Today's Non-Story

So Fred the Shred is no longer the possessor of an ermine cloak and has been returned to the masses with the simple title of Mr.

Although the MSM has been making much of his fall from grace, it matters not a jot whether he has a title or not. It's completely irrelevant, although politicians will be hoping this action somehow penalises the worst banker in British history.

What does matter is that, along with his cohorts, he still has his ill-gotten gains in his bank account and gains £2,000 a day in pension rights.

What also matters is that he has the financial clout to insist that text criticising his lack of experience in banking was removed from the FSA's 450 page report last month.

The British honours system is no longer a suitable platform on which to recognise those who make remarkable contributions to society . The nominations are mainly political and reflect little about the real heroes who keep the wheels of society oiled with their hard work. For some years I've worked for various voluntary charities, only to notice grassroots workers are ignored while the charity bosses receive the plaudits. Few people volunteer in order to receive thanks, but when they see the credits going to the people at the top, it can be irritating.

What would have been news today is that somehow Mr Goodwin had been forced to forfeit part or all of his vast pension. Wouldn't it?

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RBS

John Redwood has consistently spoken out against the bailout of the Royal Bank of Scotland and is the only MP I have ever heard raise the issue in Parliament.

In his usual informed, straight-talking style he gave an update this weekend on the state of this part-taxpayer owned bank. Will taxpayers be recompensed or is the bank frittering away the bailout cash?

Why aren't our MPs joining with John Redwood and insisting RBS come into line and pay back the country for their loan?

You can read Mr Redwood's summary here.

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Not Guilty

'Bad business decisions'.  That was the verdict of the FSA after investigating the Royal Bank of Scotland (RBS) in the years running up to the financial crisis.  There's a surprise.

The investigation started in May 2009 and today's announcement shows just how our political masters support the financial sector.  It also shows how slow the wheels of justice run in matters involving billions of the hoi poloi's cash yet, if you've a parking fine you haven't paid, then you're in court - unless you pay the extortionately increased fine - before you know the time.

'These had not been the result of any lack of integrity,' said the useless FSA.

We own 84% of this bank yet the FSA refuse to take any action against those who made these 'bad business decisions' which has resulted in hundreds of thousands of people having financial difficulties.

So there was no fraud just incompetence.  It does beg the question why we, the taxpayer, now own 84% of RBS if nothing was done incorrectly or without due diligence (in government speak).

Now Fred and his cohorts can relax now they know their excessive pensions will be intact, yet many of their older individual shareholders may already have had to sell their properties in order to survive without the indignity of approaching government for help with pension credit or other charitable government benefits.

All I ask is, if anyone does have an RBS account, please consider moving to an institution which has a moral code.  Of course the UK financial regulatory authorities are partly responsible for the financial crisis because they didn't do their job.  Our financial sector is a business which regulates and looks after its own.  Look after your own.

The FSA's investigations into other banks is continuing.  Am I interested?  No.  I know their evaluation, don't you?  And I didn't need a degree in economics or anything else to assist my decision.

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Climate Camp Edinburgh - Best Placard

As I mentioned the other day the eco-warriors are out in force in the RBS grounds near Edinburgh. Today is their 'mass-protest day' and this must be one of the best placards around.

Apart from it's entertainment value, it does make you wonder at the state of British education doesn't it.

Thanks to OldHolborn

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RBS and Wimbledon

I have a couple of friends who become apopletic every time Andy Murray brandishes the RBS logo. Their ravings aren't against him personally but against RBS and the government's failure to control banks which were bailed our by the hard-earned taxes we contribute to the Treasury.

The last government gave RBS £20 billion to keep it afloat yet they continue to behave like the elite of the land and little action is taken by those promised they would be brought to book. Us taxpayers also guarantee more than £325 billion in toxic assets.

The latest PR stunt from RBS is one too far. They have agreed a three year contract, agreeing to spend up to £800,000 on hospitality, with the All England Club for the run of luxury 'Suite H' attached to the famous Court One at Wimbledon. The new contract gives the bankers and their clients sole access to the suite for the 13 days of the tournament this year and for the next two years. The cost this year is £260,000.

