Eine Kleine Nichtmusik

Witty and pertinent observations on matters of great significance OR Incoherent jottings on total irrelevancies OR Something else altogether OR All of the above

Tuesday, November 11, 2008

Flush bastards or busted flush?

Readers of my recent post on, inter alia, the prospective takeover of HBOS by Lloyds TSB may wonder how I have reacted to the intervention by Sir Peter Burt and Sir George Mathewson. My immediate reaction on reading that after firing Andy Hornby and Lord Dennis Stevenson the bank would be able to appoint Burt and Mathewson in their stead was to think of the scene in Disney's Beauty and the Beast where Gaston proposes to Belle. It would seem that the HBOS board, not to mention some influential investors, feel the same way.

Just think. Mathewson it was who appointed Sir Fred Goodwin (Fred the Shred) as his deputy and eventual successor at Royal Bank of Scotland. That's Fred who was required by his shareholders to resign recently because he had mismanaged RBS so badly (and none of the RBS staff mourned his passing, so hated had he become). Burt presided over the BOS "merger with" (read: "absorption by") the Halifax Building Society which left scarecely any Scots on the HBOS board and shifted the decision-making centre of gravity decisively and irreversibly to Yorkshire. Burt who presided over the outsourcing of almost the whole of Bank of Scotland's IT to IBM and Xansa in search of a quick buck, then sold the bank to Halifax knowing that the IT staff would all be hauled back in-house again. Such foresight. Such prescience. Such care for those employees for whom he suddenly voices such concern.

We can be sure of one thing. When Sir Peter Burt and Sir George Mathewson refer to busted flushes, they know whereof they speak.


At 12 November, 2008 21:13, Blogger JoeinVegas said...

And how many millions of pounds (or Euros) did the two Sirs walk away with after all that brilliant manuvering? As much as our American bankers are making?

Your verification word seems to apply = 'goscrewn' (a good American expression)


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