Shredded
aThe definitive account of the Royal Bank of Scotland fiasco. Itas an engaging, if in some ways infuriating, tale of how self-serving bank executives systematically broke the rules, lent with astonishing recklessness, abused customers and got suckered by Wall Street a before ultimately dumping their mess on taxpayers. Fraser doesnat just point the finger at Royalas clueless bankers. He also expertly chronicles the role of misguided regulations, captured supervisors and deluded politicians in fuelling this catastrophe.a a Yves Smith, founder of Naked Capitalism and author of econned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism aThis book should be posted through the letterbox of every taxpayer in Britain.a a David Mellor, former chief secretary to the Treasury and secretary of state for National Heritage aIan Fraser has spotted stories, uncovered scandals and written about them in a detailed and accessible way that leaves many other financial journalists in the dust.a a Eamonn OaNeill, director of the MSc course in investigative journalism at the University of Strathclyde At its zenith, the Royal Bank of Scotland was the worldas biggest bank. It had assets of $3 trillion, employed over 200, 000 people, had branches on every high street and was admired and trusted by millions of borrowers and investors. Now the mere mention of its name causes anger and resentment, and its former CEO, Fred Goodwin, is reviled as one of the architects of the worst financial crisis since 1929. In Shredded, Ian Fraser lifts the lid on the catastrophic mistakes that led the bank to the brink of collapse, scrutinizing the role played by RBSas directors, who failed to check Goodwinas hubris, the colleagues who were overawed by his despotic leadership style, the politicians who created a regulatory free-for-all in which banks went virtually unsupervised, and the investors who egged Goodwin on. As more and more toxic details emerge about the bankas pre- and post-bailout misconduct, which stretches from the ruination of numerous small businesses in the UK and Ireland to the criminal fiddling of Yen Libor, and from the alleged manipulation of global foreign-exchange markets to the wholesale amis-sellinga of US mortgage bonds, Ian Fraser examines what the future holds for RBS and whether it can ever regain the publicas trust.The name was changed to First Federal Savings Bank after the company demutualised and floated on the US stock market in 1988. ... in with free chequing accounts and then cross-selling other products including credit cards, mortgages and home-equity lines of credit. ... bank.12 In banking, however, a#39; boughta#39; business tends to be remarkably promiscuous, melting away as soon as a#39; teasera#39; rates expire.
| Title | : | Shredded |
| Author | : | Ian Fraser |
| Publisher | : | Birlinn - 2014-06-05 |
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