Saturday, 16 January 2010

Failure is Profitable

I'm sure everyone recognises Sir Fred Goodwin, the former chief executive of the Royal Bank of Scotland. Also I'm sure most people know he ran away to France after he was ousted from the bank during the October 2008 bank bailout.

Well Sir Fred is back in Scotland and doing rather well for himself. He's been hired in an advisory capacity by RMJM, the Edinburgh based firm involved in designing the Scottish Parliament building which was completed 10 times over budget and three years late.

The architects said Goodwin had been hired for his international experience.

He's not the first of the bankers involved in the crisis to take steps to reinvent himself. Andy Hornby, his counterpart at HBOS and ex-grocer, is now chief executive of the pharmacy chain Alliance Boots, which is owned by a private equity firm.

Who says failure isn't profitable?


Quiet_Man said...

Bit incestuous this whole banking/politician thing. Perhaps we'd better just hang them all along with the lawyers come the revolution......pour encourager les autres as Sir Fred might have heard in France.

subrosa said...

You can bet RMJM was one of his old clients too QM.

Strathturret said...

Two thought abour Sir Fred. Firstly being in receipt of a large pension he will be paying Tax at 50% and with his NI he will be paying 61% on the first £40k or so. I'm not sure I would bother working if I was as rich as him.

Whatever Fred did he did not kill anyone. He made some bad decisions but not as bad as Blair and his war cabinet in invading Iraq.

Perhaps we need to keep a sense of proportion!

subrosa said...

You're right Strathturret, he didn't kill anyone. But he did make many people's lives misery. I have neighbours who lost a fortune because of his wheelings and dealings.

It was his new bedfellows who interested me .:)

Strathturret said...

Yes I clocked them as the Scottish partners of Miralles in the Scots parliament job. I hadn't realised how big a firm they are. By the way they bank with Lloyds apparently.

subrosa said...

I didn't see that on their website Strathturret. Maybe they bank with Lloyds and invest with HBOS who knows.

It is a big setup but I don't remember it being so big 10 years ago. Must see if I can find out more from an architect friend.

Apogee said...

QM. Its a pity we have to wait till the revolution. No chance for an early start??


Will Pickering said...

Briefly describe what skills and experience you will bring to this post:

Well, in my last job I took a flagship national institution with global reach and a successful track record going back centuries, and turned it into a basket case dependent on public subsidy within three years, all because I couldn't be bothered to do due diligence on the junk stocks I was buying on its behalf. The knock-on damage to our clients and the economy generally were so vast they've still not been fully calculated. Awesome, huh?

Congratulations, you're hired.

Strathturret said...

Will Pickering

That's what is known as 'an elevator speach' !

subrosa said...

Excellent Will.

banned said...

Jobs for the boys.

Bravo Will Pickering, would that fit on his headstone?

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