RBS 2nd quarter losses top £2billion

[Osem]

Just in case anyone had forgotten how bad things still are in the banking sector:

http://news.bbc.co.uk/1/hi/business/8345922.stm

It also plans to put £282bn of its assets into the government's insurance scheme for toxic assets, which will take the government's stake in RBS to 84%. It is already 70% owned by the taxpayer.

So basically, in return for its hard earned cash, the taxpayer now owns a whole shed load more %!*&*#

The Government could have let it go under then we would have been in a right mess wouldn't we? No money for wages, no money for food and bills, no invoices being paid the country would have gone belly up.

[Mr Angry]

Originally Posted by Nidge

The Government could have let it go under then we would have been in a right mess wouldn't we? No money for wages, no money for food and bills, no invoices being paid the country would have gone belly up.

Nidge, Are you by any chance Stephen Hester?

It's exactly that type of "I'm indisposable" pomposity on his part, combined with stupid Government policies which empowered the banks and undermined the alternatives, that has got us into the mess we're in.

Given that we'll soon "own" 84% of the failed bank I'd be interesting to see just how that plays out democratically.

By way of example, what if we taxpayers decided that we didn't want a bank we "own" charging people "x" amount for overdrafts, what if we wanted to refund everyone the charges they'd been charged over the last lot of years? Do you think our "owning" the bank would make any difference? I suspect the answer is "no" because we do not, despite what Darling, Brown Hester et al tell us, own the bank.

We are merely propping up the portfolios of failed risk takers who have for years rewarded themselves inordinate bonuses whilst all around them was collapsing - these are the very same people whom Hester tells us we must keep as they are the "best people" to affect a recovery.

If you're an RBS customer then the next time they charge you an overlimit, unauthorised overdraft fee or some such nonsense simply phone your branch manager and tell them to take it off the £3000.00 they owe you - see how far you get.

It is exactly this "fear" that has clouded the reality of the situation

[Osem]

Originally Posted by Nidge

The Government could have let it go under then we would have been in a right mess wouldn't we? No money for wages, no money for food and bills, no invoices being paid the country would have gone belly up.

I'll give you a 'what if' - what if Gordon Brown had set up a financial regulatory system which was actually fit for purpose instead of dining out on the back of the bankers, the taxes from whom were propping up his spending? What might have happened then?.... Maybe, just maybe, the Bank of England wouldn't be printing money as if there were no tomorrow:

http://news.bbc.co.uk/1/hi/business/8344189.stm

Like the opportunist he is, Brown took credit for the 'boom' and then blamed the 'bust' on the US. When is anyone from HMG going to accept their culpability in all of this?....

[papa smurf]

Financial crisis could see £1.5trillion added to the national debt



The estimate, published yesterday in a Office for National Statistics report, is equal to £24,000 for every person in Britain.

Read more: http://www.dailymail.co.uk/news/arti...#ixzz0WAMaxpOi

Originally Posted by Mr Angry

Nidge, Are you by any chance Stephen Hester?

It's exactly that type of "I'm indisposable" pomposity on his part, combined with stupid Government policies which empowered the banks and undermined the alternatives, that has got us into the mess we're in.

Given that we'll soon "own" 84% of the failed bank I'd be interesting to see just how that plays out democratically.

By way of example, what if we taxpayers decided that we didn't want a bank we "own" charging people "x" amount for overdrafts, what if we wanted to refund everyone the charges they'd been charged over the last lot of years? Do you think our "owning" the bank would make any difference? I suspect the answer is "no" because we do not, despite what Darling, Brown Hester et al tell us, own the bank.

We are merely propping up the portfolios of failed risk takers who have for years rewarded themselves inordinate bonuses whilst all around them was collapsing - these are the very same people whom Hester tells us we must keep as they are the "best people" to affect a recovery.

If you're an RBS customer then the next time they charge you an overlimit, unauthorised overdraft fee or some such nonsense simply phone your branch manager and tell them to take it off the £3000.00 they owe you - see how far you get.

