Monday, 10 November 2008

The Gardens of our Time, a parable

NEW YORK - SEPTEMBER 18:  The unofficial 'Nati...The background to this parable.
The breakdown of the financial systems in the USA and Europe in 2008. Starting with the bankruptcy of Lehman Brothers in September, 2008
and leading to disasters such as the failure of the Royal Bank of Scotland and other banks in UK. As a result the UK Government by guaranteeing their solvency made a burden of debt the responsibilty of taxpayers well into the future. A shaming feature of the incompetent investment industry was that its leaders held on grimly to the perks, the possibility of which had itself caused part of the problem. For example, Sir Fred Goodwin of the Royal Bank of Scotland was one of these leaders -

- who had led the bank into excessive and unwise expansion and was forced (!) to retire with a pension and property worth more than eight million pounds. And had the nerve to declare that he had more than earned it!!