RBS Secrecy Veil; we know why!

[Angry Cat]

http://www.dailymail.co.uk/money/art...-Dem-peer.html

[leclerc]

Re: RBS Secrecy Veil; we know why!

Wondered when you would post something about this report.
Please stop reading the Daily Mail.....(we both know how accurate their reporting is, lol!).

FSA's report into RBS merely seals the regulator's fate - Telegraph

However, I think the report is more about how badly the FSA is that it cannot reveal the report in full.

[Angry Cat]

Re: RBS Secrecy Veil; we know why!

The matter has also been reported in the Business section of today's Sunday Times!

And no, I will not stop reading The Times either, Nattie

[leclerc]

Re: RBS Secrecy Veil; we know why!

The matter has also been reported in the Business section of today's Sunday Times!

And no, I will not stop reading The Times either, Nattie

The Times is a quality newspaper unlike the Daily Mail, lol

[Angry Cat]

Re: RBS Secrecy Veil; we know why!

[Quote]:
"The FSA said it could not make it public as it was bound by confidentiality provisions in its governing legislation. They stipulate it must seek the permission of those under scrutiny before releasing information.
The FSA refused to comment on whether it had asked RBS or Goodwin for their permission to publish the document."

"Lord Oakeshott, Treasury spokesman for the Liberal Democrats, demanded that the report be pub lished:
We paid to bail out the banks, we pay for the FSA, and we paid for PWC to do this report, so why can't we see it? There is a clear public interest in the publication of this report," he said.[End Quotes]

Come on then Fred, Tell All!

[Angry Cat]

Re: RBS Secrecy Veil; we know why!

An earlier article by The Guardian:
http://www.guardian.co.uk/business/2...-investigation

[/Quote]:
Oakeshott said: "You can't refuse to publish the report – redacted, if legally necessary – on the worst train-crash in British company history. How can we learn the lessons if we can't read the evidence?"[Quote]

[leclerc]

Re: RBS Secrecy Veil; we know why!

I don't think the issue is about Sir Fred and whether he wants the report published or not but about whether the report (a) can be published(I would agree that it should even in a redacted form) or (b) what it would really contain of any real worth since I am sure that regulation has tightened and RBS Group has shrunk as a result of it.

To be honest, what is it going to tell us that we don't already know? That they paid too much for ABN Amro? I think many people would already say that anyway.
------------------------------- merged -------------------------------
FSA closes supervisory investigation of RBS

Just to add that this is the FSA statement
------------------------------- merged -------------------------------
"The review confirmed that RBS made a series of bad decisions in the years immediately before the financial crisis, most significantly the acquisition of ABN AMRO and the decision to aggressively expand its investment banking business. However, the review concluded that these bad decisions were not the result of a lack of integrity by any individual and 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.
The issues we investigated do not warrant us taking any enforcement action, either against the firm or against individuals. However, the competence of RBS individuals can, and will, be taken into account in any future applications made by them to work at FSA regulated firms."

[Angry Cat]

Re: RBS Secrecy Veil; we know why!

There is a clear public interest in the publication of this report," he said: (Lord Oakeshott)

We, want to know... the Royal Bank of Scotland Group (RBS):its reckless and irresponsible lending nearly brought the country down; the British taxpayer had to bail them out!

Therefore, it is in the public interest that, the report must be published.

Fred, may have gotten off scot free but, the Group must be made acountable for the misery that it has caused. Both to the country as a whole but, also to the 'General Consumer' who, became involved by falling as victims in their (RBS) money making commission driven affiliated ventures.

[Angry Cat]

Re: RBS Secrecy Veil; we know why!

And, The Telegraph:
http://www.telegraph.co.uk/finance/n...Oakeshott.html

[Quote]: Since being taken into majority state ownership the new RBS management have put in place a drastic restructuring plan aimed at cutting costs and reducing the bank's risk.
More than 20,000 UK-based jobs have been cut as part of the turnaround plan, causing widespread outrage, particularly given the lucrative guaranteed pension deals handed to departed executives, most notably Sir Fred.
Trade union Unite has described the cuts as a "horror story" and criticised the FSA's report for showing the watchdog's "weakness".
"[The FSA] has allowed some of the biggest villians of the financial crisis to go on enjoying their millionaire lifestyles while taxpayers experience cuts and staff face a insecure future," said Rob MacGregor, Unite national officer.[End Quote]

[righty]

Re: RBS Secrecy Veil; we know why!

I don't think the issue is about Sir Fred and whether he wants the report published or not but about whether the report (a) can be published(I would agree that it should even in a redacted form) or (b) what it would really contain of any real worth since I am sure that regulation has tightened and RBS Group has shrunk as a result of it.

To be honest, what is it going to tell us that we don't already know? That they paid too much for ABN Amro? I think many people would already say that anyway.
------------------------------- merged -------------------------------
FSA closes supervisory investigation of RBS

Just to add that this is the FSA statement
------------------------------- merged -------------------------------
"The review confirmed that RBS made a series of bad decisions in the years immediately before the financial crisis, most significantly the acquisition of ABN AMRO and the decision to aggressively expand its investment banking business. However, the review concluded that these bad decisions were not the result of a lack of integrity by any individual and 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.
The issues we investigated do not warrant us taking any enforcement action, either against the firm or against individuals. However, the competence of RBS individuals can, and will, be taken into account in any future applications made by them to work at FSA regulated firms."

Yes but I bet it also shows that they inflated their profits (thereby bonus) by turning bad debt into income by "inventing' contractual compound interest after judgement

[Angry Cat]

Re: RBS Secrecy Veil; we know why!

http://www.telegraph.co.uk/finance/n...S-failure.html

Is someone in the pocket of RBS...?

[EXC]

Re: RBS Secrecy Veil; we know why!

Loved the letter from Andrew Tyrie to Stephen Hester http://www.parliament.uk/documents/c...n%20Hester.pdf

[Angry Cat]

Re: RBS Secrecy Veil; we know why!

Not very high on his order of priorities?

[Angry Cat]

Re: RBS Secrecy Veil; we know why!

http://www.thesun.co.uk/sol/homepage...d-scandal.html

[Angry Cat]

Re: RBS Secrecy Veil; we know why!

What we need to know now about Lord Turner's embarrassing U-turn

http://www.independent.co.uk/news/bu...n-2161573.html