The ludicrous pension being paid to the former RBS’s chief Fred Goodwin hides the scale of the problems at the bank and the further money being given to bail it out by the government (us).
RBS reported a statutory loss of £40bn which falls to £24bn if technical issues relating to the acquisition of Dutch bank [...]
HBOS — the mortgage lender Lloyds took over in January — suffered a 2008 statutory loss of 10.8 billion pounds, hit by 9.9 billion pounds of losses on decaying corporate loans, rising homeowner bad debts and credit market exposure.The corporate loans area contributed heavily to the losses. These loans were concentrated with property developers, property [...]
What a week it has been for the global financial and economic system. Capitalism’s latest crisis which has been running since August 2007 is rapidly tuning into a global whirlwind that is on the brink of becoming its’ second great depression.
Europe
At the end of last week several Russian banks indicated they would have difficulty in [...]
The recently discovered financial frauds carried out by Stanford and Madoff are the tip of the iceberg. With over 10,000 hedge funds in the US alone and many more in Europe and in the offshore tax havens there will be many more conmen uncovered in the months and years ahead.
The hedge funds are an unregulated [...]
As governments in the major economies spend trillions of dollars to rescue capitalism from, as even most mainstream economists are now saying, its most severe recession since the 1930s we take a look at these bailouts. Are the bailouts some form of Keynesian solution similar to what was applied in the 1930s depression? What is [...]
