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SpectrumFX

The Royal Bank of Scotland Agrees to Pay $4.9 Billion for Financial Crisis-Era Misconduct

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The Americans are giving RBS a kicking for all their mortgage fraud back in the day.

xD

https://www.justice.gov/usao-ma/pr/royal-bank-scotland-agrees-pay-49-billion-financial-crisis-era-misconduct

BOSTON – The U.S. Attorney’s Office in Massachusetts announced a $4.9 billion settlement with The Royal Bank of Scotland Group plc (RBS Group) resolving federal civil claims that RBS Group’s subsidiaries in the United States (RBS) misled investors in the underwriting and issuing of residential mortgage-backed securities (RMBS) between 2005 and 2008. The penalty is the largest imposed by the Justice Department for financial crisis-era misconduct at a single entity under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, which allows the Justice Department to seek civil penalties for violations of criminal statutes. 

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1 minute ago, SpectrumFX said:

The Americans are giving RBS a kicking for all their mortgage fraud back in the day.

xD

https://www.justice.gov/usao-ma/pr/royal-bank-scotland-agrees-pay-49-billion-financial-crisis-era-misconduct

BOSTON – The U.S. Attorney’s Office in Massachusetts announced a $4.9 billion settlement with The Royal Bank of Scotland Group plc (RBS Group) resolving federal civil claims that RBS Group’s subsidiaries in the United States (RBS) misled investors in the underwriting and issuing of residential mortgage-backed securities (RMBS) between 2005 and 2008. The penalty is the largest imposed by the Justice Department for financial crisis-era misconduct at a single entity under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, which allows the Justice Department to seek civil penalties for violations of criminal statutes. 

Just exactly how much has Fred the shred cost the U.K. taxpayer?  The only one picking up the tab on this will be the sap taxpayer. 

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15 minutes ago, One percent said:

Just exactly how much has Fred the shred cost the U.K. taxpayer?  The only one picking up the tab on this will be the sap taxpayer. 

He didnt cost the taxpayer 1 penny.

The Labour party who were cheered on by the Tory party did when they decided to bail out this failed business.

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1 minute ago, Banned said:

He didnt cost the taxpayer 1 penny.

The Labour party who were cheered on by the Tory party did when they decided to bail out this failed business.

Well yes, but semantics. Whatever, it’s cost us a lot of money. 

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5 minutes ago, One percent said:

Well yes, but semantics. Whatever, it’s cost us a lot of money. 

Sure has, $4.9 billion / 30 million UK workers = $163 per head and thats just today!

 

Edited by Banned

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Ok.

When does the money get distributed to savers thieved of their money over the years etc.  Don't hold your breath.

To be fair $4.9 billion sounds a snip for RBS - you can just see them after the judgment slapping themselves on the back and saying we got away with it.  Like muzzer minicab chancer professional criminals getting a 2 year suspended sentence.  

Edited by twocents

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.

Quote

The penalty is the largest imposed by the Justice Department for financial crisis-era misconduct FRAUD at a single entity under the Financial Institutions Reform

At least call a spade a spade.

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