Wiki Bombshell: R B S Boss Thinks Breach Of Duty Occurred

[Realistbear]

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8200272/Wikileaks-RBS-chairman-Sir-Philip-Hampton-believed-directors-breached-duties.html

Banks and Finance

Wikileaks: RBS chairman Sir Philip Hampton 'believed directors breached duties’

Sir Philip "Phil" Hampton believes some of his predecessors on the board of Royal Bank of Scotland (RBS) breached their duties as directors, according to leaked US diplomatic messages...../

The FSA has defied calls for more transparency on why RBS ended up requiring a £45bn tax-payer bail-out after the disastrous £49bn acquisition of ABN Amro and a £12bn rights issue.

FSA may well be implicated in the conspiracy of silence. This has the potential to blow the banksters out of the water and force the government to crack down no matter whether they are members of the same Gentlemen's Clubs or not.

IMO a "fraud against the majority" is apparent--and that takes it into the Theft Act. Others are bothered by FSA inaction too.*

__________________________

* http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8196297/Angry-US-investors-join-call-for-RBS-report-to-be-made-public.html

Angry US investors join call for RBS report to be made public

American investors suing Royal Bank of Scotland (RBS) for the millions of dollars they lost after the bank’s nationalisation have reacted with fury to the Financial Service Authority’s refusal to publish the results of its investigation into the lender’s collapse and are demanding the regulator hand over details of its findings.

Edited December 14, 2010 by Realistbear

[OnlyMe]

Screwing the little people and protecting their own is their remit.

http://www.dailymail.co.uk/money/article-1338326/Lame-excuses-FSA-rufusal-publish-near-failure-RBS-report.html?ito=feeds-newsxml

COMMENT by ALEX BRUMMER: Lame excuses from the FSA

By Alex Brummer

Last updated at 8:39 AM on 14th December 2010

The Financial Services Authority's refusal to publish the supervisory report into the near failure of the Royal Bank of Scotland threatens to damage the reputation of its leaders, chairman Lord Turner and chief executive Hector Sants.

FSA boss Sants claims that he cannot publish without the permission of the individuals and banks concerned.

Read more: http://www.dailymail.co.uk/money/article-1338326/Lame-excuses-FSA-rufusal-publish-near-failure-RBS-report.html#ixzz184kqzoBY

[A.steve]

http://uk.reuters.com/article/idUKTRE6BD07U20101214

According to Reuters, Mervyn king set up global meetings to discuss recapitalisation in March 2008, several months before things went 'pop'....

[Toto deVeer]

This is the entrance to a very deep rabbit hole. Government will do everything in their power to cover it up.

[The Masked Tulip]

I hope it is better than Black Ops!

[Bloo Loo]

looks like the bank leaks are out early.

we all KNOW they were criminal in act, criminal in intent, and criminal in escape.

now its time for the gangs to be rounded up and imprisoned.

[@contradevian]

This is the entrance to a very deep rabbit hole. Government will do everything in their power to cover it up.

What do you expect in the country? Steal a tin of beans from Tesco and you will be hauled through the courts system and totally ruined. The rich and famous have to be protected, especially the banking fraternity. They must at all costs hide from oversea's investors that the UK banking system is bankrupt and run by total rogues.

[@contradevian]

now its time for the gangs to be rounded up and imprisoned.

I'll lay good bets that won't happen. Knighthoods, and lordships await (if they don't already have them of course). And why hasn't Fred the Shred been stripped of his knighthood yet?

[A.steve]

looks like the bank leaks are out early.

Not to me, it doesn't... The claim has been that there's an expose about a major US bank that's currently trading. This is not about US banks...

[leicestersq]

If Fred the Shred was in breach of his duties, then what about his pension? That presumably was earned on the basis of his hard work. If it turns out that he didnt earn it, and he can scarcely claim to have earned it if he was in breach of his duties, then that pension should be reclaimed by the shareholders.

Oh, and if this is true in his case, then I would expect legal action would wipe him out entirely.

Am I right in thinking that the insurance that directors take out for being sued does not cover criminal actions?

[@contradevian]

If Fred the Shred was in breach of his duties, then what about his pension? That presumably was earned on the basis of his hard work. If it turns out that he didnt earn it, and he can scarcely claim to have earned it if he was in breach of his duties, then that pension should be reclaimed by the shareholders.

Oh, and if this is true in his case, then I would expect legal action would wipe him out entirely.

Am I right in thinking that the insurance that directors take out for being sued does not cover criminal actions?

