Here’s a good little measure to see how far we’ve fallen:
Just more than 1 year ago Royal Bank of Scotland (RBS) paid $100bn for ABN Amro (80% cash).
For this amount, RBS could buy:
Morgan Stanley $10.5bn,
Goldman Sachs $21.0bn,
Merrill Lynch $12.3bn,
Deutsche Bank $13.0bn
And still have $8bn change.