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Fred Goodwin - The "world's Worst Banker"

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http://business.timesonline.co.uk/tol/busi...icle5549510.ece

Then there is the yawning gulf between Sir Fred’s personal financial prospects and those of the wider population. He was paid about £30 million in his decade at RBS. He waived a £1.2 million payoff, but still left with a pension pot worth an additional £8.4 million.
Above all, there’s the age-old story of hubris followed by nemesis. More than any other banker of his generation, Sir Fred – tall, lanky, plainspeaking and sardonic – came to embody an ambitious, sometimes arrogant-looking style of banking. He was ever ready with the dry quip, ever eager to embark on ambitious deals. Whether it was moving to a plush new headquarters building outside Edinburgh, or writing big sponsorship cheques to the tennis star Andy Murray or for Formula One racing, the boy from Paisley was game.

Sir Fred ran a tight ship and, according to one former colleague, brooked no criticism. He had curious fads, insisting that his executives dress conservatively and that every senior male wear a tie with the RBS logo. Every morning his immediate circle took part in a meeting known as “morning prayers” where on occasions executives could be reprimanded seriously. They gained a reputation as Yes Men, in thrall to Sir Fred, with the RBS board, chaired by Sir Tom McKillop, showing little more backbone. This led to growing concern in the City.

There’s an old-fashioned Presbyterian element about him.”

But while taxpayers remain on the hook for billions of pounds, Sir Fred’s ranking is unlikely to rise much above the level of Adam Applegarth.

Old-fashioned Presbyterian......world's most inept banker.......hubristic......intolerant.....brooked no criticism......surrounded by "yes" men......

Does the World's Worst Banker remind you of anyone?

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http://business.timesonline.co.uk/tol/busi...icle5549510.ece

Sir Fred ran a tight ship and, according to one former colleague, brooked no criticism. He had curious fads, insisting that his executives dress conservatively and that every senior male wear a tie with the RBS logo. Every morning his immediate circle took part in a meeting known as “morning prayers” where on occasions executives could be reprimanded seriously. They gained a reputation as Yes Men, in thrall to Sir Fred, with the RBS board, chaired by Sir Tom McKillop, showing little more backbone. This led to growing concern in the City.

Old-fashioned Presbyterian......world's most inept banker.......hubristic......intolerant.....brooked no criticism......surrounded by "yes" men......

Does the World's Worst Banker remind you of anyone?

Here's a great quote from Freddy in 2001:

"Lots of organizations I have seen are fixated with having a vision of the future and trying to get there.... The future doesn't always come out the way you think it's going to," http://www.businessweek.com/magazine/conte...24/b3736633.htm

Maybe he knew all along!

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Old-fashioned Presbyterian......world's most inept banker.......hubristic......intolerant.....brooked no criticism......surrounded by "yes" men......

Does the World's Worst Banker remind you of anyone?

Gordon Brown.

Do I win a prize?

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Gordon Brown.

Do I win a prize?

Congratualtions!! You win tens of thousands of additional debt for your family to repay coutesy of Messrs Goodwin and Brown - How do you intend to repay your debt windfall?

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I worked for his bank once. For a short while. Earned some decent cash. There are a lot of good people at that bank. Unfortunately the big wigs at the top only ever saw it as a vehicule for making themselves serious money and to boost their egos.

Btw, the bit about the Andy Murray sponsorship : RBS started to sponsor him when he was a totally unknown, not even in the top 100. They got their logo on his shirt for peanuts. The year he broke through, about 4yrs back, they got a great deal. No doubt subsequent deals cost a lot more. But the article makes it seem like they had suddenly jumped on the Murray bandwagon and throw money at him. Not quite true.......... :rolleyes:

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I worked for his bank once. For a short while. Earned some decent cash. There are a lot of good people at that bank. Unfortunately the big wigs at the top only ever saw it as a vehicule for making themselves serious money and to boost their egos.

Btw, the bit about the Andy Murray sponsorship : RBS started to sponsor him when he was a totally unknown, not even in the top 100. They got their logo on his shirt for peanuts. The year he broke through, about 4yrs back, they got a great deal. No doubt subsequent deals cost a lot more. But the article makes it seem like they had suddenly jumped on the Murray bandwagon and throw money at him. Not quite true.......... :rolleyes:

They were a retail bank that thought they were an Investment Bank.

If you bankrupt a country, transfer tens of thousands in debt to everybody and walk away with £30m in salaries and £8m in pensions you should be in prison and stripped of your ill-gotten gains. "for a short while" isn't really good enough for a bank with a legal franchise to make risk free money.

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Congratualtions!! You win tens of thousands of additional debt for your family to repay coutesy of Messrs Goodwin and Brown - How do you intend to repay your debt windfall?

Damn, looks like I might be a winner as well.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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