Prince Charles parts with 'Fred the Shred'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.His reputation has been devalued as savagely as the toxic debts on the books of the Royal Bank of Scotland and the humbling of Sir Fred "The Shred" Goodwin, the bank's former chief executive, continues.
Yesterday, another battalion of troubles arrived – he is to leave his post as chair of the Prince's Trust; the Lothian and Borders police has launched an inquiry into his handling of the RBS rights issue; and he will have to appear before the tough Treasury Select Committee of MPs.
Once one of the most fabulous figures in finance, garlanded with honorary degrees, a knighthood and millions of pounds in bonuses, this son of Paisley, turned master of the universe, had to resign as RBS chief executive in November, having watched the bank he did so much to build into one of the largest finance groups end up semi-nationalised. He has been voted "the world's worst banker" – from a crowded field.
Having shredded so many jobs in the banks he ran, his own employment prospects have now gone from riches to rags; he is to step aside as chairman of the Prince's Trust.
A princely source confided: "It is out of the question for a business figure charity to have as its figurehead and role model a man who's done so much economic damage."
Even his old friend Gordon Brown appears to have gone off him. Last week, the Prime Minister refused to say whether Sir Fred should lose his knighthood, as many suggest.
How did it come to this? The credit crunch is one answer; the ABN Amro takeover is another. As Scots recover from their Burns suppers, the poet's lines come to mind:
The best laid schemes o' Mice an' Men
Gang aft agley,
An' lea'e us nought but grief an' pain',
For promis'd joy!
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments