We love wildly irresponsible predictions. If they don't come to pass, well, it was just comedy. If, however, they do....
So when RBS announces not just that they are writing down $12 billion, but that they are looking to raise $20+ billion in capital (the largest rights issue in British banking history), and there is absolutely no truth whatsoever at all that the government applied any pressure on the bank, none, really, we smile a little. It's a sad smile though. Seriously.
As if that is not enough, add Shades of Schwartz(tm): Fred Goodwin, RBS' Chief Executive, promised (for real this time) that RBS would not need to raise any new capital. $0-$20 billion is not really that wide a spread, when you think about it though.
But if you are an existing shareholder, don't worry. They still plan to pay their pending dividend... in shares.
RBS Takes Further Write-Downs, Plans $23.78 Billion Rights Issue [WSJ]
Posted by guest , Apr 22, 2008 12:25PM
holy frakkin' shite..
this thing is way worse than anything before it...
Posted by Tourbillon , Apr 22, 2008 12:37PM
it seems to me that the visit had more to do with the 50 billion pound pledge to buy mortgage securities...
Posted by guest , Apr 22, 2008 12:54PM
And speaking of wild and crazy predictions, who is already scheduling their hotel rooms and getting tickets for the McCain Inauguration this January? Anybody? Seriously - anybody? Surely somebody! Come on now...anybody?
Posted by guest , Apr 22, 2008 12:58PM
In comments to the link to her prophecy, EP says she is not an American...but she recently shared an allegorical story in which she made it seem she was once an American at a foreign school.
Which is it, EP?
Posted by guest , Apr 22, 2008 7:23PM
@ 12:58 - are you some kind of stalker, or just a tool?
Which is it, 12:58?
Posted by ep , Apr 22, 2008 8:53PM
"Posted by guest, Apr 22, 2008 12:58PM
In comments to the link to her prophecy, EP says she is not an American...but she recently shared an allegorical story in which she made it seem she was once an American at a foreign school.
Which is it, EP?"
Please provide a quote indicating where I identified myself as anything but a settled ex-pat. (Or you can just go pound salt, which is fine too).