News

RBS Executives Learn Something New Every Day

Royal Bank of Scotland Group Plc executives told lawmakers they believed it was impossible to rig Libor, less than a week after regulators found traders at the lender manipulated the benchmark for more than four years. “None of us thought of this as a risk that needed this level of attention,” said John Hourican, who resigned as investment-banking head after the fine, told a hearing of the Parliamentary Commission on Banking Standards in London today. “It just didn’t occur to anyone that it could be fiddled,” former investment banking chairman Johnny Cameron told lawmakers. [RBS]

18 comments
(hidden for your protection)
Show all comments

18 Responses to “RBS Executives Learn Something New Every Day”

  1. guest says:

    “It just didn’t occur to anyone that it could be fiddled,”

    oh, um, us too.

    -barclays, deutsche, ubs

  2. The Paternos says:

    We agree completely. Perhaps you should commission an unbiased report to exonerate yourselves.

  3. BNY Mellon says:

    Holy shit! RBS stands for Royal Bank of Scotlad?!?

    -P. Nielsen

  4. I said it says:

    Men should always drive manual transmission cars. Automatics were made for females so they can talk on the phone and crash into trees when driving.

  5. BBC says:

    “None of us thought of this as a risk that needed this level of attention,” said John Hourican. He continued, "And, to be fair, that's probably a good thing. Things which received the benefit of our attention caused us to lose 25 billion pounds Lord knows how much more could have gone wrong had we turned our attention to this as well."

  6. NakedShort says:

    According to GI Joe knowing is half the battle.

  7. L. Armstrong says:

    They never cheated!

  8. guest says:

    In addition to not knowing that RBS had huge exposure to subprime mortgages, Cameron now admits that he found LIBOR vewy, vewy confusing as well.

  9. St. Mel says:

    Fix Libor once for a trader and you help him for a day. Teach a trader to fix Libor and you'll lose a shitload of money to someone else.

    -He of the Financial Parables

  10. Edmond_Dantes says:

    Here I am!!
    Rock me like a Houricain !!!

    Lloyd 'Superfly' Blankfein

Our Sites

  • Above the Law
  • How Appealing
  • ATL Redline
  • Breaking Defense
  • Breaking Energy
  • Breaking Gov
  • Dealbreaker
  • Fashonista
  •