There was clearly something else going on here. Possibly a confidentiality agreement. The argument at the time was that the bank was contractually obliged to pay it. I'd have been tempted to say, well sue us for it then. This was another dubious deal done by one of Browns ministers (Lord Myners?). The other interesting thing was that Fred was not really old enough to draw the pension.

[Bloo Loo]

Not to me, it doesn't... The claim has been that there's an expose about a major US bank that's currently trading. This is not about US banks...

doh, and theres me thinking we are the 51st State.

[Toto deVeer]

doh, and theres me thinking we are the 51st State.

I often wonder who is controlling who in this relationship....

[leicestersq]

I often wonder who is controlling who in this relationship....

Toto,

if you are the person you appear to be from your avatar, then I seem to recall you misunderstanding the power relationship when you thought you dealt with the fight between a small guy and a big guy in Stir Crazy.

[Toto deVeer]

Toto,

if you are the person you appear to be from your avatar, then I seem to recall you misunderstanding the power relationship when you thought you dealt with the fight between a small guy and a big guy in Stir Crazy.

But you forgot my role in Young Frankenstein...

http://www.youtube.com/watch?v=dQ_pKqiB5Rg

[R K]

Turner's position looks untenable.

Giving Goodwin a squeaky clean bill of health and refusing to publish the FSA's reasons is clearly in direct contradiction to the RBS Chairman's alleged professional view.

It looks very much as if Myners paid Goodwin off, and now Turner is trying to bury the episode completely.

Osborne needs to sack Turner and publish the enquiry documents in full, before someone else does. If Turner's acting on instructions from the Treasury then it'll come out eventually and the Tories will have brought themselves down.

Edit: Chair of Treasury Select Committee demands Turner publish his report.

http://www.google.co...21292342300488A

The chairman of a powerful Commons committee has joined demands for the City regulator to publish a secret report into the collapse of Royal Bank of Scotland.

Andrew Tyrie, who heads up the cross-party Treasury Select Committee, called on the Financial Services Authority (FSA) to offer a detailed summary of its investigation into what went wrong at RBS, demanding "we need to see it".

The FSA has come under increasing fire for refusing to publish the details of its inquiry into RBS, which is now 83% owned by the Government after the financial crisis brought it to its knees.

Late last month, the FSA ruled out action against former bosses at Royal Bank of Scotland after finding no evidence of fraud or dishonest activity in the lead-up to the financial crisis.

But the watchdog did not release the results of its investigation, saying the Financial Services and Markets Act prevented it from disclosing information in the absence of consent.

In a letter to FSA chairman Lord Adair Turner, Mr Tyrie said the FSA should approach those concerned to ask for consent to publish a summary.

Disgraced former RBS chief executive Sir Fred Goodwin has already said he had no objection to details being published.

Mr Tyrie said: "It is in the public interest that as much as possible of the findings of this investigation be made public.

"It is crucial that we learn the lessons from the catalogue of mistakes which necessitated a huge taxpayer-funded bailout; not least for the assistance it may provide in getting regulation right for the future."

He added: "The FSA have assured us that they have conducted a thorough investigation. We need to see it."

Is that the sound of a hastily written report being re-typed?

Edited December 14, 2010 by Red Karma

[Executive Sadman]

So is this the thing that denninger was on about that would sink a bank?

I seem to recall either HBOS or RBS (the one with the baldy boss, Hester i think it was, not Fred the shred) fired the entire risk management department and replaced them with marketing staff.

If thats not against good practice i dont know what is.

[Jack's Creation]

I'll lay good bets that won't happen. Knighthoods, and lordships await (if they don't already have them of course). And why hasn't Fred the Shred been stripped of his knighthood yet?

When Fred the Shred used to have meetings with Coutts up in Manchester, he used to insist on having a man waiting at the lift, holding it open by keeping his finger pressed on the doors open button until he'd finished. So that when his meeting was over, he could walk straight into an empty lift, without having to suffer the indignity of waiting or sharing with the staff.

Every one thought he was a **** of the first order.

[Realistbear]

RBS.L 41.34 -0.48 -1.15%

Big yawn on the market today.

These banksters are like the Teflon Don.

[wonderpup]

So we need Wikilieaks to tell us what our own official regulators will not?

What an utterly pathetic spectacle this whole thing is. And if they think going after Assange will do anything other than create a cause célèbre they are even more stupid than they are corrupt.

You can't intimidate teenage hackers- they're immortal- you can only give them a cause to rally to.