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Should we blame Scotland for the banking crisis? watch

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    I found an old article by Dominic Lawson from the Independent in which he sticks it well and truly to the Scots over their banking mess.

    http://www.independent.co.uk/opinion...e-1623819.html

    After all, the 2 major British banks that went bust were RBS and HBOS, both based in Edinburgh. The latter of those was helped by a takeover from lloyds TSB which eventually sank a perfectly good bank. The then Chairman of Lloyds, scot Victor Blank had been persuaded to do the deal by Gordon Brown. Remarkably when the deal was done a specific pledge from Lloyds was to protect jobs in Scotland. Presumably jobs in Yorkshire etc were expendable.

    I particularly liked where Lawson mentions the culture clash, how the Scottish banks had wanted to buy Natwest and had disdain for its cautious approach to banking. And I laughed when he mentioned the directors of RBS arriving at the annual AGM in 2007 to the sounds of Braveheart! So why has the British media always been so quiet on this? I have a few theories. Maybe we secretly know it but we can't bring ourselves to hurt the Scots' pride. Maybe it's a class thing. People want toffee nosed public schoolboys to be the chief villains not more 'ordinary' Scots like Sir Fred Goodwin (knighted by Gordon Brown). Or maybe it's that those most angry about the crisis are generally on the centre-left and can't bring themselves to be angry at the Scots, or are too PC to say so and anyway the Scottish vote labour - so we can't criticise them.
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    Nah. Scots are awesome. :awesome:
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    Don't expect any gratitude for pulling jocks sporran out of the fire :rolleyes:

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    FWIW It was pretty widely accepted that Sir Fred was an infallible economic genius across the political spectrum - till it all went tits up.
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    Yes.

    It wouldn't be their fault, but what-the-hell?
    Let's give the welsh a break.
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    My uncle actually worked with Fred Goodwin briefly at one stage in the mid 1980s when they were both in IB and accountancy, long before Fred joined RBS. What I'm told about Fred Goodwin is that he definitely knows his stuff and is indeed a financial mastermind, but he is over ambitious in pretty much every part of his life and has little concept of failure as well as having an air of vanity and arrogance about him. However, it seems the tabloid criticism of him is somewhat unfair and overdone - the likes of the Daily Wail don't fully understand what went on behind the scenes, nor do they accept that it was perfectly legal. Fred Goodwin has never been proven to have broken any banking laws and his pension (which is fully taxable and worth less than £200k after that - Fred is estimated to have lost about £12m of his own money since 2008) is bus money compared to what some of the Wall Street gangsters are getting.

    But yes, the UK's biggest banks originated in Scotland and the others are now under Scottish ownership... so it's the fault of Scotland and its people as a whole? The idiocy is both astounding and depressing.
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    No, but we should blame those two Scottish ***** Brown and Darling.
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    Nah, Scots are good with money. And awesome.
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    (Original post by No Future)
    Nah, Scots are good with money. And awesome.
    But their two major banks suggest otherwise.
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    (Original post by Mick Travis)
    But their two major banks suggest otherwise.
    There's nothing particularly Scottish about RBS or HBOS besides the names. They're both multinational companies, owned and run by shareholders from across the globe. They're based in Edinburgh, but that makes absolutely no difference to how they function, are regulated or are taxed.
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    (Original post by L i b)
    There's nothing particularly Scottish about RBS or HBOS besides the names. They're both multinational companies, owned and run by shareholders from across the globe. They're based in Edinburgh, but that makes absolutely no difference to how they function, are regulated or are taxed.
    They were run by Scots. Didn't you like that anecdote about the Braveheart theme being played at the AGM?
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    ITT: :facepalm:
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    Q. Who is to blame for the banking crisis?

    A. We are.
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    (Original post by Mick Travis)
    They were run by Scots. Didn't you like that anecdote about the Braveheart theme being played at the AGM?
    The CEOs of HBOS were from England. RBS's CEO was Scottish, but it's hardly an especially or exclusively Scottish institution. Saying they're 'run by Scots' is rot.
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    (Original post by Mick Travis)
    After all, the 2 major British banks that went bust were RBS and HBOS, both based in Edinburgh.
    You missed out Northern Rock as another Scottish-based bank

    Spoiler:
    Show
    yes, that was a joke. A very bad one


    (Original post by L i b)
    There's nothing particularly Scottish about RBS or HBOS besides the names. They're both multinational companies, owned and run by shareholders from across the globe. They're based in Edinburgh, but that makes absolutely no difference to how they function, are regulated or are taxed.
    Exactly what I was going to say...
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    (Original post by Martyn*)
    Q. Who is to blame for the banking crisis?

    A. We are.

    Are we?

    I don't recall ever being in charge of lending and investment policy of a large privately owned financial institution.

    I also don't recall being in charge of financial regulation in the UK at any point.

    Nor have I ever defaulted on any loan or credit agreement I have entered into.

    I can't see how I am to blame for the banking crisis at all.
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    (Original post by leetay)
    No, but we should blame those two Scottish ***** Brown and Darling.
    Darling was born in London. Which is in England btw
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    (Original post by forgottensecret)
    Darling was born in London. Which is in England btw
    Darling is plainly scottish. I wouldn't blame him for the banking crisis though, the damage was done by the time he arrived.
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    (Original post by Mick Travis)
    Darling is plainly scottish. I wouldn't blame him for the banking crisis though, the damage was done by the time he arrived.
    He went to University of Aberdeen. He's English, but lived in Scotland for a lot of his childhood. Get your facts right.
 
 
 
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