City of London: World's organised crime capital. Ian Fraser: Shredded, The Rise & Fall of RBS

• published: 01 Feb 2014
• views: 1645

Interview with Ian Fraser, journalist, blogger and author of 'Shredded: The Rise and Fall of RBS' He discusses banking, fraud and the terrible practices of RBS - including Global Restructuring Group (GRG) deliberately engineering the default of viable companies and then asset stripping them, pension funds fraud, and persecuting individuals who try to bring legal cases against them. Descent into mass criminality in the City of London who now seem to have resorted to being attractive as the most criminal financial centre in the war where everybody knows that nobody will be prosecuted for any crime. CPS, SFO and City of London police are so corrupt that Prosecutions for crimes taking place in the City of London are now only taking place in the US: SFO left shamefaced after US nails City fraudster. Commercial Lending in the UK is unregulated. Ed Pennings of State Street overcharged clients by £12.2m = Gross Misconduct, fined £23m on 31st January 2014 by Financial Conduct Authority (FCA). HBOS Nine charged with blackmail, etc. etc. Andrew Bailey, no. 2 at Financial Services Authority (FSA) knew Co-operative bank had liquidity and capital problems but pushed through the bank as preferred bidder for sale of Lloyds branches agreed with the European Union (EU). NatWest Three committed massive fraud at Enron. Lawrence Tomlinson's November 2013 report into GRG: Royal Bank of Scotland's Derek Carlisle of Global Restructuring Group (GRG) said "We will destroy you and your family" and did. GRG's 'malicious', 'vindictive' and 'nasty' intimidate solicitors saying "We're going to hound you". http://politicsthisweek.wordpress.com/2014/01/31/35144/ The Royal Bank of Scotland was once one of the most successful and profitable financial institutions in the world; revered, admired and trusted by millions of savers and investors. A trusted employer for tens of thousands of people, with branches on nearly every high street in the land. Now, the very mention of the bank's name causes fury and resentment, and the former CEO, Fred Goodwin, is regarded by many as the one of the principal culprits of the worst financial crash since 1929. Now, for the first time, award-winning financial journalist Ian Fraser reveals how the 'light touch, limited touch' approach to financial regulation of New Labour and the aggressive, confrontational, autocratic and reckless style of Fred Goodwin led to disaster, not just for the Royal Bank of Scotland, but for everyone in the UK. And as more toxic secrets are revealed about Libor rate fixing and excessive bonuses, he looks at the future for the bank and examines its chances of ever regaining the public's trust. http://www.waterstones.com/waterstonesweb/products/ian+fraser/shredded/9743413/ RBS -- From Regal Backbone of Scotland to Reckless Banking Service February 1st, 2012 · Occupy Content · Blog No comments By Jamie Mann and Chris Sharp http://occupyedinburgh.org/blog/rbs-from-regal-backbone-of-scotland-to-reckless-banking-service/ The Royal Bank of Scotland, Edinburgh's favourite international bank, went from being one of the largest banking groups in the world to a near-collapse in less than a decade. Bailed-out by the government and currently 83% taxpayer owned, one would hope that RBS is a responsible and customer-orientated bank; but is RBS "Here For You" or is it simply another corporate entity addicted to profit? For many Scots RBS signified a strong national institution, one with them in mind and working in the best interests of Scotland. This is evident by the vast number of Scots who still hold their money, investments and pensions through RBS. But the rapid expansion that led this Scottish national treasure to become one of the biggest banks in the world also lead to its sudden collapse and increasing nationalisation. The downward spiral for RBS happened on the watch of then-Chief Executive Fred Goodwin. While bad investments and unjustified spending can land the common man in hot water risking unmanageable debt, bankruptcy and even homelessness; Goodwin's reckless actions earned him an early retirement on just £342,500 a year (reduced from £700k), not to mention a generous £2.6m bonus and £2.8m lump sum. This week Goodwin was stripped of his honours, a step not yet taken even for convicted perjurer Jeffery Archer, yet was still defended by some as being 'not a criminal' and 'not intentionally malicious'. However, in recent months it has emerged that it was his management that had established a specialist tax-avoidance department allowing deals to slip through the cracks of tax laws in several countries. Utilising these loop holes allowed RBS to entangle £25bn in tax-avoidance schemes while the US and UK treasuries saw losses of £500m in tax revenue according to the Guardian. More recently, RBS drained £5bn from the European Central Bank, a quarter of the £20bn wholesale funding RBS aims to recoup this year. (Source: The Telegraph)