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RBS Failure
Wookster
Posts: 3,795 Forumite
Well, the report has been published and Alphaville has a good initial take on it:
http://ftalphaville.ft.com/blog/2011/12/12/792421/rbs-the-report/
The last paragraph of the article is shocking:
This is truly appalling for both political parties - Turner should be out on his ear, Osborne should be making dam sure this happens ASAP. Similarly, it is hard to see how Labour will have any credibility while Ed Balls has any part of their economic policy forum.
What is worse though is Johnny Cameron is still practicing in the City. He was instrumental in the bank's failure and should not be allowed anywhere near anything financial ever again. That he has anyone who is prepared to rely on his judgement is also a damming verdict on the City as a whole and its credentials as a meritocracy.
http://ftalphaville.ft.com/blog/2011/12/12/792421/rbs-the-report/
The last paragraph of the article is shocking:
The head of the FSA at the time RBS went down is now Deputy Governor Designate of the Bank of England and CEO designate of the Prudential Regulation Authority. The economic secretary to the Treasury at the time is now the shadow chancellor. Meanwhile, Sir Fred Goodwin is still drawing his pension and the former head of RBS’s investment banking operations is allowed to work as a part-time financial consultant in the City of London.
This is truly appalling for both political parties - Turner should be out on his ear, Osborne should be making dam sure this happens ASAP. Similarly, it is hard to see how Labour will have any credibility while Ed Balls has any part of their economic policy forum.
What is worse though is Johnny Cameron is still practicing in the City. He was instrumental in the bank's failure and should not be allowed anywhere near anything financial ever again. That he has anyone who is prepared to rely on his judgement is also a damming verdict on the City as a whole and its credentials as a meritocracy.
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Comments
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I'm really surprised that this thread hasn't stoked more interest, so I'm going to give it a little bump.
What interested me is that the FSA only looked at possible charges under banking acts. I wonder if there are any potential charges under the Companies Act. I also found it interesting that Turner said bank directors need to operate to different standards or risk to other companies. If a retailer takes a risk and it folds it is not a massive danger to the economy, whereas if a bank does it is.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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So there wasn't enough for a prosecution. But RBS bought ABN Amro with almost no due diligence. If that's not enough, what is?
Only thing is, Lloyds did the same with HBOS, and with the direct connivance of the Treasury. Prosecutions at RBS would throw the spotlight on the HBOS deal and the Treasury's role in it.
Do we smell a rat?"It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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