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BBC News - Profile: Fred Goodwin
Mr Goodwin apologised to a committee of MPs at the beginning of 2009, telling them that he "could not be more sorry" about what had happened.But public anger intensified when it emerged that the 50-year-old was drawing payments worth about £700,000 a year from a pension pot then valued at £16m.The Cabinet Office said that that the failure of RBS played an important role in the financial crisis of 2008-9 which, together with other macroeconomic factors, triggered the worst recession in the UK since World War II and imposed significant costs on UK taxpayers and businesses.A report published last year by the City regulator the FSA blamed failings of regulation and management at RBS for the collapse of the bank. It highlighted poor management decisions, lack of mechanisms for challenging decisions internally and deficiences in culture at the bank, "particularly its attitude to the balance between risk and growth".
