RBS could fail due to ‘£100bn black hole’ - with British taxpayers in line to lose their entire £45bn stake

When will Goodwin face justice and why is the audit company unpunished?

The public will lose their investment, so where is there the will to impose the penalties on ten crooked banksters?

Tanking bank: Book claims RBS sponsored motor sport because Fred Goodwin is a fan

An explosive book says the failure of Gordon Brown and David Cameron to reform the bank after it received a mammoth taxpayers’ bailout leaves it vulnerable

The Independent
By Tom Harper
and Nick Kochan
1 June 2014

British taxpayers risk losing their entire £45bn stake in Royal Bank of Scotland (RBS) which is in grave danger of failing within 10 years, according to an explosive new book.

A new study of the disgraced bank, which brought the UK to the brink of financial ruin, reveals RBS still has a £100bn “black hole” in its finances due to “five broad areas of alleged criminality and wrongdoing”.

They include the mis-selling of financial products such as payment protection insurance, the alleged duping of investors who were persuaded to plough more than £12bn into RBS shares just before the banking crash in 2008, further fallout from the Libor scandal, and current criminal investigations into the manipulation of the £3trn-a-day foreign exchange markets.

Shredded: Inside RBS, The Bank That Broke Britain, by the financial journalist Ian Fraser, concludes that the governments led by Gordon Brown and David Cameron have “let the people of Britain down” by failing to reform RBS after it received its mammoth bailout under the stewardship of former chief executive Fred “The Shred” Goodwin.

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