Making It Happen: Fred Goodwin, RBS and the men who blew up the British economy

Page 36

by Iain Martin

Goodwin, Fred Sr (father), ref 1, ref 2

Goodwin, Joyce (wife), ref 1

Bush dinner guest, ref 1

Chequers invitation to, ref 1

and FG affair, ref 1, ref 2, ref 3

marriage of, ref 1, ref 2

title gained by, ref 1

title lost by, ref 1, ref 2

Goodwin, Mary ‘May’ (mother), ref 1, ref 2, ref 3

government spending, ref 1

Grand Designs, ref 1

Grayboys, Charles, ref 1

Grayboys, George, ref 1

Great Depression, ref 1, ref 2, ref 3

Green, Lord, ref 1

Greenburgh, Matthew, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12, ref 13

Greenspan, Alan, ref 1, ref 2, ref 3

Greenwich Capital, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7

see also RBS Greenwich

Griffith, Odile, ref 1

Groenink, Rijkman, ref 1, ref 2, ref 3 passim, ref 1

Grossart, Angus, ref 1, ref 2, ref 3, ref 4

G20, ref 1

Guinness Permanent, ref 1

Hague, William, ref 1

Haig, Earl, ref 1

Haldane, Andrew, ref 1

Halifax, ref 1, ref 2, ref 3

see also Bank of Scotland; HBOS

Hambros, ref 1

Hamilton, Duchess of, ref 1

Hampton, Philip, ref 1, ref 2, ref 3

Harvard Business School, ref 1, ref 2

Harvey Nichols, ref 1

Hazard, Albert, ref 1

HBOS, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12, ref 13

excessive risks taken by, ref 1

falling share price of, ref 1

Lloyds takeover of, ref 1, ref 2

see also Bank of Scotland; Halifax

hedge funds, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6

Heimlich, Henry J., ref 1

Herries, Michael, ref 1, ref 2, ref 3, ref 4

Heseltine, Michael, ref 1

Hester, Stephen, ref 1, ref 2, ref 3, ref 4, ref 5

Brown hires, as RBS CEO, ref 1

departs RBS, ref 1

on RBS collapse, ref 1, ref 2

Higgins, Benny, ref 1, ref 2, ref 3, ref 4

Hinton, Les, ref 1

Hong, Victor, ref 1, ref 2

Hornby, Andy, ref 1, ref 2, ref 3

Hourican, John, ref 1, ref 2, ref 3

house prices, see property prices

HSBC, ref 1, ref 2, ref 3

RBS in secret talks with, ref 1

scandal concerning, ref 1

Huertas, Thomas, ref 1

Hume, David, ref 1

Hunter, Archie, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7

Hutton, Deirdre, ref 1, ref 2

IBM, ref 1

Iceland, banking collapse in, ref 1

Ilay, Earl of, ref 1

Industrial and Commercial Finance Corporation, ref 1

Industrial Revolution, ref 1, ref 2

inflation, ref 1, ref 2, ref 3, ref 4, ref 5

asset-price, ref 1

in house prices, see property prices

Insight Investment Management, ref 1

Institutional Investor, ref 1

interest rates, ref 1, ref 2, ref 3, ref 4, ref 5

swaps, ref 1

International Aviation Management, ref 1

International Financial Reporting Standards, ref 1

Internet, ref 1

Issenberg, Sasha, ref 1

J. P. Morgan, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12, ref 13, ref 14

Bear Stearns bought by, ref 1

Jacobite rebellion, ref 1, ref 2

James VI/I, ref 1

Jardine Matheson, ref 1, ref 2

Jevons, William, ref 1

Jin, Bruce, ref 1, ref 2, ref 3, ref 4

Kay, John, ref 1

King, Mervyn, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10

on bailouts, ref 1

becomes BoE governor, ref 1, ref 2

RBS bailout preference of, ref 1

Kingman, John, ref 1, ref 2, ref 3, ref 4

Kinnock, Neil, ref 1

Kirwan, Frank, ref 1

Koch, Charles, ref 1, ref 2

Kong, Janis, ref 1, ref 2

KPMG, ref 1, ref 2

Kravis, Henry, ref 1

Kruger, Konrad ‘Chip’, ref 1

Kyle, Chris, ref 1

Labour:

