Revealed by a great IoS piece last weekend – but spectacularly missing from other British media (and easily read here) – is the reality that has been obvious to some of us for nearly four years now: RBS has ‘a £100bn black hole in its finances’ due to ‘five broad areas of alleged criminality and wrongdoing’.
‘The Treasury, the FSA [Financial Services Authority] and the Bank of England all turned a deaf ear to the complaints from the banks’ millions of ‘victims’ and paid scant heed to the overall balance-sheet strength – capital, liquidity and asset quality – of British banks’, says the Zero Hedge piece.
Bur meanwhile, the new CEO “can’t see any evidence to substantiate” the myriad claims against the Bank that Hester let fester, for which feat he became the Treasury’s favourite person.
Top financial journalist Ian Fraser writes that “ “Morality and ethics…
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