Monday, 3 November 2014
You could'nt make it up: RBS to assist Police with Financial Crime
The cases are too international, the complexity of the financial instruments purposefully arcane and byzantine - indeed the conviction rate until recent years has been very low indeed.
So how very enterprising of RBS to offer to help, here is a list of RBS's recent fines:
£390 million LIBOR scandal fine
£131 million cumulative since 2002 from City Regulator for various mis-selling
£490 million set aside for FOREX investigations and fines
And an unannounced amount for payouts and compensation for Derivatives mis-selling which is still being thrashed out today.
A cool billion quid, just in fines from the Country's state owned bank.
So who else but poacher turned gamekeeper would be better to help the Police with their enquiries. Perhaps as well as giving a helpful boost to the Bank's sullied reputation they might also learn of what is to come in the future and maybe even try to do something about that.
I wonder if tomorrow they will bring in Micky McAvoy of the Brinks-MAT gold robbery to advise on fixing in the commodities markets....