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Author Topic: Sir Fred "The Shred" Goodwin v. Government  (Read 3257 times)

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albitz

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Re: Sir Fred "The Shred" Goodwin v. Government
« Reply #30 on: 01 March 2009, 23:32:21 »
Quote
Sadly this is the culmination of the "ME FIRST " attitude that has prevailed for the last three decades .
Remember the phrase " Greed is good " which was adopted as the banking industry's mantra.
I feel utterly ,utterly disgusted at the grasping, self centred and greedy attitude employed by these " pillers of society " who are singley responsible for bringing untold misery upon millions of decent people.
Also remember the phrase"there is no such thing as society"?.....Margeret Thatcher gave us that little beauty in the 80,s,and it could explain a lot of what we see in the U.K. today. :(
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Nickbat

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Re: Sir Fred "The Shred" Goodwin v. Government
« Reply #31 on: 01 March 2009, 23:57:11 »
Quote
Quote
Sadly this is the culmination of the "ME FIRST " attitude that has prevailed for the last three decades .
Remember the phrase " Greed is good " which was adopted as the banking industry's mantra.
I feel utterly ,utterly disgusted at the grasping, self centred and greedy attitude employed by these " pillers of society " who are singley responsible for bringing untold misery upon millions of decent people.
Also remember the phrase"there is no such thing as society"?.....Margeret Thatcher gave us that little beauty in the 80,s,and it could explain a lot of what we see in the U.K. today. :(

Sorry, guys but this "greed is good" mantra just doesn't wash with me. It's oversimplifying a very complex situation. Naturally, all banks and financial organisations were keen to improve income. It's much the same principle followed by those who buy up properties, give them a makeover and sell them on. I don't regard that as evil. In the same way, I don't regard corner shopkeepers buying goods at the cash and carry and selling them on at a mark up as evil. It's the way it goes.

In the case of the banks, history will show that they were foolish and gullible. The age of computerisation has hoodwinked us all into thinking that a silicon chip can foretell the future. It can't. There is an excellent article linked below which shows that an algorithm (the Gaussian copula function), seemed to predict risk from large mortgage portfolios to an amazing degree of accuracy. It was used by banks, traders and regulators. The only problem was that it was based on only 10 years of data, during which house prices monotonically increased. The program could not handle price falls and defaults because it didn't "know" such a situation could exist. That the financial world could get suckered in by this technology is the worrying thing. It could be that the blame for the credit crunch will one day be laid firmly at the door of this algorithm.

There is a moral to this story, but it will probably get ignored. After all, how many technos do we know that swear by the latest bit of software?

http://www.wired.com/techbiz/it/magazine/17-03/wp_quant?currentPage=1
« Last Edit: 01 March 2009, 23:58:51 by Nickbat »
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albitz

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Re: Sir Fred "The Shred" Goodwin v. Government
« Reply #32 on: 02 March 2009, 00:04:11 »
http://www.ukmonster.co.uk/monster/showthread.php?t=31810
very interesting reading Nickbat.It can also be argued that anyone who bought buy to let,spent equity from a house to purchase car/holidays etc; or just plainly forgot the lessons from the last time the housing bubble burst,less than 20 years ago,has played their own small part.
The link above is less serious in content ,but does make some good points about the role of "Culpability Brown".
« Last Edit: 02 March 2009, 00:05:21 by albitz »
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albitz

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Re: Sir Fred "The Shred" Goodwin v. Government
« Reply #33 on: 02 March 2009, 23:30:31 »
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Nickbat

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Re: Sir Fred "The Shred" Goodwin v. Government
« Reply #34 on: 02 March 2009, 23:43:23 »
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albitz

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Re: Sir Fred "The Shred" Goodwin v. Government
« Reply #35 on: 02 March 2009, 23:48:59 »
some other good stuff on that site,daughter just told me about it. :y
Told her about your postings regarding working in the city in the eighties,she said she would have loved to have worked there then and that you probably got out at the right time.
was interested to know what financial literature you have written. :y
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albitz

