Tightwads are an increasingly rare breed. Its as if nobody actually saves, like, monies anymores. Royal Bank of Scotland was once a proud and prudent Scottish institution. It turned into a financial fool,
A MOTLEY FOOL?
apparently throwing money at almost anyone who came through its doors offering a dire private-equity deal or a third- rate property scheme.
Like a strip club, money being tossed around, but no naked people
With seemingly boundless bravado, it led the disastrous €71 billion ($94 billion) consortium bid for ABN Amro in 2007, just a year before the financial crisis.
In short, RBS turned from careful to catastrophic, requiring a government rescue that has left British taxpayers owning 84% of the bank. Yet in the words of the U.K.'s financial regulator, "we did not identify any instances of fraud or dishonest activity by RBS senior individuals or a failure of governance on the part of the board."
Oh boy.
| That's 'cause it was neither fraud nor dishonesty, merely following-the-crowd, sheeplike stupidity. They should have to give back their bonusses before being summarily let go. |
| Bankers used to have a reputation as skinflints. Now they have a reputation as gamblers. I don't think they moved up in the world. |