The Anonymous Widower

The Bank That Keeps On Losing

This article on the BBC is entitled RBS blames legacy issues for £2bn loss.

This is the first paragraph.

Royal Bank of Scotland has reported a £2bn loss for the first six months of the year, which the chief executive blamed on “legacy issues”.

The only legacy issue that matters, is that Gordon Brown was stupid enough to rescue it with £45.5billion of the UK’s money, instead of let it go bust.

But then it was all about Scottish votes, as was the two aircraft carriers, that may not be what the navy needs in this increasingly dangerous world of terrorists and rogue states.

Thank you, Gordon!

How can I claim my share back, like I did with PPI?

August 5, 2016 - Posted by | Business, Finance | ,

2 Comments »

  1. Gordon Brown also rescued Bank of Scotland by suckering Eric Daniels (then boss of Lloyds Bank) into taking it over before having to bail out both.

    I / we had personal, joint and group accounts with RBS and Nat West, but they were **** and these are all long closed.

    The difficulty with allowing a retail bank to go bust is that millions of ordinary depositors lose their money, can’t pay their creditors, who go bust … and it would seriously mess up the economy.

    GB had allowed RBS and BoS, both once two of the most conservative of banks, to over expand and reduce their liquidity ratios to nominal levels (~0.5%).

    Quite lucky that the UK survived the crash, although GB did react decisively once the crisis broke.

    Some, like me and Alan Greenspan, saw it coming in 2007 and once there was a run on Northern Rock in the autumn it was inevitable.

    I declare an interest in that RBS still owe me 79p.

    Comment by Mark Clayton | August 5, 2016 | Reply

  2. Effectively, they should have done, what they did with Northern Rock, which was put it down, repay most who had money there and then separate the good from the bad into two banks. Northern Rock has probably made a profit for the UK.

    As to Lloyds, they should not have got involved. It was their decision and they made the wrong one. Unfortunately, my real friend at Lloyds died in 2007, so I didn’t have access to the truth on what happened there.

    My friend’s advice is worth repeating.

    Never bank with a bank, where the headquarters is outside the UK.

    Never bank with a small bank, in case an idiot gets control.

    I would add.

    Never do any banking on a device or computer, you take out of a secure location.

    I never will use an app with money involved, unless I wrote it.

    Comment by AnonW | August 5, 2016 | Reply


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