Alan Greenspan, Bankers bonuses, British honours system, corruption in finance, crony capitalism, Fed Chairman Greenspan, foreign receipients of British honours, Honours removed, RBS, Removal of knighthoods, Royal Bank of Scotland, Rupert Murdoch, Sir Fred Goodwin, Sircumcision
In a very British move, the Government, desperate to show the people that something, anything, was being done to face down errant bankers from skimming off yet more millions from tax payers and their own shareholders, to line their own fat banking scum pockets as bonuses, and to show the public they too felt the actions of these banksters were beyond the pale, finally gave in to the clamour to remove the knighthood that had been conferred on Sir Fred Goodwin, erstwhile head of the Royal Bank of Scotland. A removal of the knighthood which some unknown wag on the web has christened a “Sircumcision”.
For those outside the UK the facts are these.
You will remember that the Royal was the bank that crashed so spectacularly when it’s idiotic board of cowed children allowed itself to be led by a bully and a fool who succeeded in pushing them into buying a Bank in Holland that was so riddled with debt that no one else in the Financial world had gone anywhere near it. Due diligence? Nonsense! Masters of the Universe such as Sir Fred the Shred were never to be held back by mere detail.
Goodwin, whom we should remember has never ever passed a Banking exam in his life, persisted in his insanity and bought it. The crash came and the debt destroyed the Royal Bank of Scotland outright. Its share value was wiped out as were the savings of thousands, and the pathetic enterprise needed to be bailed out by thee and me to the tune of £42 billion, placing it in public ownership (82%) and ending Fred the Shred’s disastrous career on an all-time world low. Not that he showed any contrition, Freddy boy left with a humongous pension payment, whilst behind him the bank shed thousands of jobs of ordinary people.
This week, I am told, for the first time in months there was real cheer in the RBS as smiling staff celebrated the demise of their reviled and unlamented ex-leader.
The establishment, scared that its gongs and trinkets are at real risk, has attempted at a fight back, to stop the contagion spreading. There were those who stepped forward to pompously intone that it really wasn’t fair to single this one lone idiot from all the other fractious, selfish, bullying adolescent psychopaths that clawed their greedy way to suck the financial industry dry. There was a clearly designed campaign to make us pause, to give thought and reconsider our actions in being so nasty to Freddy as to insist he hand back his gong.
If so, it clearly failed Instead it has fuelled a desire to unfrock the bloody lot of them. Crony capitalists and crooked expense fiddling politicians all to be stripped of honours? “What a good idea” seems to be the general reaction. Who shall we start with then? The current Chair of the RBS maybe or Chairman of HBOS perhaps?
In all, a very British form of humiliation.
But why stop there? Knighthoods have been given to others, even those who are not British, as a form of honours and thanks. Knighthoods have been given to people involved in directing the finances of the world, people now seen as also responsible for the poor management of the economies of the world. People like oh – say Alan Greenspan.
Why don’t we start with removing his honorary Knighthood? It would send a message that those responsible for the worst recession since the Depression, crony capitalism, derivatives and deregulation are not beyond the censure of the people.
And then there is that odious little Australian – cum – American, Rupert Murdoch……
Copyright David Macadam 2012