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U.K. Boosts Its Bailout As Bank Losses Rise
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With huge losses at RBS, Prime Minister Brown says he is angry at RBS for the excessive risks taken by the bank. A big chunk of losses of 28 billion pounds for 2008 relate to the deal to acquire ABN-Amro. ABN Amro had on its portfolio a loan to chemical maker LyondellBasell, owned by Len Blavatnik a Russian-American industrialist, which filed for bankruptcy protection in January 2009. Says RBS CEO Stephhen Hester, "we doubled up at the wrong time". Now RBS shares have fallen to 11.6 pence or less than the price of a candy bar. And Brown's administration faces growing criticism that the earlier bank rcapitalization and lending plan has not worked, even as new elections are due by May 2010. With the new deal with RBS government ownership goes up from 58% to 70%, and the next step may be nationalization of RBS. In an effort to limit banks losses and help capital needs of banks, the UK government will insure a majority of losses after the banks assume a first portion of the losses.
Recapitalization of Banks in the U.K. and the U.S.
09/29/2008
With Gordon Brown's initiative in the UK and Secretary Paulson shifting TARP1 focus to injecting capital into struggling banks, the focus shifted to this in the last quarter of 2008.
Grouped Articles
Cost of Bailouts Continues to Decline
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Barclays Plans to Issue New Shares
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Barclays Emerges From the Doghouse
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Barclays Aims to Fill Expensive Hole
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Plan to Help Banks Clear Their Books Is Halted
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European Regulators Move Swiftly to Rescue Two Lenders
New York Times 09/29/2008
Nationalization of banks in the U.K.
10/13/2008
With the collapse of RBS and other banks nationalization is increasingly being considered as a serious option.
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Bank Bailout Blues Stall U.K. Recovery
Wall Street Journal 05/14/2013
Wall Street Journal 06/13/2013
New York Times 06/12/2013
Irreversible Damage: Why Little Action on Banking Can Do Great Harm.
New York Times 04/30/2010
New York Times 04/01/2009
New York Times 10/13/2008
National Credit Union Administration in the U.S. is suing J.P. Morgan Chase and Royal Bank of Scotland (RBS) for mortgage losses
01/20/2009
The National Credit Union Administration (NCUA) suffered losses on $50 billion of morgage bonds after the failure of four large credit unions. The NCUA is suing banks for the losses suffered because of misleading information.
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Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
Legal Costs Set to Put RBS in the Red
Wall Street Journal 01/28/2014
Wall Street Journal 01/28/2014
Feds Sue Bankers Over Fall in Bonds
Wall Street Journal 06/21/2011
British Regulator Takes Partial Blame for R.B.S. Failure
New York Times 12/13/2011
Royal Bank of Scotland (RBS) management
01/29/2008
Grouped Articles
Bank Bailout Blues Stall U.K. Recovery
Wall Street Journal 05/14/2013
Wall Street Journal 06/13/2013
New York Times 06/12/2013
Royal Bank of Scotland Names New Chief Executive
New York Times 08/02/2013
Wall Street Journal 12/12/2013
Past Sins Haunting Royal Bank of Scotland
New York Times 01/27/2014
Royal Bank of Scotland (RBS) strategies
01/20/2009
Grouped Articles
Bank Bailout Blues Stall U.K. Recovery
Wall Street Journal 05/14/2013
Wall Street Journal 06/13/2013
New York Times 06/12/2013
Royal Bank of Scotland Names New Chief Executive
New York Times 08/02/2013
RBS Puts Too Much Stock in Its Bad Bank
Wall Street Journal 11/02/2013
RBS to Accelerate Sale of Citizens
Wall Street Journal 11/02/2013
Nationalization of banks in the U.S. in 2009
01/16/2009
As the crisis deepens and more banks become insolvent, nationalization has become a serious option for the government.
Grouped Articles
Irreversible Damage: Why Little Action on Banking Can Do Great Harm.
New York Times 04/30/2010
New York Times 03/06/2009
New York Times 04/01/2009
Rescue of Banks Hints at Nationalization
New York Times 01/16/2009
U.K. Boosts Its Bailout As Bank Losses Rise
Wall Street Journal 01/20/2009
New York Times 01/21/2009
RBS and Lloyd's Banking Group and reckless management.
09/17/2007
Royal Bank of Scotland and Lloyd's banking Group were part of the U.K. bank bailout. This was a case of poor decisions, reckless management and excessive risk taking without attention to possible consequences. Cameron and Osborne of the Conservatives and Mervyn King of the Bank of England voiced criticism of these behaviours that has cost the British taxpayer.
Grouped Articles
Wall Street Journal 06/13/2013
New York Times 06/12/2013
The future of Lloyds: Stuff happened
Economist 09/25/2010
Past Sins Haunting Royal Bank of Scotland
New York Times 01/27/2014
Legal Costs Set to Put RBS in the Red
Wall Street Journal 01/28/2014
Wall Street Journal 01/28/2014
Royal Bank of Scotland (RBS)
01/20/2009
Grouped Articles
Bank Bailout Blues Stall U.K. Recovery
Wall Street Journal 05/14/2013
Royal Bank of Scotland Names New Chief Executive
New York Times 08/02/2013
Past Sins Haunting Royal Bank of Scotland
New York Times 01/27/2014
Legal Costs Set to Put RBS in the Red
Wall Street Journal 01/28/2014
Wall Street Journal 01/28/2014
RBS Works at Pleasing Master, Clients
Wall Street Journal 02/24/2014
Royal Bank of Scotland (RBS) performance
01/20/2009
Grouped Articles
Bank Bailout Blues Stall U.K. Recovery
Wall Street Journal 05/14/2013
Wall Street Journal 06/13/2013
New York Times 06/12/2013
Royal Bank of Scotland Names New Chief Executive
New York Times 08/02/2013
RBS Puts Too Much Stock in Its Bad Bank
Wall Street Journal 11/02/2013
RBS to Accelerate Sale of Citizens
Wall Street Journal 11/02/2013
Brown, Cameron, angry at RBS.
01/20/2009
Royal Bank of Scotland's reckless managemet and excessive risktaking made the British taxpayer bear the enormous losses as RBS shares drop to less than the price of a candy bar.
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U.K. Boosts Its Bailout As Bank Losses Rise
Wall Street Journal 01/20/2009
Bonuses, executive compensation and performance in the UK, public outcry.
01/20/2009
The executive compensation and bonus situation in the UK. RBS and othe banks and the public outcry. As RBS shares drop to 12 pence or less than the price of a candy bar, loss for 2008 is 28 billion pounds, and the British government comes up with $20 billion pounds of government money for RBS and takes 70% ownership, reports in the Sunday Telegraph suggest executives plant to handout $1 billion in bonuses. How?
Linked Articles
U.K. Boosts Its Bailout As Bank Losses Rise
Wall Street Journal 01/20/2009
British Official Plans a Review of Bonuses After Outcry
New York Times 02/09/2009
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