1983 defeat of, ref 1

1987 defeat of, ref 1

1992 defeat of, ref 1

1997 victory of, ref 1, ref 2

2001 victory of, ref 1

2005 victory of, ref 1

bankers honoured by, ref 1, ref 2

Blair gains leadership of, ref 1

and BoE, see Bank of England: and banking supervision

Brown ‘boom–bust’ speech to, ref 1

not blameless, ref 1

Scottish, ref 1

and spin-doctoring, ref 1

see also Brown, Gordon

LaSalle, ref 1, ref 2, ref 3, ref 4

Law, John, ref 1

Lawson, Lord (Nigel), ref 1, ref 2

Leeson, Nick, ref 1, ref 2

Legal & General, ref 1, ref 2

Lehman Brothers, ref 1, ref 2, ref 3, ref 4

Levine, Howard, ref 1

Levine, Jay, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9

and hedging exposure, ref 1

leaves RBS, ref 1

remuneration of, ref 1, ref 2

Levine, Tammy, ref 1, ref 2

Lewis, Will, ref 1, ref 2

Libor scandal, ref 1, ref 2

Lilley, Peter, ref 1

Linklaters, ref 1

Lippens, Maurice, ref 1, ref 2

Lloyds, ref 1, ref 2, ref 3

Lloyds TSB, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10

growing profits of, ref 1

Location, Location, Location, ref 1

Lombard, ref 1, ref 2

London Stock Exchange, ref 1, ref 2

and 1987 crash, ref 1

trading suspended twice by, ref 1

Long-Term Capital Management, ref 1, ref 2

Love, Charles, ref 1

M&G, ref 1

McCain, John, ref 1

McCarthy, Callum, ref 1, ref 2, ref 3, ref 4

McCarthy, Cormac, ref 1

McConnell, Jack, ref 1, ref 2

McDonald, Sheena, ref 1

McGinnis, Bob, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7

MacHale, Joe, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8

McInnes, Bob, ref 1

McKillop, Tom, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12, ref 13, ref 14

and ABN Amro, ref 1, ref 2, ref 3, ref 4, ref 5

apology of, ref 1

bailout terms heard by, ref 1

board views sought by, ref 1

confirmed as RBS chairman, ref 1

and FG possible departure, ref 1

and FG tenure, ref 1

and FSA, ref 1

RBS arrival of, ref 1

RBS chairmanship assumed by, ref 1

and RBS collapse, ref 1, ref 2, ref 3

and RBS losses, ref 1

removal of, from RBS, ref 1

Telegraph story on, ref 1

McKinsey, ref 1, ref 2, ref 3

McLaughlin, Andrew, ref 1

McLean, Miller, ref 1, ref 2, ref 3, ref 4, ref 5

MacLeod, Catherine, ref 1, ref 2

McLuskie, Norman, ref 1, ref 2

McPhail, Cameron, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6

MacPherson, Nick, ref 1, ref 2, ref 3

Major, John, ref 1, ref 2

Masterson, Gavin, ref 1

Matera, Fre
d, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6

Mathewson, George, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12 passim, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7

