off with his ‘ead
I’ve got to admit it that I love bankers being in the news for one for the right reasons, highlighting the fact that they were never the self-proclaimed ‘Masters of the Universe’. Indeed, they were just very naughty boys.
Whilst It is of course completely absurd to claim that Fred Goodwin was solely responsible for our current financial meltdown, he was only one of many. He was however the poster-boy for the ‘profession’ and one who clearly relished his elevated position and believed his own hype & bullshit. Back in the day, Goodwin was knighted for services to banking when the powers-that-be understood the price of everything and the value of nothing. With hindsight, his woeful inadequacy as both banking genius and business role-model has been exposed and his actions typify the disastrous disservice done to all, institutions and individuals alike. Reverting to plain ol’ Mr. Goodwin is no more than he deserves and a lot less than many wish.
There is perhaps nothing harsher than the verdict of history and maybe this overdue act sets a precedent for a thorough and detailed retrospective review of the honours list?
Furthermore, bowing to public anger and resentment (not political pressure I hasten to add) Stephen Hester, boss of the beleaguered (and publically owned) Royal Bank of Scotland, waived his entitlement to the annual £1m bonus, leaving him with only his meagre base salary of £1.2m. Perspective shows this to be about £100,000 per month or £5000 a working day. Nice work if you can get it I say. A sense of restraint you say? Nah, a token gesture and only the tip of the £500m annual banking bonus pot. Any government of any persuasion now knows what’s required: an industry wide insider bank bonus ban. But, rest assured, it ain’t ever going to happen.
