fred stripped of his knighthood
Discussion
jimslops said:
Rocksteadyeddie said:
I have no time for Fred Goodwin at all. He has been convicted of no crime, and yet is stripped of his Knighthood. Banana republic politics anyone?
What is the crime then?He was honoured for services to banking and it was reputed. What else is there to be said?
Could be mistaken though
roachcoach said:
jimslops said:
Rocksteadyeddie said:
I have no time for Fred Goodwin at all. He has been convicted of no crime, and yet is stripped of his Knighthood. Banana republic politics anyone?
What is the crime then?He was honoured for services to banking and it was reputed. What else is there to be said?
Could be mistaken though
Political expediency and nothing more.
Rocksteadyeddie said:
roachcoach said:
jimslops said:
Rocksteadyeddie said:
I have no time for Fred Goodwin at all. He has been convicted of no crime, and yet is stripped of his Knighthood. Banana republic politics anyone?
What is the crime then?He was honoured for services to banking and it was reputed. What else is there to be said?
Could be mistaken though
Political expediency and nothing more.
We could debat that point forever I suppose.
Edited by jimslops on Tuesday 31st January 19:55
To have and lost is better than to have never had art all. King for a day, yes please.
Good stories at the golf club too.
I don't actually agree with it being taken away, only because we live in such reactionary times, however the words 'epic fail' spring to mind regarding his stewardship of RBS
Good stories at the golf club too.
I don't actually agree with it being taken away, only because we live in such reactionary times, however the words 'epic fail' spring to mind regarding his stewardship of RBS
Rocksteadyeddie said:
I have no time for Fred Goodwin at all. He has been convicted of no crime, and yet is stripped of his Knighthood. Banana republic politics anyone?
Talking about this on Radio 4 tonight, apparently it used to be the case that you needed to have committed a crime, now, censure by a professional body is enough.Personally, I think he was an arrogant, vain, incredibly thin skinned bully who everyone was quite happy to stab in the back at the earliest available opportunity.
So he's still rich but to someone like him the loss of face will hurt more than the loss of money
birdcage said:
To have and lost is better than to have never had art all. King for a day, yes please.
Good stories at the golf club too.
I don't actually agree with it being taken away, only because we live in such reactionary times, however the words 'epic fail' spring to mind regarding his stewardship of RBS
I think the shame and dishonour far outweighs any benefit.Good stories at the golf club too.
I don't actually agree with it being taken away, only because we live in such reactionary times, however the words 'epic fail' spring to mind regarding his stewardship of RBS
How can you call his stewardship an Epic Fail and then disagree with the removal of an Honour given in error for that stewardship,
Some pensions funded from the public purse can be forfeited if it is subsequently found that the pensioner acted inappropriately whilst in office.
One example is that a Police Officer may forfeit his pension if he is subsequently found to have been corrupt, even if retired.
This man has forced the public purse to pay heavily for the consequences of his actions and he is now arguably receiving a pension partially funded at public expense.
Certainly he deserves no honour; he has displayed none by continuing to draw that pension.
Poor pensioners have to pay more and receive less. It is unjust that he should continue to receive a pension awarded for his good management when it is clear that his management was anything but good.
One example is that a Police Officer may forfeit his pension if he is subsequently found to have been corrupt, even if retired.
This man has forced the public purse to pay heavily for the consequences of his actions and he is now arguably receiving a pension partially funded at public expense.
Certainly he deserves no honour; he has displayed none by continuing to draw that pension.
Poor pensioners have to pay more and receive less. It is unjust that he should continue to receive a pension awarded for his good management when it is clear that his management was anything but good.
k-down is gathering pace..........A worthless hollow gesture.
Dave isn't going to do anything (and probably shouldn't) about 'bonus culture'.
Ed can pontificate all he wants in opposition. His comments on Hester were laughable.
How about doing something about 'salary culture' (in every sector of the economy)? Breeds laziness, complacency and low productivity.
And how are public sector workers and benefits claimants not being 'rewarded for failure'?
False PR that we're all in it (and should be in it) together in these times of austerity is merely to assauge pangs of jealousy. That is the road to ruin imho.
Dave isn't going to do anything (and probably shouldn't) about 'bonus culture'.
Ed can pontificate all he wants in opposition. His comments on Hester were laughable.
How about doing something about 'salary culture' (in every sector of the economy)? Breeds laziness, complacency and low productivity.
And how are public sector workers and benefits claimants not being 'rewarded for failure'?
False PR that we're all in it (and should be in it) together in these times of austerity is merely to assauge pangs of jealousy. That is the road to ruin imho.