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Re: Sir Fred "The Shred" Goodwin v. Government
« Reply #36 on: 03 March 2009, 00:05:04 »
« Last Edit: 03 March 2009, 00:07:55 by albitz »
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Nickbat

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Re: Sir Fred "The Shred" Goodwin v. Government
« Reply #37 on: 03 March 2009, 00:13:06 »
Quote
some other good stuff on that site,daughter just told me about it. :y
Told her about your postings regarding working in the city in the eighties,she said she would have loved to have worked there then and that you probably got out at the right time.
was interested to know what financial literature you have written. :y

PM sent!  :y
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albitz

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Re: Sir Fred "The Shred" Goodwin v. Government
« Reply #38 on: 03 March 2009, 00:20:02 »
PM recieved ,thanks Nickbat.Will pass the details to miss Bitz,she will be very interested. :y
If you read those other 3 links,I think you will be amused. :)
« Last Edit: 03 March 2009, 00:21:21 by albitz »
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Lizzie_Zoom

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Re: Sir Fred "The Shred" Goodwin v. Government Part 2
« Reply #39 on: 03 March 2009, 18:17:45 »
It has now been officially announced Sir Fred's pension is actually:

[size=24]£703,000 per year![/size][/b]
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LaserLance

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Re: Sir Fred "The Shred" Goodwin v. Government Part 2
« Reply #40 on: 03 March 2009, 18:25:52 »
Quote
It has now been officially announced Sir Fred's pension is actually:

[size=24]£703,000 per year![/size][/b]
Me personnally, would like to add the £3000/ yr on my pension  :y :y :y but the truth be be known i've got no chance
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LaserLance

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Re: Sir Fred "The Shred" Goodwin v. Government Part 2
« Reply #41 on: 03 March 2009, 18:26:44 »
Quote
Quote
It has now been officially announced Sir Fred's pension is actually:

[size=24]£703,000 per year![/size][/b]
Me personnally, would like to add the £3000/ yr (cant decide if I mean year or your) on my pension  :y :y :y but the truth be be known i've got no chance
Year  :y :y :y
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Dusty

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Re: Sir Fred "The Shred" Goodwin v. Government Part 2
« Reply #42 on: 03 March 2009, 19:23:51 »
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It has now been officially announced Sir Fred's pension is actually:

[size=24]£703,000 per year![/size][/b]

Divide by 52 and we get £13519.23p. per week Lizzie.

How will he survive,Hard times ahead for Sir Fred. :'( :'( :'( :'( :-*
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LaserLance

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Re: Sir Fred "The Shred" Goodwin v. Government Part 2
« Reply #43 on: 03 March 2009, 19:35:35 »
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Quote
It has now been officially announced Sir Fred's pension is actually:

[size=24]£703,000 per year![/size][/b]

Divide by 52 and we get £13519.23p. per week Lizzie.

How will he survive,Hard times ahead for Sir Fred. :'( :'( :'( :'( :-*
I wonder how many pair's of shoes and handbags that would buy  :) :) ::) ::)
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Field Marshal Dr. Opti

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Re: Sir Fred "The Shred" Goodwin v. Government Part 2
« Reply #44 on: 03 March 2009, 19:43:55 »
Quote
Quote
Quote
It has now been officially announced Sir Fred's pension is actually:

[size=24]£703,000 per year![/size][/b]

Divide by 52 and we get £13519.23p. per week Lizzie.

How will he survive,Hard times ahead for Sir Fred. :'( :'( :'( :'( :-*
I wonder how many pair's of shoes and handbags that would buy  :) :) ::) ::)
[/highlight]


Lizzie could make that amount of money stretch..........to three handbags and two pairs of shoes.....................very frugal is Lizzie. ::) ::) ::) :y
« Last Edit: 03 March 2009, 19:45:38 by optimist »
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