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Gordon Brown lambasts RBS for irresponsible actions

#1
Oohhh..Cyclops is angry at the Banks but once again,we get to help them out!!

Gordon Brown today said he was "angry" with the Royal Bank of Scotland over a strategy that has left it with potential losses of £28 billion, as the Prime Minister defended the Government’s second attempt to rescue Britain’s struggling lenders.

Mr Brown said this morning that Britons had a right to be furious at "irresponsible" behaviour which saw RBS spend billions last year acquiring ABN Amro, the Dutch bank which had exposure to US sub-prime mortgages, as well as investing directly in the American home loan market.

“Yes, I’m angry about what happened at the Royal Bank of Scotland," he said.

"Now we know that so much was lost in sub-prime loans in the US and now we know that some of that was related to the purchase of ABN Amro, I think people have a right to be angry that these write-offs are happening and that these write-offs were caused by decisions that were made about international investments that were clearly wrong investments.” .........
timesonline.co.uk
 
#3
He's so angry because it is the government's job to do the rediculous borrowing.

So angry that the government is only going to take on £1Trillion of bad debt. Well at least the bank's top-dogs won't be getting bonuses on top of their £700,000 salary.
 
#4
'Well at least the bank's top-dogs won't be getting bonuses on top of their £700,000 salary.' Wanna bet - most of them are tied in to rolling contracts with guaranteed bonuses and salary increases - just like the Public Sector is starting to do.
 
#9
It was ABN Amro that made the 2.5Bn loan to the russian! RBS are still guilty of vanity over completing due diligence, IIRC there were 2 major banks (Barclays was bidding also) trying to buy ABN Amro (which was my bank in the Netherlands).

Brown only has himself to blame - he changed the regulatory authority and took it away from the Bank of England, he wished to delegate responsibility for the running of the UK economy to the Bank of England, and he never complained when our big banks were declaring massive profits and funding the government with massive tax incomes.

Most of this crisis as we are feeling it was made in the UK by the very man who tries to blame Global factors for it. Brown in a Cnut 1st class, and is merely reaping what has been sown. He is guilty of irresponsible policies while he was chancellor, encouraging a housing boom which funded his government illegitimate spending programmes. Now we are Fcuked as we have no contingency funds, and he is trying to borrow against the next 20 years tax income to defend the banks he allowed to run wild with bad lending decisions.
 

seaweed

LE
Book Reviewer
#10
I'm a bit puzzled - with Govts the world over borrowing as if there were no tomorrow, who's doing the lending? On what security? Gordon Mugabe's word of honour and reputation for prudence?

At least this may cure British banks of lending to dodgy Russians who can't be touched when they decide not to pay back.
 
#11
I was in fits of laughter just looking at the title of this thread. Broon is in no position to criticise anybody, at this point in time he'd be better off keeping his head down and his mouth shut and concentrate on getting us out of the current economic mess we are experiencing. He's just trying to take the blame off his own shoulders 'Oh look everybody its all the RBS's fault, not mine, please vote for me!'

All aboard the outrage train!
 
#12
seaweed said:
I'm a bit puzzled - with Govts the world over borrowing as if there were no tomorrow, who's doing the lending? On what security? Gordon Mugabe's word of honour and reputation for prudence?

At least this may cure British banks of lending to dodgy Russians who can't be touched when they decide not to pay back.
In our case, nobody is doing the lending.
To the extent that Mr Brown has removed the obligation for the Bank of England to publish how much cash they print in new bank notes.
In other words, Brown has got the Bank of England printing money to lend to the government.
What that means is that we are heading into the same mess as Weimar Germany in the early 1930's
 
#13
Well certainly looks like nobody is too prepared to lend HMG money, gilts are falling through the floor at the news that all the announcements made this morning are uncosted. They really did need to do more homework before making the press announcements this morning, and do we really believe Brown and Darling dont know the extent of debt within those banks after they handed over £37Bn to RBS and Lloyds TSB 3 months ago? It just doesnt add up.
 
#14
Thats because the only answer Brown and Darling can come up with is to try and bump start the uncontrolled lending that got us into this mess in the 1st place.
Admitting that billions have been chucked down the pisher and will never be seen again is incomprehensible to them.
Nobody seem to be able to get their head around the fact that a huge chunk of the money lent out didn't really exist. The madness continues with Brown's atempts to force the banks to lend out yet more non-existant cash.
 

Legs

ADC
Book Reviewer
#19
RBS have lost billions, yet still they see fit to throw money at a Formula 1 Team - and still demand cash from the Government (ie you and me)



Now, I know in the big scheme of things it is a pittance that they spend sponsoring Williams BMW (or whatever they are called this year) but I think it send the wrong message.
 
#20
Legs said:
RBS have lost billions, yet still they see fit to throw money at a Formula 1 Team - and still demand cash from the Government (ie you and me)



Now, I know in the big scheme of things it is a pittance that they spend sponsoring Williams BMW (or whatever they are called this year) but I think it send the wrong message.
Well, BMW is German and 'Stalin' Brown and 'The Grinning Spiv' Bliar want to keep in with the Germans.

'Stalin' Brown wants the German Finance Minister executed for having the nerve to disagree with the 'Saviour of the World' pantomime; and 'The Spiv' wants to be assured of the German vote in the first election for President of the European Soviet Union'.

Come to think of it, 'election' and 'European Soviet Union', sit together in democratic terms as a superb oxymoron.

Finally, gin-sodden, I get to my point: I am an Abertillery RFC and Swansea City AFC follower - I now discover I now, through my tax, that I support Newcastle United!! (Great club).

So what? With the current turd-brained oafs in charge, I am glad that the 'Neu Arbeit Polizei' have not yet broken my front door down and smashed my pc. It will happen,
 

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