Project Dash for Cash - RBS.

tapzilla2k

As the name implies RBS went for small business cash and assets to bolster it's own position during
the credit crunch. Which crushed businesses and the knock on effects.
The Dash For Cash: Leaked Files Reveal RBS Crushed Businesses For Profit
RBS squeezed struggling businesses to boost profits, leak reveals - BBC News

I believe Newsnight will have more on it tonight.

EarthRod

The taxpayer put RBS back on it's feet after the crash, therefore the taxpayer will have to accept liability for any work carried out by the bankers thereafter.

So the taxpayer will yet again have to clean up the mess caused by the quality of work and again rely on the integrity of decent and sincere RBS bankers.


(Cynical and contemptuous smiley)

fluxo

RBS has lost about £50 bn since it was bailed out and has just agreed to pay an enormous fine in the US. So where is the money coming from to pay for all that? Does RBS have large asset reserves to draw on or ...?

IronGiant

I've moved it to an RBS thread

domtheone

Profits/Disposals.

If you strip out the writedowns/fines etc etc, parts of RBS are making profit, year on year.  Then they have to set aside chunks of cash/profit each year, to pay for future fines.

One more big fine to go I think.  Probably several billion $$$ from the yankies again.

No doubt they'll be another scandal sooner or later though.

fluxo

It's clearly not a great idea to get on the wrong side of the US authorities. I was reading elsewhere that some 5 VW managers are wanted by the US :

Interpol seeks five ex-VW managers over emissions fraud - Sueddeutsche

They face possible lifetime prison sentences if they travel to certain countries.

domtheone

Indeed.  Seems a bit rich considering a lot of the worlds ills (financial crisis) originate stateside.

Many US banks are all hunky dory again (share prices massively recovered), yet a lot of UK/Euro ones are still in the gutter.  Still reeling from large fines imposed by US authorities.

That and the fact that banks are still being hung drawn and quartered over here (eg PPI).