RBS, the second largest British bank behind HSBC, has finally come clean on the credit crisis. The price? An enormous $24 billion in new capital needed. This is a huge story because this does not even begin to discount the credit problems British banks are likely to suffer when the UK market starts seeing foreclosures en masse. Stay tuned.
See also: Credit Crisis Timeline for a full list of writedowns and capital raising by institution and a timeline of the credit crunch.