Failed rights issue leaves banking giant in taxpayer hands
(NEWSER) - The Royal Bank of Scotland, one of the giants of British banking, confirmed today that taxpayers now own a majority share following a $30 billion government bailout, reports the Guardian. The country's No. 2 bank failed to raise sufficient cash via a $22.5 billion rights issue, with only 1 in 400 shares finding a buyer. Treasury has bought 57.9% of the business and also acquired $7.5 billion in preference shares, which must be paid off before ordinary shareholders can receive dividends. More»
