Royal Bank of Scotland

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Judge Sums Up Banks' 2008 Behavior in 8 Words

'The magnitude of falsity, conservatively measured, is enormous'

(Newser) - If you had to name two banks guilty of selling lousy mortgage packages during the financial meltdown of 2008, it's doubtful you'd tick off the names Nomura Holdings of Japan and the Royal Bank of Scotland. But as Reuters reports, a federal judge yesterday declared that both lied...

RBS to Pay $612M in Latest Libor Fines

Time to fix banking culture: chairman

(Newser) - Royal Bank of Scotland is the latest bank to owe big following the Libor rate-fixing scandal . The British institution has been fined a total of $612 million to US and British regulators: some $325 million to the US Commodity Futures Trading Commission, $150 million to the Justice Department, and the...

3 Banks in Center of Libor Scandal
3 Banks in Center
of Libor Scandal

3 Banks in Center of Libor Scandal

One former trader says Libor has been rigged since at least 1991

(Newser) - Recently released court documents suggest that traders at Barclays, the Royal Bank of Scotland, and UBS were most central to the Libor-rigging scandal , reports Reuters . Those three banks—much of the blame has fallen on just Barclay's up to now—employed more than a dozen traders who tried influencing...

Brits Strip Bad Banker of Knighthood

Sir no more for ex-RBS boss Fred Goodwin

(Newser) - Sir Fred Goodwin is now just Fred Goodwin—or, as critics call the disgraced former Royal Bank of Scotland chief, Fred the Shred. The British government, saying Goodwin's bungling helped trigger the worst recession in the UK since WWII, has stripped him of the knighthood he was awarded in...

Under Pressure, Bank CEO Waives $1.5M Bonus

Royal Bank of Scotland's Stephen Hester caves amid controversy

(Newser) - The chief of Britain's second-largest bank declined his $1.5 million bonus yesterday, hours after opposition lawmakers vowed to put it to a vote, reports the Scotsman . The bank's board argued that Royal Bank of Scotland CEO Stephen Hester's bonus was reasonable, especially since his base pay...

Moody's Downgrades Top UK Banks

Including Lloyds, RBS, which are partially nationalized

(Newser) - Moody’s sliced the credit ratings of a dozen British financial companies today, including two of the UK’s "Big Four" lenders, Lloyds and Royal Bank of Scotland, both of which were partially nationalized during the financial crisis. Moody’s explained that it "believes that the government is...

Banks Duped Credit Unions Into Deadly Bonds: Feds

JP Morgan, Royal Bank knew investments were risky: suits

(Newser) - In one of the most aggressive such actions to date, the feds are suing two financial institutions for talking credit unions into bad-risk bonds that ended up destroying the companies. JP Morgan Chase and the Royal Bank of Scotland talked five credit unions into investing in $3 billion in mortgage...

British MPs Blast Bankers For 'Astonishing Mess'

Report by finance committee blames HBOS, RBS for meltdown

(Newser) - Bankers bear the majority of blame for the global economic crisis for having made "an astonishing mess of the financial system," an investigation by the British parliament's finance committee has concluded. The Treasury Select Committee said in a report that bailed-out banks such as HBOS and Royal Bank...

Asian Shares Surge, Europe Opens Up
 Asian Shares 
 Surge, Europe 
 Opens Up 

Asian Shares Surge, Europe Opens Up

Taiwan leads regional exchanges sharply higher

(Newser) - Asian shares jumped today and European markets opened strongly, as good political and economic news encouraged investors. The Taiwan Stock Exchange rocketed 6.8% amid talk that mainland Chinese investors will be allowed to invest in the market, while in Tokyo the Nikkei closed up 4%. In London the FTSE ...

G20 Protest Proves More Lark Than Bite
G20 Protest Proves More Lark Than Bite

G20 Protest Proves More Lark Than Bite

Some London violence, but festive, 'street party' atmosphere prevails

(Newser) - Several broken windows aside, the G20 protests are shaping up to be more street party than angry mob, Time reports. Unlike traditional, oft-violent British protests, this one is intended to be “a peaceful and fun street party,” organizers say. Indeed, while some anarchists chucked beer cans at cops,...

