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Friday, November 06, 2009

RBS Slips Deeper Into The Mire IV

Finishing off what has been a truly appalling week for the wreck of the once proud Royal Bank of Scotland (RBS), it announced losses today of £1.5BN for Q3 of this year.

Bad debt write offs (£10.8BN) are over three times that of the same period last year (when they were a "mere" £2.7BN).

RBS "hope" to return to profit in 2011.

Sir Fred "The Shred" Goodwin has certainly left a legacy, I wonder if this is the one he dreamed of?

Quite why some his acolytes still hold senior positions in RBS, and are to receive bonuses (albeit deferred) remains a mystery.

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