Trampa501 Posted June 12, 2013 Share Posted June 12, 2013 RBS boss quits What can we say? Quote Link to comment Share on other sites More sharing options...
200p Posted June 12, 2013 Share Posted June 12, 2013 It is easy to ride, the boom, rather than rolling up your sleeves and deal with crap during the bust. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted June 12, 2013 Share Posted June 12, 2013 Rats sinking ship ? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted June 12, 2013 Share Posted June 12, 2013 that's a lot for a public sector staff member. what will it take for the government to do something about the bankers? Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted June 12, 2013 Share Posted June 12, 2013 Rats sinking ship ? Apparently he was pushed out, in order to make way for a new CEO for when it's floated again. I've no idea why it was necessary to do that. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted June 12, 2013 Share Posted June 12, 2013 Apparently he was pushed out, in order to make way for a new CEO for when it's floated again. I've no idea why it was necessary to do that. Gordon Brown? Quote Link to comment Share on other sites More sharing options...
spyguy Posted June 12, 2013 Share Posted June 12, 2013 Bit unfair to the bloke. There's a lot of unjustfied 'Im worht it' in the city. Hester is not one of those. He's pretty unique. He earned his spurs working with Luqman Arnold defusing Abbey National. Some history: Abbey National, finding its demutualised wings starting doing loads and loads wholesale commercial loans and other totally illiquid stuff. http://en.wikipedia.org/wiki/Abbey_National So much that no one could work out if the bank was bust or not. This was 2000-2002ish Arnold + Luqman were parachuted in to dismantle all the cr.p and release some capital. Basicailly, they had to shovel heaping piles of cr.p that the half-witted building society people had been convinced were going to make them loads of money. The Abbey National story from demutualisation (1989-2002) would be good to know in detail. Maybe Hester will write some as a f-you to Gidio, who appears to have fallen for the same sort of smooth talking BS from someone who really knows his stuff: http://ftalphaville.ft.com/2013/06/11/1531682/translation-competition-algebris-edition/ . Quote Link to comment Share on other sites More sharing options...
spyguy Posted June 12, 2013 Share Posted June 12, 2013 Told you so: 'He probably is miffed about being taken off the bomb-disposal task still left on the bank’s balance sheet. ' http://ftalphaville.ft.com/2013/06/12/1533472/hester-la-vista/ Hester is not there to run the bank. He's dismantling all the moronic cr.p that UnSir Fred spend the last 15 years putting together. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted June 12, 2013 Share Posted June 12, 2013 He just told ITN that he did NOT want to leave but was asked to go. Quote Link to comment Share on other sites More sharing options...
Goat Posted June 12, 2013 Share Posted June 12, 2013 He just told ITN that he did NOT want to leave but was asked to go. Reading between the lines the board wants someone who can commit to seeing the bank through privatisation in 2014/15 and then stay on for several years after, probably at least another 5 years in total. Hester's already been there for coming up to 5 years so perhaps not unreasonably he wasn't willing to make that committment. Can't say I blame him, he can earn far more elsewhere without having every decision questioned by the usual aray of bankster bashing internet warriors. Quote Link to comment Share on other sites More sharing options...
Trampa501 Posted June 12, 2013 Author Share Posted June 12, 2013 Reading between the lines the board wants someone who can commit to seeing the bank through privatisation in 2014/15 and then stay on for several years after, probably at least another 5 years in total. Hester's already been there for coming up to 5 years so perhaps not unreasonably he wasn't willing to make that committment. Can't say I blame him, he can earn far more elsewhere without having every decision questioned by the usual aray of bankster bashing internet warriors. I'm finding it hard to believe that someone who does a good job (and earns millions in the process) would be bothered in the slightest by internet noise. Quote Link to comment Share on other sites More sharing options...
Goat Posted June 12, 2013 Share Posted June 12, 2013 (edited) I'm finding it hard to believe that someone who does a good job (and earns millions in the process) would be bothered in the slightest by internet noise. RBS boss waives his £1m bonus Royal Bank of Scotland boss Stephen Hester has decided to waive his controversial £1million bonus for 2011 Ok, so not just the internet but you see my point. Edited June 12, 2013 by Goat Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted June 12, 2013 Share Posted June 12, 2013 Gordon Brown? Even he'd struggle to top SFG Quote Link to comment Share on other sites More sharing options...
