BP Plc’s (LON:BP) value has fallen as far as RBS (LON:RBS) has, but this is a different sort of crisis. The bank ran out of money but BP still has oil.
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The public-sector job cuts have started.
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The stock market’s reaction to Prudential’s (LON:PRU) planned record rights issue is ungrateful. After all the mega-refinancings to fill black holes in balance sheets, this is a share issue based on expansion rather than rescue.
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Why bother being boss of a big bank if you are not allowed to take the rewards? Lloyds Banking Group’s chief executive has followed Barclays’ and RBSs in bowing to public pressure in rejecting bonuses. Yet while they make the sacrifice, bankers at lower levels keep their windfalls.
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If we don’t want banks running private-equity operations, why do we want private equity operations running banks? In the eagerness to come up with a new banking model for the post-crash era, we mustn’t simply welcome any alternative.
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Ministers should not be getting tough with RBS (LON:RBS) for paying bonuses to investment bankers – it should be getting tough with the bank for paying any bonuses at all, even to counter staff at NatWest or Coutts.
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Nevermind that the Bank of England kept secret for a year its massive loan to HBoS and RBS (LON:RBS), why on earth did it choose to break its silence on the day Lloyds Banking Group (LON:LLOY) announces its record rights issue?
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How do you force banks to lend when their best customers don’t want to borrow? Make them lend to their worst customers?
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British Leyland proved the benefit of not throwing away old brands: each time its image became too tarnished it reverted to one of its old names.
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The RBS (LON:RBS) shareholders threatening to sue their former directors and advisers over last year’s rights issue have a point. If the board knew the bank’s problems they were fraudulent in seeking new capital and if they didn’t, they should.
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