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THE CHATTER BOX

 
  
  
  The Chatter Box : Blathering On
  
  
  
 
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Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by bIG bLOGGER on 22 January 2009 4:17pm
 
Sir Fred Goodwin,born August 1958,educated at Paisley Grammar School and Glasgow University where he studied Law,and trained as an accountant-- was until last October Chief Executive at the Royal Bank Of Scotland(RBS),which also owns NatWest Bank,and sponsors the Williams Formula 1 Racing Team.

In April,2008,he was on a reported salary of £3.5million per annum,plus over £2million per annum in bonuses,plus the use of an Executive Falcon 900 jet,worth £17.5 million,plus he is the comfortable owner of a £1million mansion in the exclusive Grange Park area of Edinburgh.

He quit his post at RBS in October,last year,as a condition of the (1st) £20-billion pound taxpayer-funded bailout of RBS.He had already been dubbed "Fred The Shredder" by City pundits bacause of his ruthless cost-and-job cuttings among RBS staff.

Before leaving, Sir Fred pocketed a £4.2 million salary,and a £2.86 million bonus. His pension pot of £8.37 million will pay £579,000 a year on retirement.

This week,RBS announced a whopping £28 billion-pound loss,the largest in British corporate history,made up of £8 billion in bad trading losses and £20 billion in write-offs of bad debts.Some wags have now branded Fred as "Fred The Red".

It has been mooted whether he should retain--or be stripped of--his knighthood ("Sir") awarded to him in 2004 by the then Prime Minister,Tony Blair,"for services to banking.."
This citation,in view of the latest revelations,now looks pretentious,ironic,inappropriate,and possibly just downright laughable.Maybe it should read:"for services to the downfall of banking..."

Gordon Brown,P.M. has professed himself to be "very angry..."

Royal Bank Of Scotland was valued at £55 billion in 2007,but after this week's collapse in the share price down to 10.3 pence per share,is valued at only £4.5 billion pounds,and may have to be completely taken over by the State after the Government upped its shareholding from 58% to 70%.



 
Re: Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by mrsteabag on 22 January 2009 7:30pm
 
The only bigger travesty that comes to mind is Bernie Madoff getting a Nobel Prize for economics.
 
Re: Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by johnnythemonkey on 23 January 2009 3:57am
 
bIG, you are picking on the obvious target and I can't blame you. The man's arrogance ( Goodwin ) defies belief.
There are many guilty parties involved in this financial mess, not least government and the so-called regulators who take their remit from the former.
We are were we are and I hope that the new American administration will deal with what is a capitalism correction in the extreme. I liked what The President had to say on these matters and hope that he and Gordon Brown ( step forward the Scot as always ) can lead the way in avoiding a depression.

To semi-quote Obama, the workforce is'nt any less productive nor any less inventive and the needs for goods and sevices remains.
That has always been the bit that I did'nt grasp about downturns and depressions. Sorry, I am acting naive. Boom and bust is the very nature of Capitalism but although I'm not educated in economics, I think a new model is required, that takes into account the ever inventiveness of greed.
I remain a Socialist in mind and heart.
 
Re: Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by bIG bLOGGER on 23 January 2009 2:40pm
 
JTM:Thank you for your insight.

Financial matters like these are so enormously complex and complicated that you would probably need more than 1 Degree in Economics to work out what it's all about.
The BBC News announced today that the UK is officially "in recession". So Gordon Brown,P.M. and The Rt.Hon. Alastair Darling M.P.,Chancellor Of The Exchequer,(both Scots)have their work cut out to see us through this mess.

I should say I have nothing personal against Sir Fred Goodwin,and I don't think it is any reflection on him being Scottish,either. I am just dismayed that our whole banking sector seems all of a sudden to be in utter turmoil.

It has been suggested that things really took a downturn for him when he was at the helm in the takeover by RBS of a Dutch bank called ABN-Amro,in 2007.RBS have now had to write off £17 billion pounds of their assets in that bank relating to toxic mortgage loans and so on. This partly accounts for the £28 billion pound loss,this January. Also included was a £1 billion part-write-off of a loan to Chemical company oligarch Leonard Blavatnik,and a £1/2 billion loss on exposure to hedge-fund fraudster Bernard Madoff.
 
Re: Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by geordiegirl on 23 January 2009 5:35pm
 
I synpathise with your views, bB, but it won't happen. The only 'business' Sirs to be stripped of their knighthoods in recent history were those associated with the Guinness frauds in the Thatcherite 1980s: and even now, Sir Jack Lyons (one of them stripped thus) still has his name on a part of the Rpyal Academy of Music he endowed as 'the Sir Jack Lyons hall'.

And even Jeffrey Archer is still Lord!
 
Re: Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by johnnythemonkey on 23 January 2009 5:45pm
 
The 'establishment' is very reluctant to strip away 'honours' and titles, as us plebs might start asking if any of them are deserved or if the whole system is even relevant to the 21st century.
 
Re: Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by bIG bLOGGER on 23 January 2009 5:53pm
 
Yes,Linda,you're very well informed.Despite being prosecuted in the High Court,and serving 2 years at Her Majesty's Displeasure for perjury,he is still LORD Archer Of Weston-Super-Mare.It seems once you get a "Sir",you are almost guaranteed to hang on to it.

Lester Piggott was stripped of his OBE after a conviction for tax fraud.Kim Philby was also stripped of his OBE. Robert Mugabe,awarded the Honorary Knight Commander Of The Bath in 1994,had it removed by the Foreign Office in June 2008,after an outcry over his human rights abuses.

I probably have more respect for The Beatles who sent back their M.B.E.'s to Harold Wilson in the 1960's.
 
Re: Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by Ginnyp on 24 January 2009 2:20am
 
Can I just ask for your advice,please?
If you thought there was something dodgy going on i.e backhanders not knightships (yet) from the government.
Who would you ask?
 
Re: Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by kazzzz on 24 January 2009 7:56am
 
The Queen?
 
Re: Sir Fred Goodwin:--should Gordon Brown shred the "Sir"? by Spursfan on 24 January 2009 11:17am
 
I'll get on the phone now....

;)
 
Messages 1 2 3 4 




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