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Scrutineer - Memo to Sir Fred: Get on and get the job done



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Published Date: 21 April 2008
By Bill Jamieson
IN A spate of commentary on Royal Bank of Scotland now bordering on the hysterical, a pending rights issue cash call is fast being turned into a management succession crisis. "Halo slips from Sir Fred" run the gory headlines. "Investors torn about fate of Fred the Shred".
With all due respect to these commentators, Royal Bank is no Citigroup and its chief executive Sir Fred Goodwin no Chuck Prince. Similar though the problems may appear, they are different in both context and degree.

RBS has many problems. But a ...



The full article contains 978 words and appears in The Scotsman newspaper.
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  • Last Updated: 20 April 2008 8:34 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: Bill Jamieson , Scrutineer
 
1

Tobydawg,

Alloa 21/04/2008 08:45:16
I'm glad someone can see through the rubbish & hype floating around at the moment.
2

The Strategist,

21/04/2008 09:16:23
Bill is a lovely chap but he's a fully paid member of the RBS sycophants club so it's very difficult to take anything he says about Goodwin particularly seriously.

3

Cathcart Boy,

London 21/04/2008 10:00:59
BBC reporting last Friday was disgraceful, implying that a rights issue was some sort of rescue mechanism. As with Northern Rock, BBC's ignorance on Breakfast and other programmes has fuelled equally ignorant press comment, not only in tabloid style. Let Fred and his team get on with what they do best - building shareholder value from aggressive management of banking operations and well-judged strategic acquisitions.

I am not a shareholder and have no professional connection with the bank, nor am I a paid-up member of the sycophants club.
4

The Strategist,

21/04/2008 10:36:44
#3

Codswallop... Firstly, Fred and co have done an extremely good job of destroying shareholder value by growing the company well beyond the limits of their management capability.

However, it's not shareholders who are suffering the most damage here but UK Plc and particularly Scotland Plc.

The activities of RBS - and others - has done a massive amount of damage to the economy through easy access to credit which has led to overvalued houses and a record trade deficit.

Those who believe this is OK needed a sharp lesson in basic economics and boy are they getting it now.

Oh and of course a rights issue is a rescue mechanism.
5

Evan Owen,

Snowdonia 21/04/2008 20:16:53
So many opinions...
6

Cathcart Boy,

London 29/04/2008 11:11:29
#4 The Strategist - is that an ironic nickname you have there?
Please stick to the point. There's no evidence to say that RBS has grown beyond management capability. Shareholders are not suffering most damage - so why are you bothering as that's the constituency to whom RBS management report? On what do you base the assertion that UK plc and Scotland plc have suffered?
And on what basis do you say a rights issue is a rescue mechanism - it's a way or raising capital by giving existing shareholders first option; that's known as "pre-emption rights" but that's maybe a page too far or a phrase too big for you.

Haven't noticed any post on this morning's HBos thread from you. Care to comment on the Hornsby spin?

Fred's too easy a target; try to resist the bandwagon

 

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