Ballys

Well it turns out to be former Lady Goodwin.

http://www.businessspectator.com.au/bs.nsf/Article/NAB-Frederick-Goodwin-RBS-knighthood-banking-inter-pd20120202-R3S66?OpenDocument&src=spb[/URL]



The decision to strip former NAB executive Sir Frederick Goodwin of his knighthood requires a response from the Australian government. We should award his wife, the former Lady Goodwin, an AO in recognition that her actions were more important than anyone else in saving Australia from the global financial crisis.

The role of Lady Goodwin in our good fortune is a true story. Around 1996, Freddie Goodwin was a high-profile British accountant and was appointed CEO of NAB’s UK operations. When the successful NAB CEO Don Argus was set to retire as a banker around 1997-98 and take on the job of restoring the fortunes of BHP (he became chairman), the board of NAB decided to appoint Freddie Goodwin as Argus’ successor.

When Don Argus told Freddie of his appointment, Freddie vowed to turn NAB into one of “the world’s leading banks”. He jubilantly returned to his Melbourne apartment to tell his wife, Joyce. But Joyce Goodwin became angry and refused to live in Australia, demanding that Freddie get a job in the UK. She stormed out of the apartment catching the next plane to London.

Freddie turned down the NAB job and followed his wife to the UK. He became CEO of the Royal Bank of Scotland where he implemented the plan he had mapped out for NAB. The Royal Bank of Scotland became one of “the world’s leading banks” after a series of huge acquisitions.

In the global financial crisis, the British government was required to spend around $100 billion to save the Royal Bank of Scotland from the consequences of Freddie’s actions.

That’s what rescuing NAB might have cost the Australian government, but for Freddie Goodwin’s wife – who has lost her 'Lady' title as a result of the UK action – the least we can do is to give her an Australian award in recognition for her services. And someone needs to remove my tongue from my cheek.

But seriously, we were lucky on two fronts in the Goodwin affair because it was the failure of Australian banks to play the crazy global game that saved us. The man who became CEO of NAB instead of Goodwin, Frank Cicutto, encountered minor international trading loss problems which prompted a Reserve Bank review of Australian international banking activities just when the market was at its craziest.

The global banking stage saw the US sub-prime crisis followed by the European crisis. Too many international bankers are bonus-driven with little understanding of risk. Freddie kept his Royal Bank of Scotland bonus which was one reason he lost his knighthood. According to Wikipedia, he has separated from his wife.

bingobob777

Geology and millions of years saved Australia.

GarryP

Fred Goodwin was caught out 'playing away from home' with a woman, after he had screwed RBS - and in getting an injunction to stop the papers making this known, created the superinjunction debacle - where the court said he couldn't be called a 'banker' and were eventually shown up to be complete muppets.

Ex-Lady Goodwin was probably the brains of the operation. This is one instance where I hope she took him for every penny he had conned. The UK establishment has ample reason for wishing him behind bars.

smidsy

It amazes me how the blame game works.

Noone complained when everything was booming, and everybody thought everybody was great.

Now Governments are geting blamed, and so they blame the banks, banks blame goverments etc etc.

Something I come across again and again, does noone realise that the stock market is a sophisticated form of gambling, as is business in general.

And we all know in gambling, you win some, you lose some. But stocks, they always win dont they ??

Some of the worlds greatest banking minds have been destroyed by this, yet, they only did what was asked of the. 1 make money, 2. increase the share price.

Its not like it was intentional.

Blame the prople who control the people who control the companies, Who ?? The shareholders !! They are the greedy ones who took a gamble, and lost. They did the hiring & firing of the board, and agreed with the boards objectives, otherwise they would have sold their shares.

Its about time people started pointing fingers are themselves.

The exception to this, is those who lost due to their pension funds, they didnt control them, and are the real innocent victims. They should shoot the pension fund managers, who are the most powerful, yet least caring about stock markets.

Rant over, im off for a cig !