The Register also has an article, where it claims a source has told them what happened at RBS and NatWorst. This is an extract.
A serious error committed by an “inexperienced operative” caused the IT meltdown which crippled the RBS banks last week, a source familiar with the matter has told The Register. Job adverts show that at least some of the team responsible for the blunder were recruited earlier this year in India following IT job cuts at RBS in the UK.
The problem isn’t in India, it’s with what haggis-head or collection thereof that decided on the risky strategy. And were they appointed by Fred Goodwin or one of his arse-lickers?
I hope that if you read the article in The Register, you’ll take the only sane action and move to another bank, as soon as RBS or NAtWorst have paid you the compensation, you think you deserve.
The more I read about Donald Trump and the wind farms, I just think how funny it would be if either the golf course or the wind farms had been all or part funded by the Royal Bank of UK Taxpayers.
After all something Sir Fred did is going to jump up and bite us, so when it does, it might be something with a good laugh in it.
A quite elaborate trophy is presented to the winner of the Six Nations Rugby Championship. Here’s some details.
The idea of a Trophy for the Six Nations Championship was first thought of by the Earl of Westmorland, and was first presented in 1993 to France (the winners that season). It is held in trust by the Six Nations Championship Trophy Trust.
The Trophy is made of 200 ounces of sterling silver and is insured for £55,000. It was designed by James Brent-Ward, a silversmith designer, and made by eight craftsmen at the London silversmith firm William Comyns. The inside of the Trophy was originally silver, but it became so tarnished from repeated fillings with champagne that it has been lined with 22 carat gold to protect it.
There are fifteen sides to the Trophy, representing each player, and three handles representing each official ie the referee and two touch judges. Around the wooden base of the Trophy is the emblem of each of the six national unions.
The handle, or finial, on the lid is interchangeable and represents the current champions. The finials of the five challenging teams are kept in a hidden drawer in the plinth throughout the Championship.
According to this piece it pre-dates the Royal Bank of UK Taxpayers sponsorship of the Championship. So this is one thing, where Sir Fred isn’t guilty.
They’ve both lost their title in the last couple of weeks.
So Fred Goodwin has got his comeuppance, but do you ever wonder where all the others, who are part of the same wunch of bankers as Fred, who got us into the financial mess are?
It is interesting reading.
Whilst searching for Scotland’s reaction to Sir Fred’s fall from grace, I found this page in the Glasgow Herald.
There are some funny bits, including one, about how you toast a haggis if you’re teetotal.
But this bit on Sir Fred’s Fellowship of the Royal Society of Edinburgh is priceless.
After The Herald revealed that disgraced banker Sir Fred Goodwin may have his Fellowship from the august Royal Society of Edinburgh removed, reader John Duffy in Edinburgh suggests: “Could they not just downgrade him to an Associate, just for the pleasure of seeing a more appropriate set of letters after his name.”
I’m not sure if he’s actually lost his Fellowship.
They all have lost their knighthoods, although Mugabe’s was honorary. But they would make a wonderfully well-matched set of dinner party companions!
But count your fingers after they’ve left.
One ruined the currency of one of the richer countries in the developing world, another stole virtually all the cash in a series of islands and the third helped to create a banking crisis that affected much of Northern Europe.
This comes from an article in the Scotsman.
The Royal Society of Edinburgh may now strip Goodwin of his fellowship. Amid the baying mob there are those prepared to take a more conciliatory view. Lord McConnell rightly says that what happened at the banks was a result of more than one man’s failings. The failure of RBS was systemic.
So will he be de kilted or whatever they do north of the border?
The reason I ask this question, is that we have one important thing in common; we both hate pink vanilla wafer biscuits. In my case, I’ve avoided them all my life even before I was diagnosed as a coeliac and of course can’t eat the normal ones now. But I’d never write an e-mail about it, as Fred did and I reported here.
But hope is at hand, as Sainsburys are now selling Pink Panther gluten free vanilla wafers.
Who’s to know, if Fred might have liked them? If he had, the train crash that was RBS might not have happened.
A new book, Masters of Nothing: The Crash and how it will happen again unless we understand human nature, claims that Fred the Shred sent an e-mail complaining about the wrong type of biscuit served at a meeting. The report in the Telegraph says this.
The former boss of Royal Bank of Scotland (RBS) vented his anger over the pink wafer in an email titled “Rogue Biscuit” in an example of his “overbearing” management style that may help explain the collapse of the bank in 2008, the new book claims.
I find it strange that the biscuit was pink. Is there a psychologist out there, who can offer a better explanation than the obvious one?
I think if anybody had treated me like that, I’d have gone straight to my lawyer and someone like Max Clifford.
The only way you will rid businss of overbearing bullies is to stand up to them using the full force available.
Those accolytes who surrounded Fred the Shred must be partly guilty in many peoples’ eyes for the mess they allowed him to create.
And what were the non-executive directors doing? If the answer was nothing, they were failing all of the bank’s employees, customers and shareholders. And of course ultimately, UK taxpayers. Have any of those non-executive directors been disqualified? The respected newspaper calls them the Silent Nine.