Jump to content
House Price Crash Forum
Sign in to follow this  
ajay

Oligarch Owes Royal Bank Of Scotland £2.5 Billion

Recommended Posts

Treasury officials checking the books of the Royal Bank of Scotland, now controlled by the Government, were shocked to discover that £2.5billion had been loaned to Russian oligarch Leonid Blavatnik in his attempt to build a massive business empire.

http://www.dailymail.co.uk/news/article-11...reet-banks.html

I have always been wondering where they were getting the money from now i know, i have always thought they were dodgy but why did our banks lend them money.

....................and we are not going to get the money back as his so called investment is on the verge of bankruptcy.

Edited by ajay

Share this post


Link to post
Share on other sites

Looks like an inside job to me..?

I would think a jail sentence should go alongside this..!!!

But again nothing will happen

So RBS gets to write off £2.5billion which will come off profits before corporation tax so against the tax payer is stung again..

We get hit twice for the 1 error..!!

3 times when you also consider that now the tax payer will be taking on these bad loans..

This is a national disgrace and gordon brown now pushing to start lending again..

complete madness

Please someone wake me up or suggest what we can do to put the lunatics back in the asylum!!

Share this post


Link to post
Share on other sites

Surely we could just repossess a couple of the "prime London homes" that said oliogarch and his friends have been "snaffling up", according to Anne Ashworth in the Times?

What do you mean, "mortgage fraud" and "their money never existed anyway" :lol:

Share this post


Link to post
Share on other sites

Don't know why Gordon's bothered about paying for shares in RBS.

May as well just use the anti-terror legislation he used to seize the Icelandic banks.

Same difference.

Share this post


Link to post
Share on other sites
This was the £2.5bn written off?

Certainly not.

And you can expect several hundred billion pounds more of worthless loans to russian oligarchs made by UK and european banks, sitting quietly on their books, accounted for at full value. I mean we know the Russians have a tradition to be money good don't we.

Edit: spelling as usual

Edited by williamdb

Share this post


Link to post
Share on other sites

Does anyone know what this oligarch's "business empire" did, er, business is? The article doesn't seem to say. Although being the Daily Wail, it is probably just another piece designed to induce "fury" against all those "dodgy ex-KGB Slavs"...

Share this post


Link to post
Share on other sites
I as a taxpayer will be happy to make up the loss for them, it's what we are here for. Reckless risks to be underwritten by the taxpayer.

Agreed. Years of self-flagellation have prepared me for this

Share this post


Link to post
Share on other sites
Treasury officials checking the books of the Royal Bank of Scotland, now controlled by the Government, were shocked to discover that £2.5billion had been loaned to Russian oligarch Leonid Blavatnik in his attempt to build a massive business empire.

http://www.dailymail.co.uk/news/article-11...reet-banks.html

I have always been wondering where they were getting the money from now i know, i have always thought they were dodgy but why did our banks lend them money.

....................and we are not going to get the money back as his so called investment is on the verge of bankruptcy.

How about a homemade oligarch - Philip Green - 1.2bln tax-free dividend transfered to Tina Green in Monaco and financed by the Royal Bank of Scotland?

Edited by threetimesdead

Share this post


Link to post
Share on other sites
Guest vicmac64

I think given what has happened there should be a full public enquiry into the directors of these failed banks - to include a full accounting of their personal assets.... The public need to be reassured that there is no place for corruption and since the recklessness of these directors of failed banks surpasses common sense we need to know why they acted so..... was it out of stupidity or were there more sinister motives?

The public purse is being raided because of their actions - we demand full public enquiries into their actions...............

Looks like an inside job to me..?

I would think a jail sentence should go alongside this..!!!

But again nothing will happen

So RBS gets to write off £2.5billion which will come off profits before corporation tax so against the tax payer is stung again..

We get hit twice for the 1 error..!!

3 times when you also consider that now the tax payer will be taking on these bad loans..

This is a national disgrace and gordon brown now pushing to start lending again..

complete madness

Please someone wake me up or suggest what we can do to put the lunatics back in the asylum!!

Share this post


Link to post
Share on other sites

Back in the late 1990s I would often be hired by companies, many of them blue chip, as an IT consultant to sit with them at banks in the City when they had meetings to raise cash for all sorts of wacky new Internet ideas. They needed someone who would be able to answer any technical questions.

You would not belive some of the wacky ideas that I saw UK blue chips ask banks for money and often they got it.

