Dutch Bailouts of ING, ABN Amro ‘Large Errors’: Committee
A parliamentary committee in the Netherlands said that the country’s government made “large errors” when it bailed out ING Groep NV, ABN Amro Holding NV and Fortis in 2008 and 2009, and those errors put taxpayers on the hook for greater risk and cost.
RBS Talks Sale With Abu Dhabi Royals
The Abu Dhabi ruling family is in talks to purchase a stake in the government-owned Royal Bank of Scotland, according to sources close to both sides of the potential deal.
Britain May Revive Perpetual Gilts
Everything old is new again–Britain is considering bringing back perpetual gilts, long-term bonds that were first debuted after the South Seas Bubble crisis of 1720. With 100-year maturities and today’s extra-low interest rates, the idea is attractive to many.
Former RBS Chief Stripped of Knighthood
Former Royal Bank of Scotland Group CEO Fred Goodwin is now also a former knight of the realm. Goodwin, on the advice of the Honors Forfeiture Committee in Britain, was stripped of his knighthood.
Under Pressure, RBS CEO Waives Bonus
The CEO of Royal Bank of Scotland Group has decided to waive his bonus of 963,000 pounds ($1.5 million), but it wasn’t an entirely altruistic gesture. He reached that decision after the Labour Party said it would ask Parliament to vote on the matter.
Moody's Downgrades British Banks
Moody's on Friday downgraded a dozen U.K. banks, including Lloyds TSB Bank, a unit of Lloyds Banking Group, and Royal Bank of Scotland, saying that there was increasing likelihood that smaller banks would be allowed to fail if troubles worsened.
George Soros to Retire, Blames Dodd-Frank
Legendary hedge fund manager George Soros, perhaps best known forcing the British government to devalue the pound during the infamous “Black Wednesday” market crisis, is retiring from investing.
Bank of England Holds Firm on Interest Rates
The Bank of England on Thursday held the line on interest rates, keeping them at 0.5% despite money market expectations of a quarter-point rise.
Former BP Chief to Lead U.K. Efficiency Drive
Extremely helpful or extremely scary, depending on one's point of view. Lord Browne of Madingley has accepted a leading role with the British Government as part of a major bureaucratic efficiency drive.
Barclays to Sell iShares
In a deal valued at $4.4 billion, Barclays PLC has agreed to sell the iShares ETF unit to CVC Capital Partners.