Goat Posted June 12, 2013 Share Posted June 12, 2013 Even he'd struggle to top SFG Goodwin bankrupted a bank, Brown bankrupted a country. Quote Link to comment Share on other sites More sharing options...
zugzwang Posted June 12, 2013 Share Posted June 12, 2013 It is easy to ride, the boom, rather than rolling up your sleeves and deal with crap during the bust. Tally Ho! Quote Link to comment Share on other sites More sharing options...
Goat Posted June 12, 2013 Share Posted June 12, 2013 It is easy to ride, the boom, rather than rolling up your sleeves and deal with crap during the bust. You understand that Hester joined RBS in 2008 precisely to clean up the crap. Quote Link to comment Share on other sites More sharing options...
winkie Posted June 13, 2013 Share Posted June 13, 2013 You understand that Hester joined RBS in 2008 precisely to clean up the crap. It would have been good if he was let to finish the job.....finished turning over all the stones. Quote Link to comment Share on other sites More sharing options...
R K Posted June 13, 2013 Share Posted June 13, 2013 May as well have been £50m Everybody knows they're untouchable. Lilibet's London is far far more corrupt than Greece ever was. Quote Link to comment Share on other sites More sharing options...
Goat Posted June 13, 2013 Share Posted June 13, 2013 (edited) Apparently Mr Hester already has something lined up: Stephen Hester confirmed as new Dr Who FORMER RBS chief Stephen Hester is the new Doctor Who, it has been confirmed. A BBC spokesman said: “”As soon as we heard he was leaving it was a no-brainer, we had to get Hester. “Like RBS, Doctor Who is a publicly-funded venture that has run into choppy waters. Yes he’s costing us more than Tom Cruise but we need a solid, balding alpha male who is totally the opposite of these foppish emotionally-incontinent Doctors.” Hester said: “My initial priorities are keeping Clara safe and stabilising the space-time continuum.” Edited June 13, 2013 by Goat Quote Link to comment Share on other sites More sharing options...
200p Posted June 13, 2013 Share Posted June 13, 2013 You understand that Hester joined RBS in 2008 precisely to clean up the crap. I mean it in a broad sense, in any field and in any job. Even the Lloyds chief had to take time out due to stress. All the ousted chiefs of Northern Rock, HBOS, RBS, rode the ride up through the boom years. It is no easy job for anyone having to roll up their sleeves to deal with the crap left by the predecessors. Everyone ignores the bad news during the boom, but it is magnified during the bust and every decision is scrutinised. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted June 13, 2013 Share Posted June 13, 2013 I mean it in a broad sense, in any field and in any job. Even the Lloyds chief had to take time out due to stress. All the ousted chiefs of Northern Rock, HBOS, RBS, rode the ride up through the boom years. It is no easy job for anyone having to roll up their sleeves to deal with the crap left by the predecessors. Everyone ignores the bad news during the boom, but it is magnified during the bust and every decision is scrutinised. SO, what did he do? Did he dispose of the crap....no, they are long term contracts. Did he get rid of stupid management?...not really heard of much loss in that department. Did he sell off bits...maybe. None of this is hard work....He has a team to carry out his wishes and get the Company behind him. Short of Cash....QE has helped. Short of Capital...BoE takes a load off with some haircuts. None of this is too hard to grasp. His main problem would be an out of control hierachy....P45s would cure this...and this IS a harrowing task. Quote Link to comment Share on other sites More sharing options...
Goat Posted June 13, 2013 Share Posted June 13, 2013 I mean it in a broad sense, in any field and in any job. Even the Lloyds chief had to take time out due to stress. All the ousted chiefs of Northern Rock, HBOS, RBS, rode the ride up through the boom years. It is no easy job for anyone having to roll up their sleeves to deal with the crap left by the predecessors. Everyone ignores the bad news during the boom, but it is magnified during the bust and every decision is scrutinised. Fair enough but in terms of this thread Hester wasn't there during the boom and has spent the bust trying to clean up the cr@p. Quote Link to comment Share on other sites More sharing options...
Ulfar Posted June 13, 2013 Share Posted June 13, 2013 Fair enough but in terms of this thread Hester wasn't there during the boom and has spent the bust trying to clean up the cr@p. Trying is the key word in that sentence. Pay me 5 million quid for achieving very little and I would be happy. Quote Link to comment Share on other sites More sharing options...
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