From this I very quickly concluded that making money in the City was based 90% on bull, 95% on luck and 1% on actually having a sound business plan. It is all smokin' mirrors IMPO.

One of the wackiest was when a well known media company wanted loads of money from a well known bank in order to bring the internet to televisions. The boy in charge of the media company got up and told the board of the bank how they would soon be able to download naked photos of a well known glamour model to their TV screens.

There was a woman on the board of this bank.

When the media boss had finished his porn spin I awaited her reaction. I assumed she was going to explode with rage. The male board members were already hooked and joking about the possibilities.

On the contrary she asked whether the same would be possible with images of a well known Hollywood male actor.

Suffice to say the media company got the backing of the bank. So, how many of you have internet TVs in your home right now?

Now, I suspect if you and I had gone to that same bank and asked for money to set up a shop or any new SME we would have been told where to go.

Share this post


Link to post
Share on other sites
I as a taxpayer will be happy to make up the loss for them, it's what we are here for. Reckless risks to be underwritten by the taxpayer.

It is not a "reckless risk" in the case of "Sir" Philip Green - collateral - BHS (which was bought on loan of 100mln). Then the dividend of 1.2 bln (TAX-FREE dividend to Sir Philip) was financed and secured on that very property.

Take a Loan. Buy a property. Take a bigger 12 times bigger loan secured on a very same property. Spend all the 1.2 bln tax-free. Ask the taxpayer for 2.5 bln. Take it and pay yourself a 1.3 bln bonus.

Do you think that is a Ponzi scheme?

Edited by threetimesdead

Share this post


Link to post
Share on other sites
It is not a "reckless risk" in the case of "Sir" Philip Green - collateral - BHS (which was bought on loan of 100mln). Then the dividend of 1.2 bln (TAX-FREE dividend to Sir Philip) was financed and secured on that very property.

Take a Loan. Buy a property. Take a bigger 12 times bigger loan secured on a very same property. Spend all the 1.2 bln tax-free. Ask the taxpayer for 2.5 bln. Take it and pay yourself a 1.3 bln bonus.

Do you think that is a Ponzi scheme?

No, is not a Ponzi scheme.

Use 1 mln to finance whichever party you wish and you swap the "Sir" title for a seat in the House of "Lords".

Bottom line - if you suffer from a political apathy, you pay for it, big time.

Edited by threetimesdead

Share this post


Link to post
Share on other sites

small change compared to this but posted on another thread about a company I contracted for who have a rolling debt facility of about 25 mil from RBS. This company consisted of 3 guys and 3 more non-execs who went around buying up lots of small companies in one industry. The parent company added zero value, just sat back creaming off a salary and bonuses. Share price rose constantly and they used this and questionable "goodwill" on the balance sheets to show their company growing and growing. Unable to buy any more companies since Aug '07, they have been trying to stay afloat but I fully expect RBS to be writing most of the millions lent to this lot. There must be very many of these smaller cases at RBS. Meanwhile, viable companies go out of business because they can't get small amounts of working capital...

Edited by TeddyBear

Share this post


Link to post
Share on other sites
No, is not a Ponzi scheme.

Use 1 mln to finance whichever party you wish and you swap the "Sir" title for a seat in the House of "Lords".

Bottom line - if you suffer from a political apathy, you pay for it, big time.

If we have no credible alternative what can the prols do,it is not apathy

Share this post


Link to post
Share on other sites

There was once an advert for Carling, where a guy walks into a bank, goes to the manager, says 'I'd like £50k for a new business'. The manager gived him £60k in cash on the spot, and says 'pay it back when you can'. 'Probably the best bank in the world..', etc.

Didn't realise it was a documentary.

Share this post


Link to post
Share on other sites
If we have no credible alternative what can the prols do,it is not apathy

Only about 50% of eligible voters go to polls in any average general election.

If the other 50% gave their votes to LibDem they would at least have had a chance -

it was the only party standing against insane lending since 2003-2004...

Share this post


Link to post
Share on other sites
Does anyone know what this oligarch's "business empire" did, er, business is? The article doesn't seem to say. Although being the Daily Wail, it is probably just another piece designed to induce "fury" against all those "dodgy ex-KGB Slavs"...

I very relevant point, did they just trust these russians when they said they were worth billions, or did they do due and diligence.

Share this post


Link to post
Share on other sites
They should give us £2.5 billions of oil and gas.

The city gents met a much more sophisticated criminal element than themselves.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.