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GFC: The Gift that Keeps On Taking (RBS Edition)
Generali
Posts: 36,411 Forumite
http://www.bloomberg.com/news/articles/2016-02-26/rbs-posts-eighth-consecutive-annual-loss-on-misconduct-charges
Just months after the CEO of RBS heralded a possible return to profit of the RBS investment banking arm in about 3 years despite billions of pounds, dollars and Euro of very cheap capital provided by central banks plus the best part of fifty billion squids of taxpayer bailout cash and 8 years to sort out the mess, RBS announced yet another loss.
The best thing about this complete cluster whatsit? The bank is actually profitable before charges, fines and legal settlement costs! The bailout money that the British taxpayer very kindly paid to prop up this den of thieves and miscreants is being used to pay off fines to the SEC and settlements for misselling PPI.
Just months after the CEO of RBS heralded a possible return to profit of the RBS investment banking arm in about 3 years despite billions of pounds, dollars and Euro of very cheap capital provided by central banks plus the best part of fifty billion squids of taxpayer bailout cash and 8 years to sort out the mess, RBS announced yet another loss.
The best thing about this complete cluster whatsit? The bank is actually profitable before charges, fines and legal settlement costs! The bailout money that the British taxpayer very kindly paid to prop up this den of thieves and miscreants is being used to pay off fines to the SEC and settlements for misselling PPI.
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Comments
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Isn't ppi helicopter money by any other name?I think....0
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Isn't ppi helicopter money by any other name?
That was the first thought I had as well.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
The bailout money that the British taxpayer very kindly paid to prop up this den of thieves and miscreants is being used to pay off fines to the SEC and settlements for misselling PPI.
We are a generous bunch.'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
Let's hope we can keep the SNP at bay long enough to recover taxpayers money and shrink RBS back to the size it once was.0
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