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’Introducing Mr Fred Goodwin, former Knights Bachelor…
Some will see this as further evidence that the Daily Mail runs the country….
The Forfeiture Committee has reached a decision.
Sir Fred Goodwin, disgraced, despised loathed, spat upon, former ceo of RBS,
[Something for the weekend] The SGP without stability or growth
Ah, the Stability and Growth Pact. You remember. Joining the SGP, members promised fiscal restraint, and in return were allowed to junk their soggy old currencies for a Deutschemark with a suntan. They all promised to keep the gap between revenue and spending to below 3 per cent of GDP,
This year’s Halloween favourites
This Saturday is Halloween. If you’re in finance and fancy making an ironic statement — or just want to deflect from being part of ye most hated of trade guilds — then perhaps you might consider some of the following outfits we at FT Alphaville have cherry-picked as favourites for this year’s festivities.
Goodwin hands back part of pension
Sir Fred Goodwin, former CEO of Royal Bank of Scotland, has agreed to hand back more than a third of the pension he was paid after leaving the stricken bank last year. Sir Fred was pilloried for accepting a £703,000 annual pension from RBS,
Myners fights calls for resignation
Lord Myners, the UK’s City minister, was fighting opposition calls for his resignation on Tuesday night over his account of how a £700,000 annual pension was awarded to Sir Fred Goodwin, former RBS chief executive.
UK banks warned after attack
UK banks were warned on Wednesday to take security precautions for staff after vandals attacked the Edinburgh home of Sir Fred Goodwin, former chief executive of Royal Bank of Scotland. Three ground-floor windows of the detached house were smashed and a Mercedes car in the driveway was vandalised.
Lombard: Time for a truth and reconciliation commission
The most shocking aspect of Wednesday’s attack on Sir Fred Goodwin’s car and home is that nobody seems that shocked by it. Worse, many people would endorse, if not the action itself, then the sentiment of the email claiming responsibility.
MPs call Myners ‘bloody naive’
Lord Myners, City minister, was on Tuesday accused of being “bloody naive” after he admitted waving through Sir Fred Goodwin’s annual £700,000 Royal Bank of Scotland pension without asking how much it would cost or whether he was contractually entitled to it.
Criminal negligence, or just insane?
Going about his usual innocent business (predicting a 10 per cent GDP shrinkage peak to trough; a Great Unwind 2, as massive global external imbalances produce a major liquidity squeeze amongst emerging markets and other producers of commodities),
Fred Van Shred?
Amsterdam: the most civilised city in the world, some might say. Famously permissive (although no tobacco allowed in those reefers these days) and offering a tight social safety net for the disadvantaged.
Is Robert Peston a government stooge?
Because the Daily Mail is asking.
The peg, of course, is the uproar over Sir Fred Goodwin’s outlandish pension pot, which happens to have completely overshadowed the British government’s blank cheque bailout of RBS.
Front page Fred
Move aside Posh Spice, we present Sir Fred Goodwin — the UK’s new front page darling:
He just won’t budge, what a greedy banker! – says The Times:
And it involved the Treasury, what a palaver…! says the Telegraph:
Goodwin stands firm on RBS pension
Sir Fred Goodwin’s pension arrangements were at the centre of an escalating dispute on Thursday night as the former chief executive of RBS traded allegations over the terms of his departure with Lord Myners,
LIVE! at the banking witch trials
At some point in October 2008, likely between the time when the afflictions began but before specific names were mentioned, a neighbor of Gordon Brown, Alistair Darling, instructed John Kingman, one of the minister’s slaves,
Pension for RBS ex-chief raises questions
Sir Fred Goodwin, the former chief executive of RBS, was awarded a £16m pension pot by the bank when he left last year, double the amount previously reported, it emerged Wednesday night. The pension, which was approved by the government,
Investment bank revisionism, Wiki edition
Felix Salmon points us in the direction of a new feature for Wikipedia, the user-generated online encyclopedia.
WikiDashboard, created by Silicon Valley’s Palo Alto Research Center, “aims to reveal much of the normally hidden back-and-forth behind Wikipedia’s most controversial pages.”
Markets Live – Select Committee Special, Part II – the Bankers
An early start for Messrs Murphy and Hume this morning. They will be live blogging the Treasury Select Committee meeting from the Thatcher Room, Portcullis House.
And this promises to be a lot of fun as selected bankers face the wrath of Rt Hon John McFall MP and his committee members.
Dead cat splat
Is this the most unconvincing bounce in UK stock market history?
Probably.
The market really has given up on RBS, with most analysts saying the equity is now not worth more than a few pennies.
Poor Sir Fred. Now the US media is on his case
You’d think America would have enough bankers of its own to hang before picking on Scottish chancers like the former chief executive of Royal Bank of Scotland.
But no. Daniel Gross at Slate magazine has launched a search for the World’s Worst Banker – and who does he pick?
Richard Fuld? James Cayne? Any of the three men that brought Citigroup to its knees? Nope.
RBS details £20bn capital raising
Royal Bank of Scotland on Monday announced a profit warning along with details of a £20bn capital raising and decision not to pay a dividend until it had repaid £5bn of preference shares being bought by the UK government.
Sir Fred’s farewell
From an RBS insider:
After nearly nine years as the Group’s Chief Executive I would have been approaching the end of what could be considered an appropriate time in office, regardless of the scenario we faced.
It’s the FSA that has re-set solvency, not Gordon Brown
While politicos will be taking public credit, and treasury officials will be hitting the phones, insisting privately that it was all their work, it is clear now that HM Bailout is an FSA-led affair.
In fact it’s a re-tread of the last major solvency crisis the British regulator had to deal with – albeit this time on a much grander scale.
“While stand the banks of England…”
Disney’s Mary Poppins brings you a glimpse of how British banks used to be.
Oh, there’s so much we could say about the above. For now though we’ll just note that this scene ends with a bank run.
RBS: Raising £20bn, CEO steps down
RBS takes the lion’s share of the Treasury’s cash-for-bank-recapitalisation in the largest-ever European bank nationalisation
Statement:
* RBS announces an offer of ordinary shares to raise £15 billion of core tier 1 capital.
Sir Fred to exit RBS, Hornby’s future uncertain at HBOS
Sir Fred Goodwin, embattled chief executive of Royal Bank of Scotland, is expected to step down as early as Monday, to be replaced by Stephen Hester, chief executive of British Land. The immediate future of Andy Hornby,
RBS – some facts & figures
Market value on Friday – £11.9bn (share price 71.7p)
Equity raised in June – £12bn (rights issue price 200p)
Cash call on Monday? – £15bn (is the figure in the Sunday press)
Who do you believe – Sir Fred or Jeff Randall?
The Telegraph says Sir Fred Goodwin and his chairman, Sir Tom McKillop, are being forced out of RBS. The bank itself says: “We have been completely focused on fixing things, these issues have not even been discussed.”