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Source: Bailed-out bank's secret 150k bash | The Sun |News|Sun Money
FAT cat execs at failed bank RBS enjoyed a secret £150k junket at a five-star hotel yesterday just days after a £15billion bail-out.
Staff tore down company logos at the seaside freebie in a bid to keep it quiet.
The crisis-hit bank was rescued days ago with the Government forced to pour in billions of taxpayers’ cash due to poor decision-making by RBS chiefs.
Bear-faced cheek ... RBS teddy
Yet they flew in about 100 high-flyers from 11 countries for a boozy two-day jaunt — hosted by rugby union star Rory Underwood and featuring a top TV magician.
They enjoyed a free bar all night, guzzling port, cognac, champagne and 150 bottles of fine wine. The menu included sashimi salmon, beef wellington with Madeira jus, white chocolate and lime delice and petits fours.
RBS director David Manson told execs to have fun, even though “we let a lot of shareholders down”.
Staff held a quiz and paper plane contest while hired co-ordinators ran dance classes to Abba hits. A sozzled brunette hauled on stage by the magician could barely speak.
The junket was held at the Grand Hotel in Eastbourne, East Sussex, where rooms cost up to £335 a night.
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Staff were told to hide branded gear and RBS teddy bears were not given out.
A hotel worker said: “There were supposed to be 196 execs but they were so worried it would leak they cut it to 100, even though all rooms were paid for.”
Last week The Sun told how Barclays bankers enjoyed lavish trips to Italy and Monte Carlo.
An RBS spokeswoman said: “This was a working event to bring together our international team.”
Give me thirty seconds for the rant.....
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This article has appeared in almost every forum so I thought I would actually make a defence of this.
TO make some corrections to the article.
(1) The government had injected £0 into the RBS Group so far.
(2) The amount spent on the do amounts to one day and a half of the loan the government is giving RBS Group.
(3) The government is underwriting the additional rights issue and the money it is actually investing is £5billion pounds giving HMT treasury a 12% stake and firthermore, they are gaining roughly 140,000 pounds every day that the Loan is not repaid.
(4) get some perspective on this cos it is a non entity story.(that argument is probably my weakest but I have been amazed that only The Sun really cared about it).
FAT cat execs at failed bank RBS enjoyed a secret £150k junket at a five-star hotel yesterday just days after a £15billion bail-out.
Staff tore down company logos at the seaside freebie in a bid to keep it quiet.
The crisis-hit bank was rescued days ago with the Government forced to pour in billions of taxpayers’ cash due to poor decision-making by RBS chiefs.
Bear-faced cheek ... RBS teddyYet they flew in about 100 high-flyers from 11 countries for a boozy two-day jaunt — hosted by rugby union star Rory Underwood and featuring a top TV magician.
They enjoyed a free bar all night, guzzling port, cognac, champagne and 150 bottles of fine wine. The menu included sashimi salmon, beef wellington with Madeira jus, white chocolate and lime delice and petits fours.
RBS director David Manson told execs to have fun, even though “we let a lot of shareholders down”.
Staff held a quiz and paper plane contest while hired co-ordinators ran dance classes to Abba hits. A sozzled brunette hauled on stage by the magician could barely speak.
The junket was held at the Grand Hotel in Eastbourne, East Sussex, where rooms cost up to £335 a night.
Advertisement
Staff were told to hide branded gear and RBS teddy bears were not given out.
A hotel worker said: “There were supposed to be 196 execs but they were so worried it would leak they cut it to 100, even though all rooms were paid for.”
Last week The Sun told how Barclays bankers enjoyed lavish trips to Italy and Monte Carlo.
An RBS spokeswoman said: “This was a working event to bring together our international team.”
Give me thirty seconds for the rant.....
------------------------------- merged -------------------------------
This article has appeared in almost every forum so I thought I would actually make a defence of this.
TO make some corrections to the article.
(1) The government had injected £0 into the RBS Group so far.
(2) The amount spent on the do amounts to one day and a half of the loan the government is giving RBS Group.
(3) The government is underwriting the additional rights issue and the money it is actually investing is £5billion pounds giving HMT treasury a 12% stake and firthermore, they are gaining roughly 140,000 pounds every day that the Loan is not repaid.
(4) get some perspective on this cos it is a non entity story.(that argument is probably my weakest but I have been amazed that only The Sun really cared about it).
