A Greek Tragedy
9th May 2010
... Comments

We, the Uk taxpayers, own 84% of The Royal Bank of Scotland.  We have no say in how the bank is run.  Our government have very little say in how the bank is run.  We had an unfounded idea that our millions would be used to finance UK businesses, helping to reflate our struggling economy.  This didn't happen and although our government have asked for this to happen, they have been ignored.  With an 84% stake our leader, Gordon Brown, has sacrificed all rights of control, as he has done with all banking, relying on the good nature of the banks directors to "do the right thing".

Where has the money gone?  It seems that this bank has given its Top Men around £1 billion in bonuses, but that should leave something in the kitty, no doubt they have invested it shrewdly on our behalf.  After all we had to pay these huge bonuses to make sure that we didn't lose these geniuses.  So where is our money?

£1.5 billion has been invested by RBS in GREECE.  Now you can understand why it was imperative to retain these Top Men.  Which of us mere mortals, unworthy of bonuses, would have had the foresight to invest in this "land of opportunity"?

It appears that a loss of 25% has already been written off, something in the region of £400 million.  This is not expected to be the full loss.  I wonder how big a bonus has been "earned" on this magnificent deal?

Perhaps it isn't as bad as it sounds, only 84% of the losses are ours!

Mervyn L

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