Via MSN Money:
In the past couple of years, the entire global lending industry has covered itself in shame. Virtually every banker was suckered by the credit and housing bubble. But who made the sorriest choices? Who forced shareholders and the public to bear the highest financial cost? Who, in short, is the Worst Banker in the World?
Well, according to Dan Gross from Slate.com, that title should be bestowed upon the former CEO of Royal Bank of Scotland (RBS), Fred Goodwin.
Among his accolades for the award:
Ill-advised, history-making, massive merger precisely at the top
Massive commitment of capital to investment banking, trading in funky securities and poor credit controls
Building an expensive, self-indulgent new headquarters building just in time for the collapse
Telling shareholders you don’t need more capital, and then raising it — and then having that capital lose value rapidly
Dump problems on fellow citizens by messing things up so badly the bank has to be nationalized
That’s a hefty list. But does he beat out the others, like Citi’s Chuck Prince or WaMu’s Kerry Killinger? Who do you think is the world’s worst?