Shredded: Inside RBS: The Bank That Broke Britain

Shredded: Inside RBS: The Bank That Broke Britain

by Ian Fraser
Shredded: Inside RBS: The Bank That Broke Britain

Shredded: Inside RBS: The Bank That Broke Britain

by Ian Fraser

eBook

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Overview

This is the definitive account of the Royal Bank of Scotland scandal.

For a few brief months in 2007 and 2009, the Royal Bank of Scotland was the largest bank in the world. Then the Edinburgh-based giant - having rapidly grown its footprint to 55 countries and stretched its assets to £2.4 trillion under its hubristic and delinquent former boss Fred Goodwin - crashed to earth.

In Shredded, Ian Fraser explores the series of cataclysmic misjudgments, the toxic internal culture and the 'light touch' regulatory regime that gave rise to RBS/NatWest's near-collapse. He also considers why it became the most expensive bank in the world to bail out and why a culture of impunity was allowed to develop in the banking sector.

This new edition brings the story up to date, chronicling the string of scandals that have come to light since taxpayers rescued RBS and concluding with an evaluation of the attempts of the bank's post-crisis chief executives, Stephen Hester and Ross McEwan, to dismantle Goodwin's disastrous legacy and restore the damaged institutions to health.

'A gripping account - RBS was a rogue business, operating in what had become a rogue industry, with the connivance of government. Read it and weep' – Martin Woolf, Financial Times


Product Details

ISBN-13: 9780857906236
Publisher: Birlinn, Limited
Publication date: 02/12/2021
Sold by: Barnes & Noble
Format: eBook
Pages: 608
File size: 1 MB
Age Range: 18 Years

About the Author

Ian Fraser is an award-winning journalist, commentator and broadcaster who writes about business, finance, politics and economics. His work has been published by among others The Sunday Times, The Economist, Financial Times, BBC News, Thomson Reuters, Dow Jones, Daily Mail, Mail on Sunday, Independent on Sunday, the Herald, Sunday Herald, The Scotsman, Accountancy, CA Magazine and Citywire.

Table of Contents

List of Illustrations xiii

Acknowledgements xv

Introduction xvii

Preface xxi

1 The battle Royal 1

2 Mathewson to the rescue 14

3 Rebuilding the Royal 26

4 Hanging on the telephone 37

5 Financial engineering 41

6 Wings spread 48

7 George's big ambition 55

8 The Fred and Johnny show 69

9 Bagging NatWest 88

10 Anglo-Scottish blend 108

11 The wrong kind of growth 125

12 The fear culture 141

13 Wall of silence 151

14 Riding the Tiger 157

15 Royal Bank of Fred 171

16 Laird of Gogarburn 178

17 Enter the pharmacist 191

18 Fundamentally supine 194

19 Three pillars of ignorance 211

20 All-American boy 218

21 No more deals 233

22 Failed alchemists 245

23 Bad leveraged bets 261

24 I'm a-shattered, shattered! 266

25 That Border Collie feeling 285

26 Explosions at ABN 302

27 Drink the Kool-Aid 313

28 The crash 338

29 Death's Head 358

30 Fred found out 381

31 Defibrillation and despair 391

32 False dawn 403

33 Hester's ledger 416

34 Et tu, George? 444

35 McEwan's uncertain remedy 454

36 Normalisation of sorts 464

37 Komodo dragon 474

38 Largest theft anywhere, ever 484

39 The guilty men 492

Epilogue: Flight of fancy? 530

Glossary 539

Endnotes 543

Bibliography 607

Index 611

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