Fears RBS is Britain's Enron!

Andrew64

There are strange things happening at RBS:

http://www.guardian.co.uk/business/2009/mar/22/rbs-threats-directors-lord-foulkes

They bought 34 Billion Pounds of toxic debt - but had denied it!

http://www.telegraph.co.uk/finance/financetopics/recession/5025115/RBS-traders-hid-toxic-debt.html

RBS even has a 500M exposure to Cattles:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5029194/RBS-faces-500m-loss-on-Cattles.html

amcluesent

Interesting to hear that there is now talk of intimidation of the non-execs on the board to go along with the CEO. Which is a criminal offence. Clown will find 'any means necessary' to bring down Fred the Shred! I wonder if the 'Kelly Gang' are on call - "A wee fatal accident you say? Hoots!"?

Andrew64

Looks like Fred is going to be shredded, if these stories of extravagance are correct!

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5950461.ece

If it does turn out that RBS engaged in Enron-type practices, I think that would mean the bank would be fully taken over by the government.

amcluesent

Looks like certain people are after "Lord" Myners too -

Minister in charge of offshore clampdown ran tax haven firm

"Sir Tom McKillop, the former chairman of RBS, has written to John McFall, the committee’s chairman, insisting that Myners was told the full value of Goodwin’s £703,000-a-year pension.

Michael Fallon, deputy chairman of the committee, said: “If the letter contradicts what Lord Myners told the committee then it could be very serious for him.”

It's all gone Pete Tong for NuLabour. Excellent.

chucky

maybe true - as an anecdotal, they're still hiring in their investment banking area

vivatifosi

So, Fred the Shred got his nickname for ruthless cost cutting. Given what happened with Enron and Andersen's setting the shredders running to dispose of anything incriminating, that name could become strangely prescient.