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WEDNESDAY, NOVEMBER 25, 2009
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RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout

British taxpayer may soon own 95% of bank

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(Newser) – The Royal Bank of Scotland today announced an annual loss of $34.3 billion, the largest in British corporate history, and the Treasury said it would inject another $36 billion into the troubled bank. The UK government already owns 70% of RBS, a figure that could now rise to 95%, reports the Times of London. Much of today's loss stems from RBS' purchase of ABN Amro, the Dutch bank it bought in 2007 in the largest ever banking takeover.

The Royal Bank of Scotland posted Thursday a record net loss of $34.4 billion for 2008 and unveiled a massive restructuring program that will hive off many of its international businesses.
The Royal Bank of Scotland posted Thursday a record net loss of $34.4 billion for 2008 and unveiled a massive restructuring program that will hive off many of its international businesses.   (AP Photo/Alastair Grant)
A man walks past a Royal Bank of Scotland logo at the bank's offices in the City of London, Monday Feb. 23, 2009.
A man walks past a Royal Bank of Scotland logo at the bank's offices in the City of London, Monday Feb. 23, 2009.   (AP Photo/Matt Dunham)
People walk past a Royal Bank of Scotland logo at the bank's offices in the City of London, Monday Feb. 23, 2009.
People walk past a Royal Bank of Scotland logo at the bank's offices in the City of London, Monday Feb. 23, 2009.   (AP Photo/Matt Dunham)
The bank also confirmed in its earnings report that it will offload toxic assets into a government insurance program.
The bank also confirmed in its earnings report that it will offload toxic assets into a government insurance program.   (AP Photo/Sang Tan)
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radnip
Feb 27, 09 5:15 AM CST
Just out of curiosity, are there any real bankers left? When 10% down is considered a conservative down and 38% is considered a conservative percent of one's payment ability, I wonder where the real conservative bankers, which used to be ALL bankers, went. Reply
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