MSE News: 'Failings at the top caused RBS demise'

Another report from the Department of the Bleedin' Obvious.

To quote the Pope (catholic) "No S*** Sherlock"

In other news, ursine defecating habits in woodland environments have been confirmed.

Dave

There is little doubt that the collapse was predictable. The stupid takeover of ABN/AMRO was really the last straw. For that takeover Fred Goodwin and the whole of the board should be held culpable along with the FSA. That takeover was about the 24th or 25th under Fred's rule and I have no doubt there were many cans of worms amongst them.

RBS/Fred broke all the rules of simple finance and did NOT do due diligence on the books of ABN/AMRO , had he done so he would have revealed their exposure to sub prime.

To burn up all RBS cash reserves in this enterprise was foolhady to say the least.

Also his "cowboy" US investment division was up to it's ears in subprime which was denied by the Board and Fred.

The FSA has also shown that it was/is really a bunch of cowboys masquerading as regulators reaping large bonuses and driving round in posh cars with personalised number plates. It was quick to dish out fines for "spelling mistakes" yet allowed banks to gamble with OUR money.


Whether anything really concrete will emerge from this I seriously doubt it.

Also let us not forget the true architect of the whole disaster namely one Gordon Brown whose gross stupidity in taking regulation away from the bank of England laid the foundations originally.