Royal Bank of Scotland has been heavily criticised for misleading MPs over its contentious division for struggling businesses.
Andrew Tyrie, chairman of the Treasury Select Committee, said that the bank had been “wilfully obtuse” in evidence it gave to the committee about its global restructuring division, which has been accused of exploiting ailing companies rather than helping them.
Having repeatedly told MPs that GRG was not a “profit centre”, RBS has admitted that the description was accurate. Chris Sullivan, the bank’s deputy chief executive, told the committee last month that GRG was “absolutely not a profit centre” and that describing it as such would be “totally inappropriate”.
Mr Tyrie said: “If this is how RBS deals with a parliamentary committee, how much can customers and regulators rely on it to be straightforward?”
Last updated: July 18, 2014 7:19 am
Britain’s biggest high street banks face the threat of being broken up after the UK competition authorities announced their intention to conduct a wide-ranging probe amid growing frustration among politicians, consumers and small businesses at the lack of competition between them.
Before the markets opened on Friday, the Competition and Markets Authority confirmed it had provisionally decided to launch a full-blown competition review into the UK banking sector. Read more
The Royal Bank of Scotland was guilty of “acting like a rogue institution” towards its struggling business customers, according to author Ian Fraser, who has a history of arraigning RBS in books articles and documentaries. Speaking to IBTimes TV about his latest book, Shredded: Inside RBS – The Bank that Broke Britain, Fraser reveals his major concerns over how RBS chose to denounce the now-infamous Tomlinson Report, which claimed the bank engineered businesses into default while profiting from their struggles. See video See article + video link
“…The British banking sector has become an organised criminal enterprise which has been allowed to develop because of the criminogenic environment in which it functions, which has resulted from the absence of any meaningful regulation which those who control and manage the banks would fear. By Rowan Bosworth-Davies Ex Met Detective:“…The British banking sector has become an organised criminal enterprise which has been allowed to develop because of the criminogenic environment in which it functions, which has resulted from the absence of any meaningful regulation which those who control and manage the banks would fear. Read more..
CLICK HERE TO SEE THE FULL VIDEO Click here for a full transcript of the entire interview DRAFTS OF CLIFFORD CHANCE REPORT DENIED BEING SEEN BY DEREK SACH OR CHRIS SULLIVAN - OH HOLD ON - YES I REMEMBER NOW - ONE DRAFT WAS SEEN / KNOWN ABOUT BY DEREK SACH AND HE REVIEWED THE FIGURES FOR ERRORS!
So Derek Sach is not acting with integrity himself. He disingenuously denies that he had not seen a draft report, but then is forced to admit (because he is in a corner) that there was at least one draft report, that he had checked some figures on!
Can we / the public believe anything that comes after this point from Derek Sach, Head of RBS Global Restructuring Group (GRG)?
GRG LOSS MAKING ENTERPRISE!
GRG HIGHLY PRAISED BY ITS CUSTOMERS!
NO DECISIONS TAKEN ON INTERNAL GRG VALUATONS!
Presumably if there is anyone that can show that an internal valuation was used to take a significant decision, or was not given the opportunity to instruct a formal valuation, or was threatened with overdraft cuts during equity negotiations, they would all have bona fide complaints and require requisite compensation! RBS cannot have it all ways!
Ian Fraser says: New low for @RBSGroup as it admits to hiring private detectives to spy on its enemies.
ARTICLE BY GREG HARKIN – 09 JUNE 2014
Ulster Bank has admitted it hired private detectives to spy on the homes of two Co Londonderry brothers it is fighting in a legal battle over a major land deal. READ MORE
By Ian Fraser
It has been nearly two years in the making, but Shredded: Inside RBS The Bank That Broke Britain was published by Birlinn on 05/06/2014. It’s a look at the Icarus-like ascent of RBS under former chartered accountant Fred “The Shred” Goodwin, and examines many aspects of the bank’s spectacular rise and fall which have never before come under the microscope.
Max Keiser of the Keiser Report says:
“Take a good look at this book because this is going to be skyrocketing up the bestseller lists around the world.
“I get the impression that [Fred Goodwin] becomes like a ghetto pimp, he becomes ghetto rich, you know these pimps, they make a few bucks, and they get the flashy car, and the fancy fur coat, and they strut around the ghetto. So here you have the ghetto of financial fraud, and there’s’ Fred Goodwin flashing his cash like a pimp, and the rest of the banking industry, they emulate that, they’re like ‘we want to be pimps too’. [Goodwin was strutting his stuff as he lured all and sundry into RBS’s] whorehouse of debt …
Banksters Pretend that Prosecuting Wall Street Crime Will Blow Up the EconomyThe Department of Justice is “considering” initiating criminal charges against 2 banks.