Credit to the Scottish Herald for following up in the abysmal FSA investigation into the conduct of RBS executives in 2008. Sadly, they find the then Chairman in a strange mood. Firstly, he bemoans his personal losses in subscribing to the RBS rights issue. Then he says the FSA is quite right to keep its investigation secret.
A fact which helps his third point, that no one was found to be corrupt and the board was not guilty of a failure of Governance. The truth is RBS fought tooth and nail with Barclays for ABN AMRO and paid a premium that was beyond belief. Certainly, beyond what Barclays (who for all their problems at least have never put their hand out to taxpayers) would even consider paying. The board stood by and watched Sir Fred Goodwin and his ego get hold of this. It is a massive failure of Governance.
As the FSA waved it through it does not surprise me at all that subsequently they give this the green light, in secret of course. When will there be a real independent investigation of these crooks and those at the FSA who connived with them. It is not just RBS, HBOS and Northern Wreck executives and their regulators all have a case to answer, one which frankly it is not in the interest of the FSA to expose.
At the moment the collective FSA and City gentry are engaged in Monkey Business: