There is only one slight drawback to the "Get Fred" philosophy. If he had a contract, then that might have to be ignored to make him pay back his ill-gotten gains.

Apparently the government is already seeking legal advice on reneging on public service pensions, so this means that if you are a teacher, NHS worker or anyone in the public sector, you "guaranteed" pension may no longer be so.

If Sir Fred's money is to be clawed back, it must be done legally if it is not going to be used to create a precedent of breaching contracts.

It may be a question of cutting losses and making sure that future finance bosses are more than just pin-striped greaseballs with a dtermined expression on their faces.