‘Pirate Pete’ Tells U.K. to Steer Clear of Bankers

Gordon Dickson learned something during his transformation from Bank of Scotland Plc risk officer and sterling millionaire to “Pete the Pirate,” an eyepatch-wearing children’s entertainer -- don’t invest in banks.

The 62-year-old Glaswegian, also known as “Mr. Giggles,” lost a million pounds ($1.52 million) when the bank shares he’d bought over three decades collapsed during the financial crisis. Now he advises fellow Britons to shun the government’s proposed “People’s Bank Bonus,” the sale of taxpayer shares in Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc.