General Chat

Do you like Russell? If not, the recent longish blog by Jo Reeves is worth a read.
(Actually, I think it is worth a read anyway……)

http://blog.squandertwo.net/

Speaking as somebody who has a close mate in a very senior position with RBS the blog is a pile of self regarding dog c rap.

I am not especially a fan of self publicists such as David Livingstone, Boris Johnson, Max Clifford, Russel Brand, Clarkson and so on and on but Brand does raise some relevant issues. He has certainly put a spoke in the wheel of the "let's sell London to the international financiers or even the Chinese communist govt" ramp led by Boris Johnson.

In particular as a guy with deep roots in north and east London it is great news that Westbrook has pulled out of the New Era deal in Hoxton. The bad publicity kicked off by Brand and his fellow Spaniards in the works has put Westbrook off. As it directly affects my daily life I am devastated at the plans of a convicted criminal for the Camden Lock/Market area. Strange friends Boris.

Getting back to RBS there has never been a cat's chance in hell of the taxpayer getting back their "investment" in RBS which is the ultimate bad bank a money pit or black hole. Nobody in the Treasury of any consequence ever believed in such a fairy tale.

Even now the cheapest and best taxpayer option would be to close it down in an orderly fashion. New banks with names such as William&Glynns, Martins and Westminster could be created from the wreckage. Lloyds is already calving and may go further. Far to go but at least on the right tracks.

Apart from the accounts which make Barclays, Lloyds and Tesco look paragons of financial virtue. RBS has a rotten internal culture which is beyond change. The ordinary workers at the "coal face" are as much victims as the taxpayer and "customers". Think FIFA for a parallel corporate culture.

There are only two major banks in the UK in which any kind of confidence may be lodged and neither are British owned and controlled. Inconvenience is only to be expected.