RBS

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Awaiting RBS' Retort On The Most Recent Greek Bank Run Confirmation





A month ago Zero Hedge was ridiculed by RBS' Head of European Rates Harvinder Singh for daring to suggest that Greece was experiencing a bank run. Surely, RBS, with its stash of Greek bonds that it desperately needed to offload, did not need any additional bad news spooking the more timid elements. After all someone would need to buy the endless toxic assets that RBS had managed to accumulate over the years before it needed to be bailed out by its government. Alas, as so often happens when banks gets involved (we would say big, but RBS is a third tier toxic asset repository at best) and refute Zero Hedge, things don't quite work out their way, and yesterday none other than Greek newspaper Eletherotypiha confirmed that "there had been a rush to
withdraw funds from banks." Oops.

 
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Some Afternoon Amusement Courtesy Of RBS: There Is No Spoon - Or Bank Run





We were pleasantly surprised earlier today when we discovered that the "head of European rates" at RBS, or as it is better known in the US as CRT LLC (see here, here and here), Harvinder Sian, not only sends out mollifying notes to clients with extended references to "excitable" blogs such as Zero Hedge, but that apparently cost-cutting measures have forced RBS to cancel their over-budget Dow Jones wire service.

 
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RBS' Sovereign Crisis Flow Pyramid





In a report "Predicting Sovereign Debt Crises: 2010 Update" RBS' Timothy Ash is the latest one to chime in on the sovereign risk theme, a topic that has been prevalent ever since Bernanke did the great private-to-public risk bait and switch, which in turn was followed to a great extent by all the countries in the world. Soon, in addition to a risk to the bottom in carry trades, and inflation expectations, we will see a risk acceleration, once countries realize the fringe benefits arising from being the first defaulting sovereign in a global moral hazard climate.

 
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Schaeffler Financing Complete, Next On Deck: Continental Merger And Lots Of Pain For RBS





New developments in that "other" German automotive soap opera. Reuters is reporting that the most insanely leveraged behemoth of an auto-supplier, Continental-Schaeffler has finally managed to close on the terms of a critical $17 billion deal, a critical step which will make the biggest M&A blunder in the last decade (tiny ball-bearing maker Schaeffler's purchase of much, much larger and much more indebted auto supplier conglomerate Continental).

 
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The Looting Of RBS





Soon coming to a certain Greenwich marina corporate campus near you.

[youtube=http://www.youtube.com/watch?v=p0b_9bIpES0&hl=en&fs=1]

[youtube=http://www.youtube.com/watch?v=tX5opZ68BM8&rel=0&color1=0x6699&color2=0x...]

 
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G20 Protesters Break Into RBS Building In London





As CNBC makes fun of the G20 "fair with jesters and jugglers" in London, things are, in reality, getting serious. Just out of Foxnews:

 
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RBS To Exit Leveraged Finance Lending





Developing story, but with such blockbusters as Lyondell and Continental AG one had to expect they would pull the plug sooner or later.

 
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RBS Bonuses Decimated To Total Of $250 Million For Whole Firm





Developing Story:

Wow, this is just scary. If this happened in the U.S. you would see riots on Wall Street.

Royal Bank of Scotland to see bonuses drop from 2.5 billion pounds to 175 million total.
There will be no cash payments for future RBS bonuses, and will instead take form of bond payments to be made in 3 annual payments. Lastly, there will be a clawback.

 
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RBS Stock Down Over 60% in Europe Trading





Probably not that surprising after posting the "biggest ever loss reported by a U.K. company" of $41 billion. Biggest shareholder, the United Kingdom Government with 22.8 billion shares, can not be happy with an $8 billion + loss in 6 hours of trading. Paulson, with 142 million shares short, is very happy.

 
Tyler Durden's picture

RBS Stock Down Over 60% in Europe Trading





Probably not that surprising after posting the "biggest ever loss reported by a U.K. company" of $41 billion. Biggest shareholder, the United Kingdom Government with 22.8 billion shares, can not be happy with an $8 billion + loss in 6 hours of trading. Paulson, with 142 million shares short, is very happy.

 
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