Brilliantly rendered graphically by Jonathan Jarvis: h/t Euan Semple:
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
This side of the pond, Sir Fred Goodwin wrestles internally with Jiminy Cricket over his £650,000 a year life pension from age 50, his reward for delivering the biggest cockup ever in UK corporate history, a record breaking loss of £24,000,000,000, at a cost to his fellow citizens of £20,000,000,000, including the ruin of many of his colleagues and customers.
Give it back, or what be stripped of it? I don’t believe anyone should do anything illegal or vindictive. There are plenty of others out there as bad, but less public, no doubt. But if I were Sir Fred, I’d scrabble up as much of the offending money as I could and do something genuinely altruistic with it, perhaps an investment that helps poor people through hard times. That way some good comes of his cockup, nobody breaks the law, and he can recover a bit of respect in the community. Howzat?
Meanwhile the Long Johns (Bird and Fortune) explain the matter perfectly clearly, as is their wont: