Watching the news cycle today BQ and I have decided it has all worked out nicely for Gordon today. A huge news day, RBS having yet another bail-out and Lloyds to come tomorrow.But what is the big story - Peston's Fred Goodwin RBS debacle. Amazingly too, letters from Paul Myners have come to light tonight too. It has all the hallmarks of a Mandelson type honey-trap.
Interestingly, Peston posted soon after the FSA yesterday had said that Brown was to blame for the light touch regulation that has got us into this mess.
As we know, Peston has a direct line to No10 and No11. I agree that Sir Fred is a ghoulish figure at the moment; a Karen Matthews for the banking classes. it is also a non-story in the sense that Goodwin has no legal reason to have to hand the money back.But today there was a lot of Government mess to get through, yet all the bad news fro the Government barely made the end of the broadcasts and will be buried well in the papers tomorrow.
How convenient.
Personally I am outraged by Goodwin's pension arrangements, but I am even more exercised by the incompetence of this government & the £300bn punt they took with taxpayers money this morning. What puzzles me is why the mainstream media think only the former point is of interest. Goodwin's featherbedding offends my sense of justice, but I know which of the 2 factors is more serious. Ho hum.
ReplyDeleteyet funnily enough, there may be much more popular opprobrium attaching to the govt for letting Fred escape with his loot, than over the £ 300 bn issue
ReplyDeleteas a target for outrage it's considerably more black-and-white, and at a much more domestic, readily-grasped level
and popular sentiment isn't much swayed by the niceties of the legal strength of Fred's position
quite a lot of the media treatment of this has focused squarely on "why did the govt let him get away with it ?"
I like the idea of Mandy trying desperately to calibrate which story would create the most bad news for Brown
"a Karen Matthews for the banking classes"
ReplyDeleteDoes that mean that the real reasons behind the banking crisis are being kept away from the public eye under someone's bed?
Fred's got no intention of parting with a penny of his loot.
ReplyDeleteI bet he knows where the bodies are buried too, so if they push him, he'll give them a black eye.
I don't believe Fred is the only one set up nicely either, just the one in the news at the moment. There's more of the unjust enrichment embarrassment to come if someone stirs it.
This is a hare I bet they'll wish they hadn't started running. The problem with these cunning plans is that they can backfire.
This is, of course, the orchestrated burial of the appalling economic news. I mean, who actually gives a toss about Goodwin? He's just one of so very many. And who benefits most of all from the general stoking up of 'public opinion' over this matter? As always with NuLab, it's what is going on behind the smoke and mirrors which is important - and I think the public is slowly beginning to understand the grim realities.
ReplyDeleteLook at Who is protesting outrage - that's the real story. Prescott? Two Jags, Grace and Favour, several pensions etc etc etc. Peston? And so on.
Now figure out Why?
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