The Royal Bank of Scotland accused of a deliberate, premeditated strategy to cut lending to bolster
A new investigation into the conduct of RBS has reported that RBS files ‘now reveal for the first time that, under pressure from the government, the taxpayer-owned bank ran down businesses in its restructuring unit as part of a deliberate, premeditated strategy to cut lending and bolster profits’ (http://bzfd.it/2ffXshh). As a consequence, a petition calling on the Treasury to launch an enquiry into the conduct of RBS and its subsequent denials, already has over 100,000 signatures http://bit.ly/2eM4aZR. Anyone engaged in business of any kind should object to the existence of an organisation that after falling into bankruptcy itself, was rescued by public funds but left in the private sector, where it went about systematically closing down good business’s to bolster its own reserves. RBS can and does continue to do what it likes, knowing that whatever happens, its losses will be covered and no one there will ever be held to account. No one reading this post enjoys that luxury and that is quite right – why is it provided to this failed bank?