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Fools, hellbent on amusing you, now really do run banks
 Tightwads are an increasingly rare breed. Its as if nobody actually saves, like, monies anymores. Royal Bank of Scotland was once a proud and prudent Scottish institution. It turned into a financial fool, A MOTLEY FOOL? apparently throwing money at almost anyone who came through its doors offering a dire private-equity deal or a third- rate property scheme. Like a strip club, money being tossed around, but no naked people With seemingly boundless bravado, it led the disastrous 71 billion ($94 billion) consortium bid for ABN Amro in 2007, just a year before the financial crisis. In short, RBS turned from careful to catastrophic, requiring a government rescue that has left British taxpayers owning 84% of the bank. Yet in the words of the U.K.'s financial regulator, "we did not identify any instances of fraud or dishonest activity by RBS senior individuals or a failure of governance on the part of the board." Oh boy.
Posted by: Fire and Ice 2010-12-17 |
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