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Overreaching

If Barack Obama is, in his own words, the blank canvas onto which a global following now projects hopes and expectations – especially that he messiah-like, deliver us from the pain of the economic crisis – then Sir Fred Goodwin has made himself a vessel for the collective frustrations, anxieties, anger, and possibly even guilt of the times, at least in the British environment. Knighted he may be, but it’s hard to see any honor in the greed and his dinner invitations must be as shrunk as his pension inflated. But there are others too, highflyers in banking before the crisis, with reputations diluted or destroyed by the public outrage at what has come to pass. They may reach out and form a kinship group, a ‘laughing all the way to the bank’ group perhaps. Assuming that we still do have banks in the future. While he and others are visible and targetable as significantly accountable for the chaos, there are others who contributed as well. Parties like the rating agencies, executive pay consultants, regulators, and all the people that forwent the IKEA urging to make a house a home, chosing more of a get rich quick approach of make a house a punt.