Vandals Target Former RBS Boss, Vow Further Action

Goodwin target of public outrage over his pension

(Newser) - After the Edinburgh home of the former boss of the Royal Bank of Scotland was vandalized last night, an unknown group is warning of further attacks on financial figures, the Scottish Daily Record reports. Sir Fred Goodwin has been the focus of controversy since he took early retirement—complete with...

RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout

British taxpayer may soon own 95% of bank

(Newser) - The Royal Bank of Scotland today announced an annual loss of $34.3 billion, the largest in British corporate history, and the Treasury said it would inject another $36 billion into the troubled bank. The UK government already owns 70% of RBS, a figure that could now rise to 95%,...

Dow Falls 105 on Banks, Tech
 Dow Falls 105 on Banks, Tech 

Dow Falls 105 on Banks, Tech

Jobs and housing data also dismal

(Newser) - Poor economic data and turmoil in the banking and tech sectors pushed stocks lower today, MarketWatch reports. Bank of America fell 13.3% after CEO Ken Lewis dismissed John Thain amid mounting losses in the wake of BoA’s merger with Merrill Lynch. The Dow closed down 105.30 at...

Stocks Fall as Bank Woes Trump Obama Hope
 Stocks Fall as Bank Woes 
 Trump Obama Hope 

Stocks Fall as Bank Woes Trump Obama Hope

Royal Bank of Scotland's troubles ripple across Atlantic

(Newser) - Any excitement on Wall Street about Barack Obama’s inauguration was drowned out this morning by worries over Europe’s banking sector, the Journal reports. The Dow dropped more than 110 points, while the Nasdaq and S&P dropped 2% and 2.2% respectively. Those tumbles track drops in Europe...

Nationalization Looms for Royal Bank of Scotland

Lack of faith in government's bank bailout plans sparks investor stampede

(Newser) - One of Britain's biggest banks is on the verge of nationalization, reports the Daily Telegraph. The Royal Bank of Scotland's shares plummeted more than 65% yesterday after it revealed massive losses of $56 billion for 2008—the highest in British history. The government has upped its stake in the bank...

UK Rolls Out Another Bank Bailout, Tightens Controls

New package increase its control over banks, insures troubled assests

(Newser) - The British government today rolled out a new bank rescue plan that includes $147 billion to insure troubled mortgage assets, reports the New York Times. It also offers an additional $73.5 billion to the Bank of England to buy up struggling banks’ “high-quality assets” to insure credit lines...

More Banks, Celebs Losers in Madoff Scam

BNP Paribas, RBS join charities of Spielberg, Wiesel as Ponzi victims

(Newser) - Bernard Madoff’s alleged Ponzi scheme, which federal investigators say cost investors $50 billion, continues to claim more victims, reports the Wall Street Journal. Spain’s Grupo Santander and France’s BNP Paribas said yesterday they’re on the list, as are charities involving Nobel laureate Elie Wiesel and director...

Britain Now Owns Majority Share of RBS

Failed rights issue leaves banking giant in taxpayer hands

(Newser) - The Royal Bank of Scotland, one of the giants of British banking, confirmed today that taxpayers now own a majority share following a $30 billion government bailout, reports the Guardian. The country's No. 2 bank failed to raise sufficient cash via a $22.5 billion rights issue, with only 1...

UK Props Up Major Banks; Fed Offers Cash

Moves to shore up financial system have global markets rising

(Newser) - Governments across the globe are acting with “an enormous amount of congruence” and speed as they pour billions of dollars into rescue plans hoping to keep a sinking banking system afloat, reports the Wall Street Journal. The British government today provided $60 billion to prop up 3 banks, and...

Barclays Seeks Liquidity With $8.85B Offering

More than half will be bought by Qatari, Japanese investors

(Newser) - Add Barclays to the ranks of banks that are floating new shares in an effort to restore liquidity in the lingering wake of the subprime debacle, reports the AP. Barclays will offer up $8.85 billion in shares—with large stakes being purchased by Japanese bank Sumitomo Mitsui and the...

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