Nationalization Looms for Royal Bank of Scotland
Lack of faith in government's bank bailout plans sparks investor stampede
By Rob Quinn,  Newser Staff
Posted Jan 20, 2009 4:51 AM CST
A branch of the Royal Bank of Scotland in London.   (AP Photo/Matt Dunham)
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(Newser) – One of Britain's biggest banks is on the verge of nationalization, reports the Daily Telegraph. The Royal Bank of Scotland's shares plummeted more than 65% yesterday after it revealed massive losses of $56 billion for 2008—the highest in British history. The government has upped its stake in the bank to 70% and experts believe it will be fully nationalized within days, rendering the bank's shares effectively worthless.