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Do Merrill Lynch bankers know no shame?

In Blog by Ian Fraser11 Comments

23 January 2009 The clutch of  investment bankers who advised Royal Bank of Scotland, Banco Santander and Fortis on their joint €71bn three-way takeover of ABN Amro in 2007 have recently received vast bonuses for their part in the deal — even though it ended up destroying most of the …

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THE YEAR THE BANKS BROKE

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 28 December 2008 Ian Fraser tells the story of how Scotland’s reputation for finance was destroyed by imperialistic bosses, toothless regulators and ‘deeply culpable’ non-executives. THE DAY of reckoning for Scotland’s once proud and swaggering bankers came on Monday, October 13. This was …

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The downfall of Sir Fred: hubris followed by nemesis

In Blog by Ian Fraser8 Comments

20 October 2008 (Note: this is the full, unedited version of an article commissioned by the Mail on Sunday on October 16, 2008. see published version here) SIR Fred Goodwin, the chief executive of Royal Bank of Scotland, seemed extraordinarily chipper and relaxed as he hosted a champagne reception for …

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The bankers’ new clothes

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 27 April 2008 RBS’s refunding move is the first step in UK banks waking up from their self-delusion to the reality of the credit crunch  BRITISH BANKS, LIKE THE EMPEROR WHO WAS SO easily duped by his tailors, were suffering from chronic self-delusion …

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Barclays’ fat cat extraordinaire

In Blog by Ian Fraser0 Comments

27 March 2008 In the zany world of British plcs, failure often gets rewarded, and the latest to succumb is Barclays. First, the London-based bank chose to pay its president Bob Diamond £36 million last year, making the American investment banker the highest-paid executive of any FTSE 100 company. And that was in a …

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Goodwin hunting

In Article Library by Ian Fraser1 Comment

By Ian Fraser Published: Sunday Herald Date: 30 December 2007 Businessperson of the Year: Sir Fred Goodwin THE €71 billion (£49bn) takeover of Dutch bank ABN Amro was a coup that has left little room for doubt. Sir Fred Goodwin, the 49-year-old chief executive of Royal Bank of Scotland (RBS) …

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People of 2007: Sir Fred Goodwin

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Magazine Date: 30 December 2007 SIR FRED Goodwin has just lived through one of the most challenging years of his professional life. Not only has he pulled off the most complex bank takeover in history. He did so against a backdrop of financial crisis, …

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Global vision

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Scottish Banker Issue: December 2007/January 2008 In the light of RBS’s success in the acquisition of ABN Amro, Ian Fraser takes the long view of Scotland’s big banks’ approach to international expansion IN an increasingly globalised world, both the Royal Bank of Scotland and its older …

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Fred’s gamble

In Blog by Ian Fraser0 Comments

3 October 2007 Sir Fred Goodwin, the chief executive of Royal Bank of Scotland, has been accused of being “unhinged” in a blog published on FT Alphaville on October 1st, headlined The sobering message of RBS’s sky-high ABN bid. Their correspondent Lina Saigol has calculated that Sir Fred and his …

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Goodwin wades in with £49bn ABN bid

In Article Library by Ian Fraser1 Comment

By Ian Fraser and James Ashton Published: Daily Mail Date: 26 April 2007 ROYAL Bank of Scotland has thrown down the gauntlet to Barclays, offering to trump its agreed £45bn takeover of Dutch bank ABN Amro with its own £49bn break-up bid. Setting the scene for a classic City battle, …