Home > Great Britain > RBS traders hid toxic debt – Telegraph

RBS traders hid toxic debt – Telegraph

The causes of this financial crisis are once again exposed and traders working for the Royal Bank of Scotland (RBS) not only got the bank into deep trouble but were as usual for failure in business well rewarded for it in fat bonuses. There is some thing very wrong in British banking and it needs serious inquiry and reorganization.  Fred Goodwin former boss of RBS needs to explain his role. ” He repeatedly put out statements to the City saying that RBS “don’t do sub-prime” even though traders were buying the sub-prime assets. RBS board directors suspect he may have acted negligently…” Telegraph.

I think we would all feel a little happier if Gordon Brown and Alistair Darling announced a Royal Commission to investigate and report on the origins and consequences of this financial crisis. We need a thorough independent investigation.

Telegraph: “Traders received multi-million pound bonuses after acquiring more than £30 billion of sub-prime assets during early 2007. Following these purchases the bank “didn’t stand a chance” of surviving unaided, one board director told this newspaper.

The sub-prime assets are being blamed for causing the bank’s near collapse last year. Last month RBS posted a loss of £28 billion – the largest in British corporate history…”

More see link to The Telegraph below;

via RBS traders hid toxic debt – Telegraph.

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