It is exactly this "fear" that has clouded the reality of the situation

If Brown hadn't have bailed the banks out he would have been slated, he bailed them out and he still gets slated, like I mentioned we would have been in a right mess otherwise, the country would have ground to a halt within 2 days.

[Osem]

Originally Posted by Nidge

If Brown hadn't have bailed the banks out he would have been slated, he bailed them out and he still gets slated, like I mentioned we would have been in a right mess otherwise, the country would have ground to a halt within 2 days.

Brown and his useless buddies at the FSA let it happen in the first place and had thy not been so inept we wouldn't be in such a mess - you just can't bring yourself to acknowledge that can you mate...

Brown was dining with his then best mate Fred the Shred up until a few months before the muck hit the fan...

http://www.independent.co.uk/news/uk...n-1750092.html

[Mr Angry]

Originally Posted by Nidge

If Brown hadn't have bailed the banks out he would have been slated, he bailed them out and he still gets slated, like I mentioned we would have been in a right mess otherwise, the country would have ground to a halt within 2 days.

Let's get something straight here Nidge, aside from what Osem has already pointed out , he didn't bail the banks out, you and I bailed them out.

[papa smurf]

Originally Posted by Mr Angry

Let's get something straight here Nidge, aside from what Osem has already pointed out , he didn't bail the banks out, you and I bailed them out.

you and i are still bailing the banks out actually .

[MovedGoalPosts]

The issue is fast becoming not what would have happened if RBS (and other banks too) were bankrupted (effectively they were), but what happens when the UK itself is bankrupted because it is not buying these "banks" and other assets at liquidation stokc levels. Quite simply how much longer can UK keep going down a route which is unsustainable?

We fast have a situation because of the banking crisis throw everything at it, that instead of being one of the world's financial leaders, doling out financial aid, we need to receive financial aid

[papa smurf]

Originally Posted by Rob

The issue is fast becoming not what would have happened if RBS (and other banks too) were bankrupted (effectively they were), but what happens when the UK itself is bankrupted because it is not buying these "banks" and other assets at liquidation stokc levels. Quite simply how much longer can UK keep going down a route which is unsustainable?

We fast have a situation because of the banking crisis throw everything at it, that instead of being one of the world's financial leaders, doling out financial aid, we need to receive financial aid

this will continue until brown is forced out ,or all the moneys gone [typical labour strategy ] spend other peoples money until the country's on it knees then hand it over to the torys to sort out.

[Russ]

Originally Posted by Rob

We fast have a situation because of the banking crisis throw everything at it, that instead of being one of the world's financial leaders, doling out financial aid, we need to receive financial aid

Ethiopia will be throwing us a concert next

[Mr Angry]

Originally Posted by Rob

The issue is fast becoming not what would have happened if RBS (and other banks too) were bankrupted (effectively they were), but what happens when the UK itself is bankrupted because it is not buying these "banks" and other assets at liquidation stokc levels. Quite simply how much longer can UK keep going down a route which is unsustainable?

We fast have a situation because of the banking crisis throw everything at it, that instead of being one of the world's financial leaders, doling out financial aid, we need to receive financial aid

This is exactly right - the UK is headed towards an IMF dependency which will put it on a par with some III world countries. QE is solving nothing, VAT is about to go up to 20% and the Government are still in denial.

[papa smurf]

Originally Posted by Russ

Ethiopia will be throwing us a concert next

Brown aid .

It certainly makes the BA losses for the first half of this year of £292m seem pale by comparison...

Anyway I was interested in this article..

http://news.bbc.co.uk/1/hi/business/8345922.stm

The UK Treasury is demanding proof from bailed-out Royal Bank of Scotland Group that businesses do not want its loans.
RBS, which is majority-owned by taxpayers, said it would not meet its £16bn business lending target because of "subdued demand" from consumers.
The Treasury told the BBC the bank must publish a "consumer charter" to prove this in the next four weeks.
RBS will also be asked show the terms and conditions of their loans, to prove they are not too harsh.