Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
VR and Gaming Becomes the Metaverse - 7th Dec 21
How to Read Your Smart Meter - Economy 7, Day and Night Rate Readings SMETS2 EDF - 7th Dec 21
For Profit or for Loss: 4 Tips for Selling ASX Shares - 7th Dec 21
INTEL Bargain Teck Stocks Trading at 15.5% Discount Sale - 7th Dec 21
US Bonds Yield Curve is not currently an inflationist’s friend - 7th Dec 21
Omicron COVID Variant-Possible Strong Stock Market INDU & TRAN Rally - 7th Dec 21
The New Tech That Could Take Tesla To $2 Trillion - 7th Dec 21
S&P 500 – Is a 5% Correction Enough? - 6th Dec 21
Global Stock Markets It’s Do-Or-Die Time - 6th Dec 21
Hawks Triumph, Doves Lose, Gold Bulls Cry! - 6th Dec 21
How Stock Investors Can Cash in on President Biden’s new Climate Plan - 6th Dec 21
The Lithium Tech That Could Send The EV Boom Into Overdrive - 6th Dec 21
How Stagflation Effects Stocks - 5th Dec 21
Bitcoin FLASH CRASH! Cryptos Blood Bath as Exchanges Run Stops, An Early Christmas Present for Some? - 5th Dec 21
TESCO Pre Omicron Panic Christmas Decorations Festive Shop 2021 - 5th Dec 21
Dow Stock Market Trend Forecast Into Mid 2022 - 4th Dec 21
INVESTING LESSON - Give your Portfolio Some Breathing Space - 4th Dec 21
Don’t Get Yourself Into a Bull Trap With Gold - 4th Dec 21
GOLD HAS LOTS OF POTENTIAL DOWNSIDE - 4th Dec 21
4 Tips To Help You Take Better Care Of Your Personal Finances- 4th Dec 21
What Is A Golden Cross Pattern In Trading? - 4th Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - Part 2 - 3rd Dec 21
Stock Market Major Turning Point Taking Place - 3rd Dec 21
The Masters of the Universe and Gold - 3rd Dec 21
This simple Stock Market mindset shift could help you make millions - 3rd Dec 21
Will the Glasgow Summit (COP26) Affect Energy Prices? - 3rd Dec 21
Peloton 35% CRASH a Lesson of What Happens When One Over Pays for a Loss Making Growth Stock - 1st Dec 21
Stock Market Sentiment Speaks: I Fear For Retirees For The Next 20 Years - 1st Dec 21 t
Will the Anointed Finanical Experts Get It Wrong Again? - 1st Dec 21
Main Differences Between the UK and Canadian Gaming Markets - 1st Dec 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

The Latest from RBS, the Royal Bank of Crooks

Politics / Banksters Nov 25, 2013 - 06:53 PM GMT

By: Money_Morning

Politics

Shah Gilani writes: The Royal Bank of Scotland, a huge lender to small- and medium-sized businesses in the U.K. and Europe, is being accused of undermining the businesses it lends to.

Not that this would ever happen in the United States…

Apparently, the too-big-to-fail British bank further stresses borrowers by layering on fees when businesses can least afford them. This can trigger covenants that allow the bank to actually dismantle the borrower, to the benefit of advisors who have less than an arm’s length relationship with the bank.


According to Sir Andrew Large – he’s a former Deputy Governor of the Bank of England who was commissioned by Sir Philip Hampton chairman of RBS to review the bank’s lending to small and medium businesses – “The accusations mainly stem from a perceived conflict of interest, whereby RBS may profit from working against the best interests of financially distressed customers.”

Sir Andrew’s report was delivered to RBS today. And it’s been made public.

Here’s why you need to pay attention to this…

RBS is 81% taxpayer-owned, after it had to be bailed out during the 2008 financial crisis.

It has been shoving problem loans made to small and medium businesses over to its Global Restructuring Group (GRG).

But rather than help restructure loans to companies in some trouble, the GRG apparently jacks up fees to the troubled borrowers, stressing them further. In some cases, it hires “advisors” to assess what risk the troubled businesses pose to the bank’s loan portfolio.

In a move American banks would never conceive of, because they already created credit-default-swaps to do the same thing at more of an arm’s length, the GRG has dismembered businesses it ends up controlling by means of loan covenants desperate customers agree to, and has sold parts and business assets to the same “advisors” it hires.

Back in May, Lawrence Tomlinson, a Yorkshire businessman appointed as “entrepreneur in residence” at the Department for Business, Innovation and Skills, complained to the department’s boss Vince cable that his own problems dealing with RBS were widespread and deserved review.

Business Secretary Cable described the allegations as “very serious” and said he was “appalled.” He referred Mr. Tomlinson’s findings to the Financial Conduct Authority, the Prudential Regulation Authority, and City regulators. As a result of Tomlinson’s complaints, RBS initiated its own internal investigation.

And now we know.

Stressing business borrowers by hammering them with more fees, like overdraft fees, when they can least afford it, and driving them over a cliff whereby lender-protective covenants get triggered and let the bank dismember businesses and sell their parts to favored clients and associates… this is just another manifestation of too-big-to-ever-trust.

I’ve said it before and I’ll say it again, and I’ll keep saying it. These big banks are criminal enterprises.

Forget RICO and Sarbanes-Oxley or any law that pertains to criminal activity, because obviously the eyes of justice aren’t blindfolded.

They’ve been gouged out by the Masters of the Universe.

Shah

Source :http://www.wallstreetinsightsandindictments.com/2013/11/heres-the-latest-from-the-royal-bank-of-crooks/

Money Morning/The Money Map Report

©2013 Monument Street Publishing. All Rights Reserved. Protected by copyright laws of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), of content from this website, in whole or in part, is strictly prohibited without the express written permission of Monument Street Publishing. 105 West Monument Street, Baltimore MD 21201, Email: customerservice@moneymorning.com

Disclaimer: Nothing published by Money Morning should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investent advice. We expressly forbid our writers from having a financial interest in any security recommended to our readers. All of our employees and agents must wait 24 hours after on-line publication, or after the mailing of printed-only publication prior to following an initial recommendation. Any investments recommended by Money Morning should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company.

Money Morning Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in