Aethelred, one of the most hated kings of England, inherited the throne when he was ten years old. His name comes from the Anglo Saxon name for him, "Unraed," which means "evil-counseled," or "uncounseled," and was a pun on his name. Later generations, after the language had changed, produced the pun we have here.
He was supposed to be licentious and mean.
He was not ready for the Danes to renew their attack. They had been pretty docile since Alfred, the Great. He lost all of England. His son Edmund II Ironside, briefly recovered some of it, but then King Canute (and 2 other Danish kings) took over until Aethelred's other son, Edward the Confessor, regained the throne--only to lose it (for the Saxons anyway) in the next generation to William the Conqueror.
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Ethelred II, also spelled AETHELRED, byname ETHELRED THE UNREADY, or AETHELRED UNRAED (b. 968? - d. 23 April 1016, London), king of the English from 978 to 1013 and from 1014 to 1016. He was an ineffectual ruler who failed to prevent the Danes from overrunning England. The epithet "unready" is derived from unraed, meaning "evil counsel."
The son of King Edgar (ruled 959-975), Ethelred ascended the throne upon the assassination of his half brother King Edward the Martyr in March 978. Widespread suspicion that Ethelred may have had a part in the murder created much of the distrust and disloyalty that undermined his authority. Hence, there was no unified defense when the Danish invasions resumed in 980.
Nearly all of the country was ravaged, and Ethelred's efforts to buy peace only made the invaders more rapacious. When they did begin to settle down in towns, Ethelred provoked further invasions by launching a massacre of Danish settlers (13 Nov 1002). By the end of 1013 the Danish king Sweyn I had been accepted as king in England, and Ethelred had fled to Normandy.
After Sweyn died in Feb 1014, Ethelred's council of advisers invited him to return to the throne on condition that he agree to satisfy their grievances. At the time of Ethelred's death in 1016, Sweyn's son Canute was ravaging England. Ethelred was succeeded by his son Edmund II Ironside (ruled 1016); one of his other sons ruled England as Edward the Confessor from 1042 to 1066. [Encylcopaedia Britannica]