and bank HQ, ref 1

becomes deputy group chief executive, ref 1

FG compared with, ref 1

FG wooed by, ref 1

FG moving on denied by, ref 1

FG rows with, ref 1, ref 2

FSA complains to, ref 1

at Gogarburn opening, ref 1

and HSBC secret talks, ref 1

knighthood of, ref 1

large office of, ref 1

losses of, ref 1

and NatWest, ref 1, ref 2, ref 3

portrait of, ref 1

prepares for retirement, ref 1 passim

private jet used by, ref 1

RBS arrival of, ref 1

and RBS rights issue, ref 1

as Salmond adviser, ref 1

stands aside, ref 1

and Tosca, ref 1, ref 2

see also Royal Bank of Scotland

Maxton, James, ref 1

Medford Bancorp, ref 1

Mellon Financial, ref 1

Mercury Asset Management (MAM), ref 1

Merrill Lynch, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9

banking and insurance conference of, ref 1, ref 2, ref 3

Meyer, Anthony, ref 1

Michael Laird, ref 1

Midland Bank, ref 1

Miliband, Ed, ref 1

Milton, Lord, ref 1

Monaco Grand Prix, ref 1

Money and the Mechanism of Exchange (Jevons), ref 1

Monopolies and Mergers Commission, ref 1

Moody, Howard, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8

Moody, ref 1, ref 2, ref 3

Moore, Paul, ref 1

Morgan Grenfell, ref 1

Morgan Stanley, ref 1

Morrison, Peter, ref 1

Mosson, Mike, ref 1

Motson, John, ref 1

Mozilo, Angelo, ref 1

Murray, Andy, ref 1

Myners, Lord (Paul), ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7

NASDAQ, ref 1

Nathaniel, Peter, ref 1

National Audit Office, ref 1

National Australia Bank, ref 1, ref 2, ref 3, ref 4, ref 5

National Bank, ref 1

National Commercial, ref 1, ref 2

National Health Service, Brown seeks to protect, ref 1

National Provincial, ref 1

Nationwide, ref 1

NatWest, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11

and Enron, ref 1

and Fastow deal, ref 1

FG assurance to staff of, ref 1

integration of, ref 1, ref 2, ref 3

RBS launches hostile bid for, ref 1

RBS wins battle for, ref 1, ref 2, ref 3

Neale, James, Fordyce and Downe, ref 1

New Century Financial Corporation, ref 1

New Edinburgh, founding of, ref 1

New Labour, see Labour

News International, ref 1

Newsweek, ref 1

Nicklaus, Jack, ref 1

9/11, ref 1

Noble Grossart, ref 1

Norman, Montagu, ref 1

North Sea oil, ref 1

Northern Rock, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8

battle-hardening effect of, ref 1

Obama, Barack, ref 1

Open Championship, ref 1

Orcel, Andrea, ref 1

O’Roarke, John, ref 1

Osborne, George, ref 1, ref 2, ref 3

Panama Canal, ref 1

Paterson, William, ref 1, ref 2, ref 3, ref 4, ref 5

Paulson, Hank, ref 1

Paulson, John, ref 1

payment-protection insurance (PPI), ref 1, ref 2, ref 3, ref 4, ref 5

Pell, Gordon, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10

personal debt, ref 1

Peston, Robert, ref 1, ref 2, ref 3, ref 4

Philip, Prince, Duke of Edinburgh, ref 1

Phillips & Drew, ref 1

Phillips, Peter, ref 1

Phillips, Zara, ref 1

Pickford, Steve, ref 1

Port Financial Corporation, ref 1

Prince Trust, ref 1

Project Columbus, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7

property prices, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11

see also sub-prime mortgages

Prudential Regulation Authority, ref 1, ref 2

‘Prufrock’, ref 1

Punta Escocés (Scottish Point), ref 1

Purves, Willie, ref 1, ref 2

Putin, Vladimir, ref 1

PWC, ref 1, ref 2

Rafferty, Jim, ref 1

Randall, Jeff, ref 1

RBS, see Royal Bank of Scotland

RBS Americas, ref 1, ref 2, ref 3

RBS Greenwich, ref 1, ref 2, ref 3, ref 4

new premises of, ref 1

see also Greenwich Capital

RBS Insurance, ref 1

Reagan, Nancy, ref 1

Reagan, Ronald, ref 1

Rebonato, Riccardo, ref 1, ref 2

Reid, John, ref 1

Rell, Jodi, ref 1

Retail Direct, ref 1

Richardson, Gordon, ref 1

Rick, Steve, ref 1, ref 2

Rob Roy, ref 1

Robert Fleming & Co., ref 1

Robertson, Iain, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6

Robertson, Leith, ref 1, ref 2, ref 3, ref 4, ref 5

Robson, Steve, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10

FG recklessness worries, ref 1

Roden, Neil, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6

Roosevelt, Theodore, ref 1

Rosenfield, Dan, ref 1, ref 2, ref 3, ref 4

Rosyth Dockyard, ref 1

Rowland, David, ref 1, ref 2, ref 3, ref 4

Roxborough Manayunk Bank, ref 1

Royal Bank Group, ref 1

Royal Bank International, ref 1

Royal Bank of Scotland (RBS):

