Friday, April 25, 2008
Time to sack Fred Goodwin of Royal Bank of Scotland?
Fred Goodwin is chief executive of the Royal Bank of Scotland.
Fred Goodwin's mother was German Jewish. (Fred Goodwin - Wikipedia, the free encyclopedia)
Shares in the Royal bank of Scotland have just halved in value.
In 2004, the Observer reported that Goodwin was in line to earn an £8 million bonus. (RBS's Goodwin in line for £8m bonus Business The Observer ). His salary was reported as being around £3.5 million.
The bank owns a Dassault Falcon 900 jet worth £17.5m for the use of Goodwin. (RBS's Goodwin in line for £8m bonus)
Back in 1990, while working for Touche Ross, Goodwin was chief operating officer of the worldwide liquidation of Bank of Credit and Commerce International .
According to an article at Wikipedia: "RBS has been involved in an increasing number of environmental and human rights controversies since Sir Fred Goodwin took the helm in 2001.
"RBS is heavily involved in financing large oil, gas and mining projects world-wide that environmental organizations like BankTrack, PLATFORM , Pacific Environment, The Cornerhouse, and Rainforest Action Network call 'dodgy deals' that they say severely damage the environment and local communities, and that contribute significantly to climate change.
"A profile by BankTrack tracks RBS financing of corporations involved in the production of uranium weapons, as well as the controversial Baku-T’blisi-Ceyhan oil pipeline transecting Azerbaijan, Georgia and Turkey, the Sakhalin II oil and gas scheme in eastern Russia, the Freeport McMoRan mine in Indonesia, Sinopec oil and gas in Burma, the Dynegy coal fired power plant and mountaintop removal coal mining in the US." - Fred Goodwin - Wikipedia, the free encyclopedia
"Sir Tom McKillop and Sir Fred Goodwin, chairman and chief executive of RBS, may be responsible for the biggest absolute reduction in shareholder value in Scottish corporate history.
"How did they 'arise' to this accolade; by irresponsible lending in bubble markets, by paying a grossly inflated price for a major European bank during the biggest financial squeeze for 40 years and by becoming the last of the big spenders on head offices and advertising.
"Sir Fred has shredded the RBS share price and his chairman has presided over it. Both will, no doubt, put it down to the worldwide credit crunch. It's not – it is down to poor management." - ROBIN RAE - RBS chiefs at fault
"Among banks that have capital concerns are Barclays and HBOS, which JP Morgan reckons will need £8 billion and £11 billion respectively." - Look Ma, no capital