There was knight, and there was «the worst banker of the world»

There was knight, and there was «the worst banker of the world»

Frank Goodwin

The former head of failed bank Royal Bank of Scotland, Frank Goodwin was deprived recently of a knightly title. Such decision was accepted the queen of Great Britain Elizabeth II, but the recommendation (made on the basis of conclusions of the relevant special commission) was submitted by the prime minister of the country, David Cameron.

Before becoming the ex-head of bank, Frank Goodwin supervised the large-scale transaction concerning acquisition by bank entrusted to it of the Dutch competitor of ABN Amro. And it not the order of a gazelle – cost of such transaction is great and dangerous under adverse financial conditions in the country. But everything would manage, do not pass this transaction in the heat of recent crisis, that is just in 2008-2009 which became test for the whole world. Here also left so that this transaction gave one of the largest banks in Great Britain Royal Bank of Scotland to bankruptcy. For bank rescue from the state budget it was allocated with 45 billion pounds sterling that is equal to 70 billion US dollars.

This bankruptcy played a considerable role in the general financial position of the country during crisis. In aggregate with other financial and economic factors, "disorder" of Royal Bank of Scotland became the reason of very heavy recession, comparable unless only with that that occurred during World War II. Now the bank for 80 % belongs to the state.

It is necessary to tell that earlier the award of the knight was selected in case of existence of a criminal record or at an exception of the person of professional association for any offense. Goodwin does not treat neither the first nor to the second category, but «in this case the exception became more, than pertinent» – the broadcasting company Air Force speaks. The press in turn called Goodwin «the worst banker of the world» that it, without paying attention to multi-billion losses, pursued mullions-strong bonuses.

Leave a reply

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>