State-rescued lender confirms total losses since bailout level with 2008 state bail-out
SO THAT IS 46 BILLION OF TAXPAYER MONEY WELL SPENT!!
WHY DID WE NOT LET THE BANKS FALL?
GIVE THE VENTURE CAPITALISTS PENNIES BACK ON THIER POUNDS
ARREST THE GUILTY BANKERS AND INSURANCE SALESMAN, THERE ARE PLENTY OF THEM!!
THE VENTURE CAPITALISTS CAN SUE THEM TO GET THIER MONEY BACK!!
THIS IS WHAT ALEX SALMOND(SNP) SUGGESTED!
THIS IS WHAT ICELAND DID!! IT WORKED!!
NOW ICELAND HAS PROFITABLE HONEST BANKS AND IS WELL ON THE WAY TO RECOVERY https://cuthulan.wordpress.com/2011/08/18/democracy-2-0-progressive-iceland-and-dictatorship-2-0-oppressive-britain-the-difference-between-true-democracy-and-elected-dictatorship/
THE UK ELECTED DICTATORSHIP STILL HAS CORRUPT UNPROFITABLE BANKS
Royal Bank of Scotland has lost all the money invested in it by the taxpayer six years ago when the lender came close to collapse. The bank has confirmed its total losses since its bailout have now drawn level with the £46bn pumped into it in 2008 in return for an 81pc stake.
RBS made a loss last year of £8.2bn, its sixth consecutive annual loss, taking its cumulative losses to £46bn. The scale of the losses means that all the capital provided by the taxpayer has now been used up dealing with the toxic legacy assets on the bank’s balance sheet.
Losses at the bank came after it took a £3.8bn bill for customer mis-selling compensation and a £4.8bn impairment charge against the continued run down of its bad loans. Excluding these costs, RBS reported an operating loss for the year of £2.5bn, with profits from its retail and commercial business falling 4pc year-on-year to £4.1bn, while its markets division reported a 58pc fall compared to 2012 making a profit of £638m.
A LESSON FOR THE BRIGHTEST AND THE BEST. FREE MARKET CAPITALISM FOR DUMMIES!!
1.Availability of credit allows money to flow between savers and borrowers.
2.Resources and funds are allocated to various projects or investments during a boom phase.
3.Eventually borrowing becomes excessive and leads to malinvestment,
4.At this stage, adherence to free market theory would allow for an efficient cleansing period and a healthy recovery period.
How? Irresponsible and unprofitable businesses fail. Bad debts get liquidated. Excess resources go on sale, flow into more stable ventures and pool together with more profitable resources controlled by healthy corporations or entities
NEWSFLASH , UK ,USA BANKS FOUND TO BE UNPROFITABLE AND IRRESPONSIBLE .
THEREFORE YOU GET ASSET STRIPPED AND REPLACED BY RESPONSIBLE AND PROFITABLE BUSINESS MODELS!!
NOT IN THE STATE CAPITALIST UK ,USA AND EU
WHERE UNPROFITABLE AND IRRESPONSIBLE BANKS ARE BAILED OUT BY TAXPAYERS
Cut Benefits to Bankers, Not Public Services
AND EVEN AWARDED BONUES!!!
Despite, the loss RBS said it had put aside £576m to pay staff bonuses for 2013. Bonuses for Dummies!!
IF YOU CAN AFFORD TO PAY YOURSELF A BONUS
YOU CAN AFFORD TO PAY YOUR CREDITORS FIRST!!
A GOOD BUSINESS PAYS ITS DEBTS!!
AND CAN ONLY PAY BONUES WHEN IT IS IN PROFIT
AND HAS EXTRA MONEY TO THROW AROUND!!
Ross McEwan, chief executive of RBS, will use the results to set out his plans to turnaround the lender that has yet to report a profit six years on from its state-funded £46bn bailout in 2008.
IN THE MODERN 21ST CENTURY
BANKERS AND INSURANCE SALESMEN ARE OBSOLETE DINOSAURS
THIER SERVICES ARE NOT NEEDED!!!
THIER JOBS CAN BE DONE BETTER ,QUICKER AND MORE HONESTLY WITH MICROCHIPS!!!
I USED TO BE RESPONSIBLE FOR THE ASSET MANAGEMENT AND RISK ASSEMENT SOFTWARE!!
THE SOFTWARE TELLS YOU THE TRUTH
THE FINANCIAL EXPERTS TELL YOU LIES!!
Mr McEwan said his priority would be restoring trust in the bank, which is 81pc owned by the taxpayer, after a series of scandals. “We want to be number one for customer service, trust and advocacy, in every one of our chosen business areas by 2020,” wrote Mr McEwan in a message to investors.
BETTER JOIN THE BANK OF CHINA THEN!!
RBS operating structure will also be simplified and the business’s current seven divisions collapsed into three to reduce complexity and costs.
THIS SOUNDS LIKE SERIOUS DOWN SIZING!!
“Our three customer businesses will cover Personal & Business Banking, Commercial & Private Banking, and Corporate & Institutional Banking. Across the businesses we will have one management team, working to one joined-up plan,” he wrote. RBS will embark on a new cost-cutting plan, and Mr McEwan said he would reduce the bank’s running costs by £5bn by 2017 in an effort to reduce the business’s cost to income ratio to about 50pc.
IT WOULD BE EVEN MORE SIMPLER AND MORE PROFITABLE
IF WE JUST GOT RID OF THE USELESS PARASITES RUNNING OUR FINANCES!!
Mr McEwan has also set out how he will address RBS’s relatively weak capital base. At the end of last year the bank’s core Tier 1 ratio had fallen to 8.6pc, more than two percentage points lower than some of its peers. Mr McEwan said he would be targeting a 12pc ratio by 2016 and that the rundown of the bank’s bad assets and the flotation of the US Citizens business would be the main boosters of core capital. Citizens will be floated on the US market later this year and the RBS confirmed it had selected advisers for the multi-billion listing. RBS shares fell 4.5pc as the stock market opened in London on Thursday.
AND THE BRITISH STATE CAPITALIST MUPPET SHOW CAN CONTINUE
State capitalism has various different meanings, but is usually described as a society wherein the productive forces are controlled and directed by the state in a capitalist manner, even if such a state calls itself socialist. Corporatized state agencies and states that own controlling shares of publicly-listed firms, and thus acting as a capitalist itself, are two examples of state capitalism
OF COURSE THIS IS JUST FASCISM!!
Fascism should more appropriately be called corporatism because it is the merger of state and corporate power. Benito Mussolini, fascist dictator of Italy (1922-1943)
FINANCIAL SPOKESPERSONS RESPONDS
Financial Spokesperson No.1
“ROOLS?!?! We don’t need no stinkin ROOLS!!!”
Financial Spokesperson No.2
“OK everybody , just give us the money and no-one will get hurt!!!”
I used to think politions where useless until I realised they are biodegradable!!!
SCOTLAND CAN RESCUE ITSELF FROM THIS BRITISH AND EUROPEAN FINANCIAL MUPPET SHOW
PLEASE VOTE YES 2014
PLEASE VOTE FOR SCOTTISH INDEPENDENCE!!