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Chest Rockwell

The Love Of Money

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Hi Guys,

I watched the Love of Money on iPlayer last night an even though I thought that some parts seemed a bit too much like a Party Political broadcast for the Labour Party, I did find the program enjoyable to watch.

What jumped out at me was the account of Fred Goodwin of RBS behaviour or stance at the so called meeting of Chief Execs in the Treasury during the crisis. According to the program, he said that RBS didn't have a capital problem it had a liquidity problem. After he said that the room apparently fell silent according to the boss of UBS. Then of course, Darling recounts his disbelief at a bank chief exec that does not know his own bank and it's going ons...as if Darling as a politician would know everything there is to know about RBS.

Ok fair enough, but then the program goes onto say that Fred the Shred declined to be interviewed but in a statement he said he stands by his views?

I'm starting to suspect that Fred Goodwin was made the scapegoat for the whole debacle and that whopping pension was awarded to him as a 'keep your gob shut, whilst we drag you through the mud' sort of payment. The whole pension debacle didn't make any sense...particular with Goodwin saying in all of his statements that the Govt knew about the award . But what is weird, is that in all the slaggings off he has got he has never once appeared on TV (apart from the commons select commitee) to fight his corner? From what I've read about him when he was in RBS, he was supposed to of been one tough b@stard, yet he seems to of slipped away? Or was payed off!

I for one think he did make bad decisions BUT I now suspect that at the time he did so with the blessings of the Treasury and the Govt. I suspect he was taken to one side and told "someone has to carry the can for this, will 16 million by ok for sticking the blame onto you?".

I think the HBOS guy got away with it as the govt off loaded them to Lloyds, but for RBS they needed someone to blame and that was Fred Goodwin. For 16 million I would have taken the blame for the whole crisis...including sub-prime in the US.

I now wish I'd called Hank Paulson at the time and offered up myself as a scapegoat for Lehmans.

Anyway, all just my own thoughts.

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