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Old 17th February 2020, 06:00   #1 (permalink)
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Ultimate humiliation for a proud Scottish bank?

Is this the ultimate humiliation for a proud Scottish bank?

The Scottish National Party won’t like this one little bit: the new chief executive of Royal Bank of Scotland, Alison Rose, has decided to change its name to . . . NatWest. West, as in Westminster — the patch of London the SNP holds responsible for all of Scotland’s ills.

What a reversal this is: it was under Fred Goodwin that, in 2000, RBS launched a hostile takeover of the much larger NatWest, buying it for 22 billion. Goodwin — later knighted for services to Scottish banking — let it be known how inferior the management of the London-based bank was, and shareholders went along with it.

The success of that deal led directly to the arrogance that saw Goodwin make possibly the worst acquisition in business history, buying the hopelessly over-extended Dutch bank ABN Amro in 2007: when the credit crunch hit almost immediately afterwards, RBS had to be bailed out by British taxpayers to the tune of 45 billion. We still haven’t got our money back.

It was a shattering blow to then SNP leader Alex Salmond, a former employee of RBS, who had cheered on all of Goodwin’s increasingly megalomaniac acquisitions. Salmond referred to this as Scotland’s ‘arc of prosperity’.

As the former Chancellor of the Exchequer Alistair Darling devastatingly pointed out about Salmond during the Scottish independence referendum of 2014: ‘He endorsed the deal by RBS that led to disaster. The disaster that overtook the bank was made in Edinburgh, not London.’

Nowadays Salmond has more personal concerns on his mind: he is soon to face trial on an attempted rape charge (which he strenuously denies). But RBS is also in the doghouse for what can be described as a ruthlessly exploitative assault on small businesses, many of which it drove to the wall with unscrupulous lending policies.

In other words, the very name RBS has become terminally tainted. No wonder its new boss has decided to ‘rebrand’ (the customary euphemism).

In fact, the RBS name will remain on all its buildings and offices in Scotland. This hasn’t stopped a former SNP MP, Paul Monaghan, protesting that renaming the company NatWest ‘will cost the Royal Bank of Scotland thousands of customers’.

Somehow I don’t think many Scots will close their accounts in protest: they, more than anyone, already know what disgrace and dishonour had befallen the once great name of Royal Bank of Scotland — and who was to blame.

https://www.dailymail.co.uk/debate/a...ck-Hermes.html
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Old 17th February 2020, 13:49   #2 (permalink)
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Re: Ultimate humiliation for a proud Scottish bank?

Good idea, name change.. as I think the once proud RBS name has lost it's once historic credibility for fiscal stability........ in the Worldwide financial markets...

SNP MP Paul Monaghan can wail all we wants... he should be glad the "Scotland" on offices and building will stay. As he seems to have forgot not only the first 20 billion given to the bank, added to a further second 25 billion later ,totaling 45 Billion, to keep RBS afloat, was provided by the British people( taxpayers) whose government is National and is in Westminster. And since Scotland's population is 5.7 from a UK pop 66.8 pop ....guess which taxpayers paid the bulk???? .....

Not to mention because of RBS arrogance in business, it in part brought about the terrible Tory austerity program to pay for their arrogance , which we are still suffering the consequences today, in our many social services and beyond , they allowed us through their mistakes as people to end up on the petri dish to test Tory Ideology.

Last edited by Camden; 17th February 2020 at 13:58..
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Old 17th February 2020, 14:00   #3 (permalink)
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Re: Ultimate humiliation for a proud Scottish bank?

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Originally Posted by Camden View Post
As he seems to have forgot not only the first 20 billion given to the bank, added to a further second 25 billion later ,totaling 45 Billion, to keep RBS afloat, was provided by the British people( taxpayers) whose government is National and is in Westminster. And since Scotland's population is 5.7 from a UK pop 66.8 pop ....guess which taxpayers paid the bulk.
Good point Camden.

I have to say I have nothing but scorn with the "fat cats" and what they are allowed to get away with; it is disgusting. Boris should get something sorted but why do I doubt it will happen.
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Old 17th February 2020, 15:27   #4 (permalink)
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Re: Ultimate humiliation for a proud Scottish bank?

Boris has, that's the problem .... by his appointment ex hedge fund manager Rishi Sunak, " lunatics in charge of the Asylum" comes to mind .as Chancellor....

Rishi has a lot of questions needing answers, on his past dealings. Bickern you said you had nothing but scorn for "fat cats ". Some would say our new Chancellor Rishi is one.

Having been in the hedge fund team on behalf RBS that personally profited ( to the tune part of 100 mil ) from the RBS aggressive takeover of the Dutch bank ABN Amro, which some say started the run later on RBS.

If not a "fat cat" he at least worked for one the Billionaire Sir Chris Hohn.... at. Sir Chris Hohn, Children’s Investment Fund Management, a hedge fun which also had links to companies in the Cayman Islands ( now on EU list of blacklisted Tax havens)

Also Rishi was former close associate with Frenchman Patrick Degorce at the Children’s Investment Fund Management, were they participated in a multimillion pound tax avoidance scheme.

Degorce founded Theleme Partners, a hedge fund which Rishi helped to start in 2009. It was deemed by HMRC as tax avoidance scheme through a film investment partnership and after a court case with HMRC ordered him to pay 8m back to HRMC
https://citywire.co.uk/wealth-manage...cheme/a1074218

Rishi Sunak was part of a small team of hedge fund bosses who shared nearly 100m after an audacious stock market bet that lit the touchpaper on the 2008 financial crisis.

The new chancellor was a partner at the hedge fund TCI when it launched an activist campaign against the Dutch bank ABN Amro in 2007, resulting in its sale to the Royal Bank of Scotland (RBS).



https://www.thetimes.co.uk/article/n...anks-rb7zgfqkz
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Old 17th February 2020, 20:05   #5 (permalink)
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Re: Ultimate humiliation for a proud Scottish bank?

Aye!
Make you wonder why the Houses of parliament are so keen to keep hold of poor little Scotland.
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Old 18th February 2020, 03:06   #6 (permalink)
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Re: Ultimate humiliation for a proud Scottish bank?

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Aye!
Make you wonder why the Houses of parliament are so keen to keep hold of poor little Scotland.
No it doesn't, the union means a lot of things to many, and many in the UK are proud to have Scotland a part of a United Kingdom for many reasons, and oil isn't the main one by any means.
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