27 February 2009

Fred Goodwin - what really happened*

*OK, so this account is entirely based on how I imagined it whilst sitting on the tube this morning having read the papers.

Gordon Brown: Myners, first of all we need to sack the senior RBS management, starting with Fred Goodwin.

Paul Myners: OK Gordon, but you do realise that they are on rich contracts and we'll have to give them a wacking great pay off.

GB: We can't do that - there will be an outcry. You'll have to think of a way around it.

PM: What if we offer him something else such a boost to his pension which noone will pick up on until the dust has settled.

GB: I don't want to know - just sort it out.

PM: Yes, Prime Minister.


So there you have it. Proof, if any were needed why the government should not be involved in running businesses, particularly banks. They are bound to take rubbish decisions for political reasons and then we can all sit back whilst some lackey acting on orders from above takes the political fall out.

Paul Myers joined the government as a GOAT ("Government of All the Talents"). Turns out he's a scapeGOAT.

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