and ABN Amro, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9

acquisitions of, ref 1, ref 2, ref 3, ref 4, ref 5

aggressive targets set at, ref 1

auditing of, ref 1, ref 2

away days of, ref 1, ref 2

bailouts of, ref 1, ref 2, ref 3 passim, ref 1, ref 2

balance sheets of, ref 1, ref 2, ref 3

Bank of Scotland early rivalry with, ref 1

becomes Scotland biggest, ref 1

bets against, ref 1

bicentenary of, ref 1

bids for Birmingham and Midshires, ref 1

and car dealership, ref 1

cash-credit system refined by, ref 1

Christmas lunches at, ref 1

and Citizens Bank, see Citizens Bank

City editors’ meeting with, ref 1

compensation claim against, ref 1

confused reporting lines in, ref 1

Corporate Banking and Financial Markets (CBFM) within, ref 1, ref 2, ref 3

Corporate Banking and Financial Markets within, ref 1, ref 2

corporate carnage in, ref 1

depositors move money out of, ref 1, ref 2, ref 3

early Edinburgh premises of, ref 1

early rivals of, ref 1

Edinburgh booms because of, ref 1

and ‘efficient capital’, ref 1

exposure of, ref 1, ref 2, ref 3, ref 4, ref 5

extraordinary general meeting of, ref 1

falling share price of, ref 1, ref 2

FG arrives at, ref 1

FG becomes CEO of, ref 1

FG first year at, ref 1

financial
monster, ref 1

fines paid by, ref 1

first governor of, ref 1

and Forbes, ref 1

founding of, ref 1, ref 2, ref 3, ref 4

and FSA, ref 1, ref 2

on FSA watch-list, ref 1

FSA failure to investigate, ref 1, ref 2

FSA post-collapse meeting with, ref 1

Global Banking & Markets (GBM) within, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7, ref 8, ref 9, ref 10, ref 11, ref 12, ref 13, ref 14, ref 15, ref 16, ref 17, ref 18, ref 19, ref 20

Gogarburn premises of, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6

growing profits of, ref 1

Hampton verdict on, ref 1

Harvard study on, ref 1, ref 2

Hester becomes CEO of, ref 1

Hester verdict on, ref 1, ref 2

history of (20C), ref 1 passim; see also Royal Bank of Scotland: originsand early history of

horrific annual results of (2009), ref 1

HSBC in secret talks with, ref 1

investment-banking division of, ref 1

and Irish banks’ meltdown, ref 1

as joint stock-bank, ref 1

lagging share price of, ref 1

lay-offs from, ref 1

liquidity concerns of, ref 1, ref 2, ref 3, ref 4, ref 5

losses of, ref 1, ref 2, ref 3

McKillop arrives at, ref 1

McKillop assumes chairmanship of, ref 1

McKillop confirmed as chairman of, ref 1

‘Make it Happen’ slogan of, ref 1, ref 2

market turbulence worries, ref 1

Mathewson arrives at, ref 1

Mathewson invites FG to, ref 1

modern British banking pioneered by, ref 1

morning meetings at, ref 1, ref 2, ref 3

and NatWest, ref 1, ref 2, ref 3, ref 4, ref 5

and NatWest integration, ref 1, ref 2, ref 3

new Bishopsgate offices of, ref 1

new chairman sought by, ref 1

New York office of, ref 1

opens for business, ref 1

origins and early history of, ref 1; see also Royal Bank of Scotland: history of (20C)

overdraft invented by, ref 1

overextension of (1830s), ref 1

privatisation of, ref 1, ref 2

profits rises of, ref 1, ref 2, ref 3, ref 4, ref 5

profits warning by, ref 1

and Project Columbus, ref 1, ref 2, ref 3, ref 4, ref 5, ref 6, ref 7

promotion for women in, ref 1

in Queen Gogarburn speech, ref 1

ratings agencies’ downgrading of, ref 1

‘RBS’ becomes preferred name of, ref 1

reconstruction of, ref 1

rights issue of, ref 1, ref 2, ref 3

sports sponsorship by, ref 1

sub-prime mess entered by, ref 1

‘sues for peace’, ref 1

tier 1 capital of, ref 1, ref 2

twice-suspended shares of, ref 1, ref 2

wholesale reorganisation of, ref 1

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