RBS Failure Report

[Angry Cat]

FSA Board publishes report into the failure of Royal Bank of Scotland

[leclerc]

Re: RBS Failure Report

I was waiting for ya to post it up yesterday and got bored waiting so in the FSA forum the whole report is there to read. I think Robert Peston has written an article on it as well from the BBC about what we have learned, if memory serves me right.

[Angry Cat]

Re: RBS Failure Report

I was waiting for ya to post it up yesterday and got bored waiting so in the FSA forum the whole report is there to read. I think Robert Peston has written an article on it as well from the BBC about what we have learned, if memory serves me right.

Well, of course you knew I would, leclerc!

However am unable to post the full 452 pages:
FSA Board Report into the failure of Royal Bank of Scotland

[Angry Cat]

Re: RBS Failure Report

RBS FSA report: Bank was warned about Fred Goodwin ‘8 years ago’ - Politics - Scotsman.com

[Angry Cat]

Re: RBS Failure Report

The report does not spare the FSA itself from severe criticism. It finds the key prudential regulations applied by it (and other agencies around the world) were “dangerously inadequate”. If the RBS board has got off lightly, then so too, surely, has the FSA.

One sat and watched all the while whilst it was allowed by the so called regulators?

And there sits smug 'Fred' with his pension...

As for the FSA:
The flak should hit the FSA as well as Goodwin - Telegraph

[Angry Cat]

Re: RBS Failure Report

:
Prudential regulation shouldn't be that difficult. What it requires is the authority and wisdom to know how and when to call time, or as the former Federal Reserve chairman, William McChesney Martin, put it, "to take away the punch bowl just as the party gets going".
Fred Goodwin will go down in history as one of the most reckless men of his age. But the real tragedy is that he was ever allowed such licence.

To the cost of the tax payer and so many vulnerable consumers who could find no help or assistance from the so called regulators re: the Royal Bank of Scotland's reckless and irresponsible lending bad business practices.

How will all the victims be recompensed?
I doubt they ever will.

[leclerc]

Re: RBS Failure Report

To the cost of the tax payer and so many vulnerable consumers who could find no help or assistance from the so called regulators re: the Royal Bank of Scotland's reckless and irresponsible lending bad business practices.

How will all the victims be recompensed?
I doubt they ever will.

Re lending practices, what specifically are you referring to? Is it specific to RBS alone?
Reason I ask is that it is very rarely that one specific bank has a practice that is "dodgy" since all of them work very similar. Targets for a business lead to rules being "liberalised" and corners being cut which should never happen but while targets remain and bonuses given for target related stuff then malpractive will continue to happen.



Most financial institutions have similar practices. Where RBS completely fouled up was the ABN AMRO deal. That deal specifically lead to them buying up a toxic bank based on the fact that they thought that they might be able to get the more profitable part in that deal(which was already sold prior to the RBS deal). I think all players in the ABN AMRO deal got shafted by the toxic debt. If memory serves me right all banks in that transaction required state help to survive.

With regards to Sir Fred's pension, he did pay into that pension pot over the entirety of his employment so to take it all away would be ridiculous albeit the deal agreed when he left certainly does not sit well with anyone because of the huge losses that were left and the taxpayer input.

Just my opinion so am sure others will have alternative views on this.

[Sparkie1723]

Re: RBS Failure Report

Re lending practices, what specifically are you referring to? Is it specific to RBS alone?
Reason I ask is that it is very rarely that one specific bank has a practice that is "dodgy" since all of them work very similar. Targets for a business lead to rules being "liberalised" and corners being cut which should never happen but while targets remain and bonuses given for target related stuff then malpractive will continue to happen.



Most financial institutions have similar practices. Where RBS completely fouled up was the ABN AMRO deal. That deal specifically lead to them buying up a toxic bank based on the fact that they thought that they might be able to get the more profitable part in that deal(which was already sold prior to the RBS deal). I think all players in the ABN AMRO deal got shafted by the toxic debt. If memory serves me right all banks in that transaction required state help to survive.

With regards to Sir Fred's pension, he did pay into that pension pot over the entirety of his employment so to take it all away would be ridiculous albeit the deal agreed when he left certainly does not sit well with anyone because of the huge losses that were left and the taxpayer input.

Just my opinion so am sure others will have alternative views on this.

I am sorry leclerc I do not often disagree with your views....but on this one I disagree totally........Fred Goodwin was the man responsible for instigating the Notorious Router Accounting system used by the RBS to "create" money faster than the BOE.
This system was admitted to be flawed and still the RBS did not correct it they carried on creating this money.
who operated from CMS Telford.

During my fight with RBS (which has not finished YET although gone quiet for the time being) I went into several Branches of the RBS on many occassions with my " Router Account" number and asked what the balance was on that account ...............according to these branches ...no such account existed....it was not in the normal banking system.
I could ramble on forever, but it raises my blood pressure so I will cease my ramblings.

Sparkie

[Angry Cat]

Re: RBS Failure Report

Watchdog's verdict could put Sir Fred Goodwin in the dock - Telegraph

[Angry Cat]

Re: RBS Failure Report

Please listen to what Richard Fuller MP has to say in PM's question time today:
Prime Minister's Questions: 14 December 2011 - News from Parliament - UK Parliament

[Angry Cat]

Re: RBS Failure Report

Ian Fraser: Looks Like Fred Goodwin May Face Criminal Charges After All

[Angry Cat]

Re: RBS Failure Report

Sir Fred Goodwin, Ex-RBS Boss, Could Be Stripped Of His Knighthood This Week

[Angry Cat]

Re: RBS Failure Report

BBC News - RBS chief Stephen Hester to get £963,000 bonus

[Bill-K]

Re: RBS Failure Report

Seeing as the British Public were apparently responsible for 82% of the success in bringing RBS back to the surface, I think Hester's bonus - if any bonus is merited at all - should be about 18% of what is being considered. The remaining 82% being awarded to us lot. And I MEAN us lot - that's Legal Beagles and their ilk.

As for 'Sir' F. Badloss - he can keep his knighthood AFAIC. A knighthood these days is the equivalent of being branded as a thief back in mediaeval times. There was something right about John Lennon sending his medal back, I reckon. "Those in the stalls - clap your hands. Those in the boxes - just rattle your jewellery !"

Let him keep his wretched accolade - but make him do time. "Ain't that right, Godber ?"

[Angry Cat]

Re: RBS Failure Report

BBC News - RBS chief Stephen Hesters £963,000 bonus criticised