These are my links for December 3rd:
- Bloomberg.com: Goodwin’s $140 Billion Binge May Doom RBS to Nationalization - The decline of a bank chronicled
- Action Aid: The Hole in the Pocket - Excellent briefing paper on how tax havens cost developing countries money
- Editorial: Pressure Continues to Mount on 'Tax Havens' - Another astute editorial from Cayman Net News, who can see the writing on the wall, and admit it might be there for a reason: Cayman is not up to scratch
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One thing that strikes me about the Bloomberg link on Goodwin is in the quotation from Stephen Cockburn MD of The Investment Company plc, who “has watched the RBS shares he bought for 366.5 pence each in March dwindle to 50.8 pence apiece by Nov 24”. He goes on to blame this “absolute catastrophe” on the breakneck expansion of RBS begun with Nat West in 2000 and reaching its culminatiion with the acquisition of ABM Amro in 2007. The folly he says was to go ahead with ABN Amro when “the storm clouds were gathering”. One just wonders what this wise financier and guardian of other people’s money was then doing buying RBS after that in March 2008 at 366.5 pence. I’m just an ignorant looker-on but it does seem rather typical of current comments from the financially literate.