Interesting timing......glosses over Hester's bonus nicely.
Ludicrous he was ever awarded it.
I worked for part of Natwest from 1998 until 2004...the RBS takeover was in 2000. Goodwin himself described buying Natwest as "like finding £20 on the pavement".
Having seen Goodwin's management at quite close hand and the quality of his immediate management team at very close hand it's utterly amazing they got as far as they did. Natwest was incredibly badly run.....whoever bought it would have looked like a star as you couldn't fail to look like a legend by doing very,very basic things. Unfortunately from that point on they were out of their depth.....Goodwin had never run a bank in a recession for one. He was a management consultant until 1995 and by 2000 was running pretty much the biggest bank in the UK. RBS grew from being a parochial Scottish bank by being willing to lend to companies that others wouldn't......and because they didn't really start doing that until the late 90's it didn't burn them until 2008. The guy that Goodwin had running the investment bank was called Johnny Cameron....he ran it from 1998 until 2008.....he used to boast that when he first started running it the division made £80,000.....by 2008 that was £4 or £5 bil. Totally out of his depth but because he was one of Fred's boys (and Scottish which counted for an awful lot) he was armour plated.
Goodwin was a micro managing bafoon...there are countless tales which have made the press.....entire new buildings strippped of carpets because he didn't like the shade of blue etc My only direct contact came when I used the bank's box at The Royal Albert Hall to entertain some clients at an Oasis concert....two days later I got a phone call from "Sir Fred's Office"....I had to right a memo telling him who I had taken and what their relationship with RBS was. Is that really something that the CEO of a bank with a £2trillion balance sheet should have been spending his time on ?
Ludicrous he was ever awarded it.
I worked for part of Natwest from 1998 until 2004...the RBS takeover was in 2000. Goodwin himself described buying Natwest as "like finding £20 on the pavement".
Having seen Goodwin's management at quite close hand and the quality of his immediate management team at very close hand it's utterly amazing they got as far as they did. Natwest was incredibly badly run.....whoever bought it would have looked like a star as you couldn't fail to look like a legend by doing very,very basic things. Unfortunately from that point on they were out of their depth.....Goodwin had never run a bank in a recession for one. He was a management consultant until 1995 and by 2000 was running pretty much the biggest bank in the UK. RBS grew from being a parochial Scottish bank by being willing to lend to companies that others wouldn't......and because they didn't really start doing that until the late 90's it didn't burn them until 2008. The guy that Goodwin had running the investment bank was called Johnny Cameron....he ran it from 1998 until 2008.....he used to boast that when he first started running it the division made £80,000.....by 2008 that was £4 or £5 bil. Totally out of his depth but because he was one of Fred's boys (and Scottish which counted for an awful lot) he was armour plated.
Goodwin was a micro managing bafoon...there are countless tales which have made the press.....entire new buildings strippped of carpets because he didn't like the shade of blue etc My only direct contact came when I used the bank's box at The Royal Albert Hall to entertain some clients at an Oasis concert....two days later I got a phone call from "Sir Fred's Office"....I had to right a memo telling him who I had taken and what their relationship with RBS was. Is that really something that the CEO of a bank with a £2trillion balance sheet should have been spending his time on ?
I'm in two minds about Mr Goodwin being stripped of his knighthood.
Firstly he's committed no crime (as far as I can see). Secondly if you're awarded something, or given something, it belongs to you and shouldn't be taken away. I recall working for a company where the Chairman removed share options from a sacked (for fraud) member of staff as the company was being acquired. The ex employee sued and won.
On the other hand...... His knighthood was awarded for 'services to the banking industry'.
Surely Goodwins board should be held accountable too?
Firstly he's committed no crime (as far as I can see). Secondly if you're awarded something, or given something, it belongs to you and shouldn't be taken away. I recall working for a company where the Chairman removed share options from a sacked (for fraud) member of staff as the company was being acquired. The ex employee sued and won.
On the other hand...... His knighthood was awarded for 'services to the banking industry'.
Surely Goodwins board should be held accountable too?
NDA said:
Surely Goodwins board should be held accountable too?
So should the FSA and The Bank of England. The current Deputy Governor of The Bank Of England is called Paul Tucker...he was promoted to that role in 2009. From 2002 to 2009 he was the BoE's Executive Director for Markets...part of his job was to "provide market intelligence and analysis supporting the Bank's monetary and financial stability core purposes"....i.e. he was supposed to be the BoE's eyes and ears and know what was going on in the market. He abjectly failed in his role.....and guess hat he got promoted. Brilliant.
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