UKC

RBS losses: corporate record breaker

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 woolsack 26 Feb 2009
Staggering performance here: £24,000,000,000 lost in one year

http://news.bbc.co.uk/1/hi/business/7911722.stm

Relate also £325 billion in toxic assets in RBS which taxpayers are bailing to the entire $750 byn TARP spread across all US banks that Congress was required to vote upon last year

Anyone still say the system isn't collapsing?

OP woolsack 26 Feb 2009
In reply to woolsack: Just to put it into its correct perspective: Here is what the RBS boss has arranged for himself


RBS ex-chief enjoying £650,000 pension


Sir Fred Goodwin, the former Royal Bank of Scotland chief executive, is already drawing a pension of £650,000 a year, even though he is only 50, it emerged last night. Goodwin was awarded a £16m pension pot by the bank when he left last year, allowing him to claim the pension with immediate effect, but has since become the public face of the banking crisis.


http://www.guardian.co.uk/business/2009/feb/26/royal-bank-of-scotland


Allan McDonald 26 Feb 2009
In reply to woolsack: What annoys me is that these b*****ds have caused more harm to our economy and country than anyone else and yet they are not being held accountable. If a benefit fraudster is caught swindling cash he/she can face jail, society condemns them as stealing money from us yet these bankers are costing each and every one of us a heck of a lot more and what happens...............£650,000 a year pension for life et al.
 jim robertson 26 Feb 2009
In reply to woolsack:

"Last night the treasury minister Stephen Timms said the current RBS board was "extremely concerned" by the revelation, which threatens to undermine government claims that it would not reward failure."

This, from the link you posted, would make you think that some banks have rendered themselves "toxic", never mind the assets.
Anonymous 26 Feb 2009
In reply to Allan McDonald:

in some way I think there is a relationship between greed like this and the news of another rise in teenage pregnancies

there is a terrifying lack of morality in key areas of social and economic activity in society. How can we impose beliefs in moral behaviour in kids when they see pigs ruling us from the trough (and that is actually an insult to pigs)
 Mike Stretford 26 Feb 2009
In reply to Allan McDonald:
> (In reply to woolsack) What annoys me is that these b*****ds have caused more harm to our economy and country than anyone else

Apart from Gordon Brown of course, without whom none of this would have been possible.
OP woolsack 26 Feb 2009
In reply to Papillon:
> (In reply to Allan McDonald)
> [...]
>
> Apart from Gordon Brown of course, without whom none of this would have been possible.

Gordon can be likened to the helpful soul that holds the door open for you as you struggle through with armfuls of stuff
 Max factor 26 Feb 2009
In reply to woolsack:
> Staggering performance here: £24,000,000,000 lost in one year
>
Which is equivalent to saying the value of businesses and property purchases that were funded by the bank's lending have fallen by £24bn in 2008. Putting aside the value destruction from the ABN acquisition, the losses are a function of the worsening state of the economy, and the treasury are cleary worried that there are a lot more to come.

Effectively it's nationalisation because the consequences of bank failure will be even worse than what has gone before. It's not so much bailing out the banks as bailing out the economy/ a capitalist society as we know it.




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