ain't no gentleman) must be living a very frustrating existence, being in effect a prisoner in his own home, albeit a luxury one. He will tire of it, and the limited amount of people he sees. Good. What I fail to understand is how failed bankers such as Andy Hornby (formerly of the Halifax) can flog mortgages and ISAs one minute, then talcum powder and tablets the next - now that Boots has seen fit to employ him. Clearly companies such as that don't need useless figureheads on obscene salaries that do not reflect their capability and competence. They would be nowhere without the knowledge and experience of the staff and management.
By Annabelle.. Posted June 14 2009 at 10:02 AM.
no wonder his wife wants to be called lady her name is joyce how old fashion and mrs bucket is that...hahahaha i bet she is so above her stations haha
please please find out more about joyce haha
By mmfifi.. Posted June 14 2009 at 9:39 AM.
We won't even be getting any of the money back by taxing his huge pension if he is living abroad. It is sickening.
By Carol.. Posted June 14 2009 at 8:58 AM.
£2K per day pension, how can the UK foremost financial wizard Gordon Brown allow him to get away with this? No wonder the economy is in the state it is.
By Steve Tea.. Posted June 14 2009 at 8:18 AM.
well as an employee of RBS I have just been made redundant because of all the mess Fred left so I find it all disgusting.
By C.. Posted June 14 2009 at 8:23 AM.
FRED WAS EITHER VERY STUPID OR VERY CRAFTY AT BUSINESS. IN VIEW OF HIS PENSION - ONE HAS TO CONCLUDE "VERY CRAFTY".
By vivienne thompson.. Posted June 14 2009 at 7:38 AM.
This man has done nothing illegal and should really be left in peace. It is true that he should not have received his full pension but that is the fault of the Government and the RBS Board not Sir Fred. Everyone and I mean everyone, would have tried to hang on the their full pension in the same circumstances.
By Kevin F.. Posted June 14 2009 at 7:28 AM.
no wonder people do what he did when you have a tax man doing exactly the same, trying to get as much as they can from you. bye bye england and i wont be back.
By david.. Posted June 14 2009 at 3:30 AM.
This paper needs to publish the contract that allows Goodwin to regard his pension as ironclad. He should be stripped of that pension. Of course, this only adds to the current scandal among politicians. We should not be reading the last about The Shred.
By Cecil Archer.. Posted June 14 2009 at 2:45 AM.
How did he run a giant bank when he didnt have a clue?!
Greedy imbecile!!!
By dwayne.. Posted June 14 2009 at 2:09 AM.
I can't believe this megalomanic is allowed keep his Knighthood. Is there no justice in the UK?
By Kevin O'Neill.. Posted June 14 2009 at 1:50 AM.
Hopefully the Tartan Army in it's world famous party mod will make Sir Fred feel at home.
Urinating in the neighbour's bushes and partying all night, right outside. Invite the newest Europeons, the Albanians, to the free accomodation in his private club house in the South of France.
When the posh neighbours then invite him to move out, find him again, put it on the net and invite the world to his garden parties.
Give him nowhere to hide and no peace of mind, exactly as he has given his victims.
Make the whole family personas non grata worldwide, then he will have to come home to face his victims, cos' spineless New Labour will never do it, they are too busy finding new ways to rip us off as well, where do you think he got the nod from?
By Ken.H.. Posted June 14 2009 at 12:43 AM.