Tuesday, July 22, 2014
Inquirer Daily News

How 'Fred the Shred' wrecked world's largest company

Rise and fall of Royal Bank of Scotland, owner of Citizens Bank of Pennsylvania

How 'Fred the Shred' wrecked world's largest company

General Motors will close its plant near Wilmington, Del., idling the region´s last 450 auto workers. (Michael Wirtz / Staff Photographer)
General Motors will close its plant near Wilmington, Del., idling the region's last 450 auto workers. (Michael Wirtz / Staff Photographer)

Bloomberg LP visits George Mathewson, who made Royal Bank of Scotland (owner of Citizens Bank of Pennsylvania, among other things) the world's largest bank, only to watch it get taken over by the UK government after his handpicked successor, Sir Fred "the Shred" Goodwin, a man who intimidated his would-be critics, made one deal too many at the wrong time. Story here

(Spelling corrected; link reset: http://www.bloomberg.com/apps/news?pid=20601109&sid=anU5X5BaNe4M )

For a less coherent but vastly entertaining view of RBS and other bank calamities by novelist John Lanchester in the London Review of Books, read here.

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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