In the Court of King Fred I of Scotland

#1
"An RBS insider claims the disgraced former chief executive squandered vast sums empire-building and indulging his personal tastes as the bank ran up huge losses.

The well-placed source has told how the bank allegedly:

- Redecorated the lobby outside Goodwin’s office with wallpaper costing £1,000 a roll because someone had made a tiny stain on one surface.

- Spent £5.3m lavishly refurbishing a grade A listed building – styled “Sir Fred’s Pleasure Dome” by staff – that was barely used.

- Paid out £100,000 a month on part-time chauffeurs.

- Flew fruit in daily from Paris and upbraided staff about “rogue biscuits” when pink wafers were included with other boardroom snacks.

- Twice changed £100-a-square yard carpeting in two vast boardrooms because Goodwin “didn’t like the shade of amber”.


"During dinner functions, the source claims, an engineer was kept on standby late into the night solely to switch off the fire alarms when executives wanted to smoke.

No expense was spared when it came to hospitality, using suppliers hundreds of miles away and ferrying staff long distances when personnel were available locally. Some 300 hospitality staff, including chefs and sous chefs, were allegedly available to cater for Goodwin and his closest colleagues in Edinburgh alone.

“The fruit was flown in [to Edinburgh] on a daily basis from Paris for a long period. Frank Yorke, (Yorkes Butchers), being a friend of Sir Fred’s, supplied all the meat. They are based in Dundee — can you imagine the distribution costs? And they could charge what they liked.”

Staff lived in terror of invoking the wrath of Goodwin and his colleagues. On one occasion, catering staff were sent an e-mail from senior managers warning that incorrect presentation of tea and biscuits was a disciplinary offence. Headed “Rogue Biscuits”, it railed about the mistaken inclusion of pink wafers in a biscuit selection for executives’ afternoon tea.

A worker who toppled off a ladder while cleaning windows in Goodwin’s office, breaking a small model aeroplane as he fell, received little sympathy from RBS high command. Despite his having written a note of apology to Goodwin, staff simply “went into panic mode” over how to fix the toy.

The whistleblower told how RBS’s top chefs were sent on a 250-mile round trip from Edinburgh to Aberdeen simply to provide “stovies and pies” for executives after an international rugby match, while Goodwin’s attitude towards his own travel plans is also seen in a fresh light. When flying into Edinburgh airport in his private Falcon 900EX jet – which had the personalised registration RBSG (Royal Bank of Scotland Goodwin) – he “didn’t want to walk far” so allegedly ordered the bank to buy four executive car parking spaces nearby. A spokesman said Goodwin could not comment because of a confidentiality agreement.

The whistleblower also claims that 24-hour manned security was ordered at Goodwin’s £3m Edinburgh home at the bank’s expense after children broke into his garden and played on the swings while he was on holiday"


http://business.timesonline.co.uk/t...ectors/banking_and_finance/article5950461.ece

Classic case of CEO out of control.
 
#2
Ah, but 'the market' obviously felt he was worth it, or why would they have paid?

At least the RBS shareholders signed up to underwrite this arrsehole. I bloody didn't.
 

the_boy_syrup

LE
Book Reviewer
#4
No good crying about it now
Did they not have unions or the balls to go and work elsewhere?
As said above he's not the only one and RBS arn't the only bank or big bussines who carry on like this
At the time it was RBS money he was using now we are all chipping in so we should be outraged
However if you compare this to Gorbals Mick and Derry Irvine (?) about the cost to refurbish their quarters the it's just the same
I seem to remember some RAF Bod (sh4gging lady Buck) spending a fortune on carpets and wallpaer in his quarters a few years back


It happens you would be suprised how much money is wasted and how people live in fear of the top man
 
B

BambiBasher

Guest
#5
One thing I'd say for the Septics, at least people go to jail when this sort of thing comes to light. The only person to raise the issue of prosecutions here is an 'ex-minister' no doubt soon to be an ex-MP if Brown has his way.

Perhaps the time has come to stop trusting the politicians to run the counrty, and let people elect their own public officials directly - Directors of Public Prosecution for example.
 
#6
the_boy_syrup said:
No good crying about it now
Did they not have unions or the balls to go and work elsewhere?
As said above he's not the only one and RBS arn't the only bank or big bussines who carry on like this
At the time it was RBS money he was using now we are all chipping in so we should be outraged
However if you compare this to Gorbals Mick and Derry Irvine (?) about the cost to refurbish their quarters the it's just the same
I seem to remember some RAF Bod (sh4gging lady Buck) spending a fortune on carpets and wallpaer in his quarters a few years back


It happens you would be suprised how much money is wasted and how people live in fear of the top man
Why work elsewhere when your salary is £150,000+bonuses,for agreeing with the the top man?
 
#7
... anyone want to open a book on when (note not IF as it is probably a foregone conclusion) Sir Freds £3.2M Edinburgh home is petrol bombed.... :lol:

Side wagers are also availible on the response time of Lothian and Borders F&RS when they find out it's Sir Freds gaff

"Opps sorry Pal... there was this cat in this tree, urgent ya see...."

And the LB Police response

"... sorry sir nobody saw anything and we can get no forensics from the scene... er... is this your car?"
 
#9
Ah, but his security costs (bear in mind he's an ex-employee) are still being paid for by RBS.

SOmehow, I doubt the blokes who made that decision are cutting their own bonuses or the shareholder dividend to fund it - which means - yes, that's right, folks - the taxpayer's bailout cash is being spent on yet more things that benefit bankers and don't do a jot towards helping the economy like wot it was given for.

There's a word in business for soliciting money under false pretences, 5 letters and begins with an 'F'... It's on the tip of my tongue...
 
#10
smartascarrots said:
Ah, but his security costs (bear in mind he's an ex-employee) WERE still being paid for by RBS.
My bold... as far as I'm aware as soon as he started being awkward this was withdrawn under Ministerial instruction he has to pay for it himself now.
 
#11
#14
House and Mercedes S class car attacked today by vandals,a pity they didn't string him up at the same time,preferably with piano wire.
 
#15
Richard_DeAstardly said:
... anyone want to open a book on when (note not IF as it is probably a foregone conclusion) Sir Freds £3.2M Edinburgh home is petrol bombed.... :lol:

Side wagers are also availible on the response time of Lothian and Borders F&RS when they find out it's Sir Freds gaff

"Opps sorry Pal... there was this cat in this tree, urgent ya see...."

And the LB Police response

"... sorry sir nobody saw anything and we can get no forensics from the scene... er... is this your car?"


Hope your alibi is watertight!
http://uk.news.yahoo.com/5/20090325/tuk-vandals-attack-home-of-ex-bank-chief-45dbed5.html
 
#16
Not me... piss poor drills as far as I'm concerned totally wasted opportunity.. nitromors would have been soooooooooo much better :p

My alibi is watertight... I live at least 45 miles away!

What was interesting were the comments from the vox pops on the news tonight.. "deplorable", "shocking", "wanton" were some of the most commonly used..

"Surprised", "unexpected" and "un-warranted" were however totally missing.
 
#19
Perhaps they can just claim there's an 'insurance crunch' and fcuk off to Spain on a wad of his money?
 
#20
Wonderfull.If my house and car were vandalised,all I would get would be a crime number from the police.Clearly the police in Edinburgh are treating the matter as a major crime.Do they bank at RBS? My car is serviced at the same garage as Fred Goodwin's.Should I worry or assume that plod will offer me the same service,in the event that this garage is vandalised,while my car is being serviced within it?
 

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