Monday, October 13, 2008

Fred Goodwin hangs tough

Come on Sir Fred

You worked for an inconsequential arm of National Australia Bank.

You walked to an historic but small bank in Scotland.

You went on a binge of overpriced and insane acquisitions and turned your tiny bank into the world's largest by balance sheet.

The bank failed at huge risk to the global economy and required government to bail it out.

And you did not resign and instead hung tough for a golden parachute.

I have said that you are the worst CEO of any major bank anywhere. Vindication I claim.

Resign and waive the right to any package. It is simply indecent to charge a parachute to the taxpayers.



Anonymous said...

Goldman Sachs in London aided and abetted "Sir" Fred on the binge. Some advice.


Wille said...

Gone today, unsure whether he gets his parachute or not.

Looking at the RBS mess as a former disgruntled customer gives me mixed feelings - I feel glee at the failure, until I realize me and millions of others are footing the bill and paying the price while Goodwin goes into the sunset in his Maserati and golden parachute.

thecreditcruncher said...

He has no shame... £703,000 a year at 50. The government has vowed to legislate, but I can't help thinking they want to offer him the lower rate of £416,000 (what he would have got if he resigned) personally I favour allowing him the £20,000 he would have got if RBS had gone under...

General disclaimer

The content contained in this blog represents the opinions of Mr. Hempton. Mr. Hempton may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Hempton's recommendations. The commentary in this blog in no way constitutes a solicitation of business or investment advice. In fact, it should not be relied upon in making investment decisions, ever. It is intended solely for the entertainment of the reader, and the author.  In particular this blog is not directed for investment purposes at US Persons.