Sir Fred Goodwin of RBS Declared World’s Worst Banker

Forget Dick Fuld, forget Charles O. Prince III, the world’s worst banker is officially right here on our shores – Fred “the Shred” Goodwin, departing CEO of RBS.

The merger crazy manager, who has seen 91 % shaved off his bank’s share price since March 2007, and has taken a £20 billion bailout from the UK government, was named as the World’s Worst Banker by Newsweek this week. Surprising that an American magazine would try and pin all this mess on a Scot, but apparently Goodwin so singularly managed to “ace every requirement for a hubristic CEO” that it he just had to win.

Among his crimes, including stupid frothy market buyouts and a penchant for dodgy derivatives, was the building of a banking ghost town in the US:

“In 2006, RBS started construction on a huge new headquarters in Stamford, Conn., which would house its expanding U.S. investment banking and trading operations. The centerpiece of the 12-story, $500 million building is one of the largest trading floors in the world. It should be ready for occupancy (or, given recent job cuts, partial occupancy) next year.”

I feel a little touch of pride, I must say, that one of our own was able to take such a distinguished honour. Can we have a ticker tape parade now?

Posted by Jonty Rhodes in Hot Money | December 4, 2008 9:01AM |