RBS reminds me of Dexia.
Both were unheard of 10 years ago. Feeling unloved, they both turned into badly run banks who dabbled in stuff they knew little about.
It is well known RBS is prepping up for a rights issue for it is a bank run on spreadsheets and fear. It is two banks who hate each other - plc and nv - who don't share anything except blame.
Despite RBS being owned by the UK taxpayer the markets are concerned they will not support it anymore Gordon Brown style.
So with CS saying it is the worst bank in Europe, it is no wonder us Brits feel uncomfortable. But not to worry. Goldman et all will soon have some fees to pay bonuses when the mother of all rights issues takes place later this year.
RBS is fcked (telegraph)
Raj gets prison tips from Madoff (bloomberg)
RBS to merge with Dexia to create a Bad Bank.