6 Stories

RBS to Pay $612M in Latest Libor Fines

Time to fix banking culture: chairman

(Newser) - Royal Bank of Scotland is the latest bank to owe big following the Libor rate-fixing scandal . The British institution has been fined a total of $612 million to US and British regulators: some $325 million to the US Commodity Futures Trading Commission, $150 million to the Justice Department, and the... More »

Brits Strip Bad Banker of Knighthood

Sir no more for ex-RBS boss Fred Goodwin

(Newser) - Sir Fred Goodwin is now just Fred Goodwin—or, as critics call the disgraced former Royal Bank of Scotland chief, Fred the Shred. The British government, saying Goodwin's bungling helped trigger the worst recession in the UK since WWII, has stripped him of the knighthood he was awarded in... More »

Meet Wall Street's Most Shameless Failures

'Mulligan Club' keeps hustling disastrous securities

(Newser) - You'd think the men who hyped and traded the financial instruments responsible for the recession wouldn't be allowed to touch another dollar. Instead, they’re “charter members of Wall Street's Mulligan Club,” Steven Pearlstein writes in the Washington Post, buying and trading the same "crappy securities" like... More »

British MPs Blast Bankers For 'Astonishing Mess'

Report by finance committee blames HBOS, RBS for meltdown

(Newser) - Bankers bear the majority of blame for the global economic crisis for having made "an astonishing mess of the financial system," an investigation by the British parliament's finance committee has concluded. The Treasury Select Committee said in a report that bailed-out banks such as HBOS and Royal Bank... More »

G20 Protesters Vandalize Bank

Already fighting police, crowd turns to looting RBS

(Newser) - The violent crowd protesting the G20 summit in London has broken into a branch of the Royal Bank of Scotland, smashing windows and carrying computers and furniture out into the streets. Riot police attempted to keep the protesters away from the building and in containment pens in the City, but... More »

Vandals Target Former RBS Boss, Vow Further Action

Goodwin target of public outrage over his pension

(Newser) - After the Edinburgh home of the former boss of the Royal Bank of Scotland was vandalized last night, an unknown group is warning of further attacks on financial figures, the Scottish Daily Record reports. Sir Fred Goodwin has been the focus of controversy since he took early retirement—complete with... More »

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