The French Bastiat Was Right

Posted by on Sep 27, 2011 | 1 Comment

Fred Goodwin - a hell of a nice guy to his children

Fred Goodwin - a hell of a nice guy to his children

In its desire to occasionally remind its gifted and sensitive readers of the  importance of living a good life, The Devonport Speculator will run the occasional story of someone who has either spectacularly and unquestionably succeeded or iridescently failed in this regard.

The first in the series? Meet Mr Goodwin, whose name says just about everything. His chin says the rest.

This nice young man apparently lost 24.1 billion pounds of other people’s money and 20,000 people their jobs. His punishment? A tax free lump sum of 2.7m quid and a pension of 342.5k per annum! “How did he manage that ?” I hear you cry.

He ran the Royal Bank of Scotland – into the ground. It was the largest corporate loss in UK history, and resulted in the UK taxpayer having to stump up another 24 billion quid. Which is now being cut from the UK’s education and health budgets.

Readers may be familiar with the concept of “trickle down” economics. Freddie invented his own special variation – “Torrent Up.”

As his publicist reminded us however;

“You don’t realise the impact all this is having on him and his family. He just wants to get his children through this – that’s his only concern.”

One only hopes that his children – who clearly have fallen upon desperate times – weren’t among the London rioters receiving jail sentences for stealing a bottle of water.

For as the tabloids tell us, the rioters are the real problem, and we wouldn’t want Fred AND his children to get a bad press.

When plunder becomes a way of life for a group of men, they create for themselves, in the course of time, a legal system that authorizes it, and a moral code that glorifies it.” – Political economist Frederic Bastiat, The Law [1850]

1 comment

  1. Simon says:

    I encourage your readers to visit “”

    The idea to take a tiny percentage of each financial transaction (not by those of the public) and use to fight poverty and other global issues. In otherwords, make the banks pay back the public for the use of the free money.

    Check it out. It gaining strength around the world. NZ needs to get behind it also.

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