I’m doubtful that RBS will fail, despite some informed commentators’ beliefs to the contrary.
However, in the event that it should collapse, I’d like to be the first person to suggest that the Deloitte partner who led the BCCI liquidation would be an excellent choice of administrator…
Update: fail prediction FAIL. If the government is forced to take a majority stake in your company, you’ve failed.
3 thoughts on “Just in case…”
OT: I didn't want to say this on Tim W.'s blog but hasn't the Guardian's commentary on this whole thing been in the main bloody awful?(probably all the other papers have been crap too, but I only have time to read the G.) Every single one of their regular commentators seems to have brought out their usual warhorses for a canter round the ring without much sign of actually having spent any effort in actually understanding what's going on… Madeleine Bunting and Seamus Milne stand out as particularly egregious examples, let alone Larry Elliott. (That said, Simon Jenkins' article seemed to be channelling William Boot of the Beast this morning – 'Feather-footed through the plashy fen passes the questing vole' etc.)
RBS management has guided the bank into a very vulnerable position. Its the worst surviving bank in the world and the relative performance is down to RBS management , which go immediately. They are incapable of managing the bank through the crisis. Goodwin, his conies and his jet (and the jet on order – need any more evidence of hubris!) must go now.
I mean, how incompetent do you have to be to a) buy a bank at the top of the market that ends up being nationalised in a desperate crisis move and b) then get your own bank nationalised in a desperate crisis move? And how greedy do you have to be to increase your salary by the entire salary of one of your competitors' CEOs?