The Bank That Almost Broke Britain, BBC 2, BBC iPlayer, narrator Blythe Duff and director Leo Burley.

Posted by celticman on Wed, 03 Oct 2018

hubris

noun

  1. excessive pride or self-confidence.

https://www.bbc.co.uk/iplayer/episode/b0bmbhzb/the-bank-that-almost-brok...

Remember Blythe Duff, the actress who played Detective Jackie Reid in Taggart whose famous catchphrase, ‘Where’s the body?’ became much parroted. Ten years on Blythe Duff is the narrator in search of the body of capitalism, the rise and fall of the Royal Bank of Scotland (RBS) and the biggest bailout in British history, around a trillion pounds, much of it going to prop up the nominally Scottish bank that was too big to fail.

Let’s put that into perspective. A trillion pounds of taxpayer’s money would build ten hospitals the size of the Queen Elizabeth in Glasgow. It would build three new RBS headquarters in Edinburgh at Gogaburn £350 million, attended by the Queen, get you a fly past by the Red Arrows and with a nice view and corporate logos. Her Majesty did ask the difficult question, why did economists not see this coming?

And, equally, she could ask the same question now.  No one held to account. Fred Goodwin CEO of RBS kept his index-linked pension of £700 000 a year, but he did lose his knighthood. I’d love to be given that choice, knighthood or £700 000 a year public money for running up one of the biggest debts in history?

The interesting thing about this programme is Fred Goodwin was one of the bosses trust funds trusted. He was an accountant and megalomaniac bully to his workforce that slashed costs and kept buying even when the party was over. I laughed when I heard his nominal boss, Sir George Mathewson, admitted he’d lost a lot of money when Goodwin issued a new tranche of RBS shares worth…nothing now. I’ll chalk that one up for the little guy.   

This is an insider account, with all the key players available, with the exception of the then Prime Minister, Gordon Brown, who promised an end to boom and bust. The programme ends on a happy note, if you’re a banker, RBS announced earlier this year that it is, finally, in profit.

I see no profit. I see only loses. The losers have been the poorest in society. The culprits are the Laurel and Hardy of British politics Chancellor George Osborne and Prime Minister David Cameron who propagated the lie that the impending collapse of the British economy wasn’t down to banks and bankers, but poor people who like Oliver Twist with a begging bowl kept demanding more. Austerity was not for the rich, but for the poor. This is Britain’s shame. And Laurel and Hardy led us into another fine mess, before disappearing back, like Fred Goodwin, into comfortable prosperity. Only the poor pay the full price of nationalised debt. Too big to fail. Too wee to matter.

Comments

Submitted by thornwood on

Is good point about how many hospitals could have been built but is there the quality trained staff to run them and clinical compassion and goodwill subjective maybe I think is another point, though I always want to believe nhs trusts are been managed with pure dilligance and humanity bland clearly the pension stuff and director pay outs are questionable, obviousley when some seem to have so little. I am going to try and watch the link to see a bit more of this.

I use my s phone to get online and unfortunetly dropped it recently and its damaged it so basically I can not for some reason click through on the link. So can not watch it keying in the address seems like hard work this time in the morning might try later though and try and look more into your article.

Was interesting. Your essays on programmes always are some times I think you work for a broadsheet newspaper but obviousley you dont. Keeping it real. Your voice of reason.

I am walking up the east london high road is a crisp early october morning I hope is nice morn in glasgo but anyway I tripped into politico social thinking about your article so wanted to add this

Your article writes about how more hospitals could be built and in some of your work you kind of hit on these sentiments is a better one not

That societys learn to create less accidents and less poor physical and mental health stopping the need for more hospitals and reingaging society on newer humane led levels.

Cnd2018

Its probably because pink floyd I listen to.

Stephen d

Submitted by celticman on

keep well, Stephen, keep well. and keep walking. 

 

Submitted by thornwood on

Thanks man. I reordered your book as I misplaced the last copy on my travels but hey think that some else found it and read it but I got a new copy. To be honest ive not had the space to read it yet but is in my library and ive promised myself to read it in near future though I read the first couple of pages and I never followed your novel on abc but the first couple of pages I was like , wow ,the poetics which are noted in the celtic writing voice, joyce, des dillon, keats ect jumped out to me. I thought that just from the opening pages a very strong celtic poetical voice jumps out ive been reading some critques about your book and one stuch with me a journalist who had read your book I think was saying what I seen in the opening pages that strong unique to scots irish writing voice of stream of concious poetical prose that almost loses you in its diactic creative rythms. Very james joyce. Your book almost frightened me cause im similar in writing voice background maybe and yh I will be reading soon and hopefully be able to write about it in a literate sense.

Keep writing cm and walking.

Take it easy and I will read your novel when im in better space.

Stephen d

Submitted by celticman on

thanks stephen, get well and stay well. 

 

Submitted by thornwood on

I think you should have been short listed with best first novel in uk. I not read it but know is highly poetical and you are one brave man writiing about such issues. Your a great writer man I not want you to thank me. I just say facts. Your novel plot is at the forefront of were trying to get to. Coming from the glasgow area I feel you put yourself right on the front line witg this book and this should be recognised. I a fan not because of celticman but because of jack the writer. I do read your short storys because we share a similar background like I said your writing almost frightens me such the high quality of poetical philosophy. I not want than yous man I want to thank you for keeping me inspired. Well one of many people who do.

I am sure one day soon if you keep pushing novel projects you will get published.

Be insp I Red.

Keep writing.

Stephen d

Submitted by thornwood on

Sorry if I went ott I got my laptop this morning and been quite excited. Now I got no excuses but listen mate no one should be chained to there mistakes. I believe in compassion hope and rehabilitation. Sorry if you think I havebeen a bit of an ass. I just trying to be myself. I meant everything I said but im not like creating egojust well facts. You.are prolific creative writer who well pal we will still be writing when we 120 years old hopefully.

Have a nice day :-).

Stephen d

Submitted by celticman on

don't apologise for saying nice things steve and don't apologise when things get you down, we are bottom of the heap, with few second chances.