Fred Goodwin, the disgraced former CEO of our largest state owned bank - RBS - has graciously agreed to surrender £361,000 of his unjustified £703,000 annual pension.
What inspired this sudden generousity? Could it have been the army of lawyers that RBS employed to find a potential loophole in Mr. Goodwin's contract?
Whatever the reason, it is a gesture that has come too late to save Mr. Goodwin's reputation. The British public has come to a settled view about Fred the Shred and today's news changes nothing.
Moreover, Lord Myners still looks like a mug for agreeing to the pension, and Mr. Brown still looks stupid for appointing Lord Myners.
In fact, the only beneficiary from Mr. Goodwin's belated givaway seems to be the UK taxpayer.