Sir Fred Goodwin comes to the rescue of the regulators
When the going gets tough it seems that another attack on Sir Fred Goodwin fits the bill of diverting attention away from the UK economy and the UK regulators. Yet again, we have seen unconfirmed reports that Sir Fred Goodwin "employed" somebody at the Royal Bank of Scotland head office to fill cash machines with banknotes which only he had signed. While this has grabbed much attention in the media with various headlines appearing, it is worth stating that even if this were the case, only two cash machines are maintained within the head office of the Royal Bank of Scotland.
Lord Myners, the government appointed City Minister released these fresh allegations in Parliament today as yet more attacks on Sir Fred Goodwin materialised. This is the same government minister who has been blamed by many for the massive pension fund offered, and accepted, by Sir Fred as he negotiated his departure from Royal Bank of Scotland. Quite why anybody should be interested in the fact, whether true or not, that Royal Bank of Scotland notes signed by Sir Fred Goodwin were used in head office cash machines is a mystery.
We are starting to see something of a trend in the media, with Sir Fred Goodwin attacks rolled out when the going gets tough for the regulators and the UK government. Where will it all end?
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