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Loss of trust

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Signet Magazine Date: July 16th, 2012 (minor edits March 28th, 2013) Scottish banking was once renowned for prudential management. Today the association is rather different. Financial journalist Ian Fraser gives his view of events behind the collapse of RBS and HBOS and calls for a Leveson-style …

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How Wall Street used complexity to deceive

In Blog by Ian Fraser0 Comments

17 December 2011 By Brett Sherman Wall Street Law Blog Is it reasonable to believe that Wall Street used complexity as a tool to dupe even sophisticated investors as to the quality of bonds backed by non-conforming mortgages during the United States housing bubble? In a word – ABSOLUTELY. Indeed, there …

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Goodwin may face criminal charges after all

In Blog by Ian Fraser0 Comments

14 December 2011 Note: An edited version of this blog post is available at Huffington Post UK The FSA spent an estimated £10m on its report into the failure of RBS, including £7.7m paid to ‘Big Four’ accountants PWC. But the Canary Wharf-based regulator has lived up to its name …

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O’Neil appointment confirms UKFI’s warped priorities

In Blog by Ian Fraser9 Comments

19 July 2010 The coalition government of David Cameron and Nick Clegg is reverting to type where appointments to UK Financial Investments, the vehicle established by the previous government to hold the public’s stakes in bust lenders including RBS and Lloyds Banking Group. Most of the people who work for …

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Bonuses are back, but where’s the outrage?

In Blog by Ian Fraser2 Comments

6 September 2009 Bonuses are back. That much became clear when the Royal Bank of Scotland, 70%-owned by the taxpayer, agreed a £9.7m package with its new-ish chief executive Stephen Hester (pictured above) in June. In August it emerged the bank is handing multi-million golden hellos to other staff. Recipients …

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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 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 …