Today - and for weeks to come - he'll have to listen to a lot of hot air from HMG and their allies. And that'll be about it. The chances of the money being retrieved are near zero. He'll get away with it because he can.
It may seem to me and thee amazing that RBS could have approved such a deal - with Freed shovelling RBS cash out of the back door even as HMG prepared to pump the stuff in through the front door - but we forget the cosy cartel by which everyone sits on everyone else's remuneration committees, a mechanism which has been driving up top directors pay by 15% a year for the last 20 years. Don't stop the back-scrathing, lest your back be unscratched when the time comes. Didn't Merril Lynch approve a slew of last-minute bonuses even as insolvency loomed ?
But the Government hope he'll serve his purpose - as a lightning-conductor for public disquiet while yet more taxpayer cash is thrown at RBS on easy terms. If he didn't exist they'd have to invent him.
UPDATE - Jeff Randall, one day later :
If the inappropriately named Goodwin did not exist, the Government's Department of Propaganda would need to invent him. By casting Sir Fred as the pantomime villain – the credit crunch's Dick Dastardly – the unholy trinity of Gordon Brown, Alistair Darling and Lord Mandelson has been able to deflect attention from Labour's calamitous stewardship.