This time, it's just £150 million or so of fraud. As reported by Law360, a couple of naughty former staffers have been caught fiddling the carbon credit market. We point out that this is a private case, not a criminal one, but it’s still a fair chunk of money for two people to be fiddling around with.
Back in that sunny summer of 2014, there was some really strong live sport on for financial journalists. It was the infamous appearance, on Tuesday 17th June, of Derek Sach and Chris Sullivan at the Treasury Select Committee (TSC). It was in this session that Derek Sach, in his final public outing for RBS, explained that the Global Restructuring Group (GRG), used to dismantle perfectly healthy companies, was not a profit centre. Of course, everyone knew he was lying, and he didn’t last long after that.
It depends who you ask. Where were you when the banks failed? Which bank? Which country? In America, the lightning rod was Lehman Brothers, which failed on the weekend of 13-14th September 2008. In Britain, it was RBS, which died on 7th October 2008. But if you ask the experts, many in Europe point to 9th August 2007.
Following on from our Irish builders piece, we have a sister piece today which ties up some of the loose ends, and goes a little further. This article looks at the Irish end of RBS’s evil Global Restructuring Group (GRG) which, say many close to the action, actively destroyed businesses to profit from their demise.
For some months, if not years, we have been tracking the fallout from the 2008 banking crisis. Our coverage and interest has most often followed the banking scandals as they emerge into the public domain. But this story, although widely reported in Ireland, did not break into the mainstream media on the UK mainland. We’re about to change that.
This story shows that the banks were stealing from each other (dodgy mortgage products), stealing from you (PPI) and stealing from small businesses. Thanks to Noel Edmonds, the tide has now turned against the banks for good. Hooray!
Unreported by the mainstream media, but fortunately picked up by our friends at Guido Fawkes, comes good news from the City of London. Also known as the Square Mile, it is the Wall Street of Britain. The survey is by City Index.
Nathan Bostock was promoted to CFO of the whole of Royal Bank of Scotland Group on 1st October 2013. By 10th December, 10 weeks later, his sudden departure was all over the national news. Why did he quit his CFO role after just 10 weeks?