Last year the bank promised to cut its corporate hospitality in a bid to 'get its house in order', but not much of a cut because their staff and clients have been enjoying a 'summer luncheon buffet' which includes Shetland Isles salmon, sweet chilli prawns and crayfish, asparagus and Parma ham. Beverages, a free bar, passes to Court One and a Wimbledon programme are also offered.

A RBS spokesman said: ‘We thought hard before we renewed this contract in the light of our position and the substantial cuts we have made to our hospitality budgets. However, we are still a bank with customers to talk to and events such as this provides the opportunity for us to spend time with key clients.’

Why aren't the taxpayers classes as key clients? After all, if it wasn't for us there wouldn't be a bank. Sometimes I think it would have been far better for the country if it had been allowed to go belly-up. But Gordon would have upset some of his best mates wouldn't he?

source

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RBS Fined £29 million

Most of us know that taxpayers own 84% of the Royal Bank of Scotland but few of us know that between October 2007 and March 2008, the bank shared confidential pricing information with Barclays on loans to big professional services firms, such as accountants and solicitors. Fred Goodwin was chief executive at the time.

Barclays blew the whistle on the deal because, by stepping up to the plate, it will escape a fine. The fine was trimmed from £33.6 million after RBS admitted its guilt and agreed to co-operate with the Office of Fair Trading.

RBS said: “This is a deeply regrettable and isolated case from nearly two years ago, involving only two members of staff, one of whom has left the Bank and one other who faces ... further investigation.”

Barclays said: “On March 17, 2008, Barclays voluntarily notified the OFT that it had become aware that certain members of its Professional Services team in Barclays commercial banking unit had been unilaterally approached from outside Barclays in a manner which we regarded as inappropriate.”

Only two members of staff involved in breaking the law? This may have occurred before taxpayers bailed out the ineptly managed RBS, but it does show how dishonourable banking was and still seems to be, as one of those connected with the incident is still facing investigation.

source

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The Other Side of RBS

Health Warning: To those who have any connections to RBS. I take no responsibility for any negative affects on your health should you choose to read this post.

In the past week RBS have declared £3.6bn in losses yet propose to pay out £1.6bn in bonuses and the fact taxpayers own 84% of the bank, I thought you may like to know about the Royal Bank of Scotland's other side.

The 11-storey building (pictured above) is the Royal Bank of Scotland's headquarters in Stamford, Connecticut, America. The gleaming glass and steel building, was planned years before the financial crisis, looms over Interstate 95.

The picture below is a glimpse inside.

With an outdoor terrace, a gym where workers can purchase massages and one of the largest trading floors in the world, RBS America is the place to work if you're a banker.

RBS's executives were cautious as they were given a tour of the new offices which cost $500 million and was designed in 2006. Executives said the company never considered cancelling the move in light of the bank's problems and they say the building has been a morale booster in tough times.

"It's been a source of pride and kind of a rallying cry." said Robert McKillip, the other co-head of global banking and markets in the Americas. "We've been through a lot."

Visitors are greeted with receptionists wearing tartan blazers and videos of workers and the bank's customers flash in the lobby, an electronic testament to the ebb and flow of the monumental business RBS does in global financial markets.

Should you wish to read more you can do so here but I will conclude with the other co-head Lyublinsky's comment: "No other bank was cleaned up more than RBS."

If that is the case why hasn't the UK taxpayer been paid back?

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Well Well, Who Would Have Believed it!

One of my readers has drawn my attention to this article in the Timesonline.  It appears Lloyds TSB who now own HBOS, are offering their Irish customers mortgages at 50% of the rate for UK customers. The Halifax are now charging 2.74% for a two year fixed-rate deal to first time buyers in Dublin.  A five year fixed-rate deal would cost borrowers in its home town of Edinburgh 6.14%.  Royal Bank of Scotland is charging 2.95% for a new mortgage in Ireland; in the UK it charges 5.99% for a similar product.

British taxpayers have spent more than £60 billion bailing out RBS and Lloyds Banking Group, leaving the Westminster with a controlling stake in each.

Read the excuses from the banks here.  This has got to stop.

How much is Seb Coe paid from taxpayer's money to promote Lloyds TSB?  He never does anything for nothing, allegedly.

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