Posted by seumasach on February 28, 2013
Asked on ITV Daybreak if the taxpayer would ever get back its money, RBS chairman Sir Philip Hampton said: “I don’t know. We’ll do our best”.
I know. The answer is no.
RBS boss admits ‘chastening’ year as losses breach £5bn
28th February, 2013
Stephen Hester, the boss of Royal Bank of Scotland, admitted 2012 had been a “chastening” year as losses at the bailed-out bank widened to more than £5bn – and still paid out more than £600m in bonuses.
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Posted by seumasach on February 24, 2013
Ambrose Evans-Pritchard
“Systematically forecasting a disinflation that never materialises has exposed the bank to ridicule,” said Nomura, Japan’s biggest lender and a conduit for Asian investors.
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Posted by seumasach on February 24, 2013
The bankrupt banks continue to be a drain on the UK economy- bailout time is approaching. Any further bailout, overt or covert, must be resisted and the only other alternative, bankruptcy proceedings effected
24th February, 2013
The Royal Bank of Scotland is to reduce the size of its investment bank by as much as £30bn and cut hundreds more jobs as the taxpayer-backed lender attempts to head off growing government pressure to close down the controversial division.
The lender will announce that it will reduce the size of the investment bank’s balance sheet, as well as scaling back the amount of capital allocated to the business and continuing its redundancy programme.
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Posted by seumasach on February 20, 2013
QE or not to QE- that is the question. These latter-day financial Hamlets face a dilemma: to sink the economy or to sink the pound. In the end it amounts to much the same thing: in the final denouement Claudius(Mervyn King) drinks the poison but Hamlet(the real economy) is fatally wounded as well as just about everyone else.
20th February, 2013
Sterling fell sharply on the foreign exchanges after news that the governor of the Bank of England, SirMervyn King, voted for fresh stimulus to boost the UK economy.
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Posted by seumasach on February 19, 2013
India is, not unnaturally, cautious in its dealings with the one-time great power
19th February, 2013
Manmohan Singh, the Indian prime minister, publicly challenged Mr Cameron to provide British help to a corruption investigation involving AgustaWestland helicopters.
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Posted by seumasach on February 13, 2013
“You can not go on indefinitely. It’s as if you are running up an ever steeper hill.”
Exactly, Britain is hopelessly bankrupt. This analysis makes things look good: it hugely underestimates inflation and hugely overestimates our capacity to benefit from a falling pound to boost exports.
Mervyn King warns George Osborne the BoE can’t do much more as he urges reforms
13th February, 2013
The Governor of the Bank of England has piled pressure on George Osborne to deliver radical economic reforms in his Budget next month as he warned that monetary policy would not be able to buy the Chancellor much more time.
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Posted by seumasach on February 5, 2013
“I call the pound the dollar of Europe as we’re pretty much as bad as the Americans,”
2nd February, 2013
Of all the challenges facing Mark Carney when he swaps the keys of 234 Wellington Street, Ottawa, for the “Old Lady” of Threadneedle Street,the very real crisis facing sterling will be one of the things at the top of his agenda.
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Posted by seumasach on January 31, 2013
The FSA has accused Britain’s largest banks of selling small businesses “absurdly complex products” and said that lenders will have to compensate thousands of customers.
31st January, 2013
More than 90pc of the complex interest rate derivatives sold by banks to small businesses could have been mis-sold, according to the findings of a review by the Financial Services Authority.
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Posted by seumasach on January 22, 2013
23rd January, 2013
Britain’s coveted AAA credit status came under renewed pressure on Tuesday after official figures pointed to higher than expected public sector debts last month.
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Posted by seumasach on January 18, 2013
18th January, 2013
On Friday the pound fell 0.2pc against the euro to hit a ten-month low of 1.192, while it fell for the six-consecutive day against the dollar, down 0.4pc to 1.592.
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Posted by seumasach on January 18, 2013
The bizarre privilege of consuming the world’s produce in exchange for a fiat currency whilst producing precious little in return has fallen to ourselves and the USA over the last forty years or so. Now we are moving towards non-consumer status as well as non-producer status, towards the collapse of the British economy such as it is. Accompanying this will be the fall of the pound and an inflationary spiral which will see essential goods priced out of the market.
18th January, 2013
As far as the City is concerned, it is game over. The depressed state of retail sales – not just in December but in the previous two months as well – means the UK’s national output shrank in the fourth quarter. That leaves the economy halfway towards a triple-dip recession and, with the snow falling, at the mercy of the weather in the first quarter of 2013.
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In These New Times 