RBS

In Scotland, one of the UK's most venerated names, the Royal Bank of Scotland, a bank that prints its own bank notes as legal tender, has been eviscerated by the over-leveraging and risk-taking of its CEO Sir Fred Goodwin. Sir Fred, an…

Happy Monday! After weeks of dire news and falling markets, we are seeing a rally that might have legs. For those of us who don't want to see a global depression, that is very good news. Certainly, the markets have reason for rallying…

In July, I made my ten predictions for the markets and global economy for the rest of the year. Some of my predictions were pretty pedestrians, and some were fairly bold. Let's take a look and see how I'm doing.Here's what I originally…

Prime Minister Gordon Brown has finally pulled the trigger. In the most momentous move yet in the credit crisis, the UK government is effectively partially nationalising the UK banking system. For months, I have maintained that the…

The Credit Crisis has clearly moved on to Europe, as events there are showing the kind of crisis we have been seeing here.The UK Treasury has broached the possibility that it would buy equity in major British banks. Iceland is on the verge…

It seems incredible - this rollback of the free markets. But, six countries have now banned short sellers of financial shares as if they are solely responsible for the market meltdown we suffered in the wake of the Lehman bankruptcy. The…

Why did Lehman really fail? The equity window is effectively closed for most financial services companies. This fact was the true trigger for the meltdown in AIG and Lehman and the problems at WaMu, HBOS and Merrill Lynch. Moreover, it…

Don't think that it is just the U.S. that has to worry about systemic risk. The Europeans have their own problems and the weaker financial institutions are getting absolutely killed in European trading right now. RBS is down nearly 13%.…

Here's the Guardian's take on the news and a story from the Telegraph.RBS axe likely to fall on Sir Tom, not Sir Fred - Telegraph

Below are the latest writedown stories from the web that I have seen. For the full timeline of news, visit my credit crisis timeline. Bloomberg recently updated their tally of writedowns to arrive at $501 Billion to date. That is on the…