Bad news for RBS shareholders – i.e. you and me

According to the news media, RBS may have lost £400 million in the Madoff investment funds.

That’s not quite how I wanted the government to spend the tax money I and my constitutents send them.

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4 Comments

  1. APL
    Posted December 15, 2008 at 11:04 pm | Permalink

    JR: “That’s not quite how I wanted the government to spend the tax money I and my constitutents send them.”

    Yes, we don’t like these “ponzi” schemes.

    Should the Tories get into power, will they address the giant ponzi scheme that is National Insurance?

    National Insurance is neither an insurance scheme nor a fund. But it is a fraud, a fraud greater in magnitude and duration than Madoff’s scheme.

  2. APL
    Posted December 16, 2008 at 8:50 am | Permalink

    Stuart Fairney: “.. presiding over the explosion in violent and gun crime etc etc)”

    How could that be? Legal ownership of handguns has been made practically impossible if not downright illegal, yet there is an explosion in gun crime?

    Could this be another instance where regulation has failed?

    Stuart Fairney: “and the one that will personally finish him politically.”

    Lets not forget his rotten party too.

  3. David T Breaker
    Posted December 16, 2008 at 2:18 pm | Permalink

    And this is RBS, owner of NatWest.

    NatWest who are currently spending millions on TV advertising partly for a financial advice service called Money Sense! The strappine being “Money Sense is common sense”. I though common sense was not investing in Ponzi Schemes.

    The irony is unbelievable.

  4. mikestallard
    Posted December 16, 2008 at 6:26 pm | Permalink

    I once went “out for a drink” with my landlord and his wife and their two friends. My wife, sensibly, refused to come.
    The first round of drinks consisted largely of Vodka and beer glasses of white wine for the ladies…..
    By the end of the fifth round, they were getting very slurred in their speech. I has given up drinking some time before that and was on beer anyway.
    By the tenth round, they were debating who was going to drive home (it was in Spain).
    Money was simply pouring out of them into the bar.
    Two weeks later, they were registered bankrupt.
    I feel very like that with the current government: spending money on booze and then going bust. The difference (see above) is that I cannot get up and go home as I could in Spain.

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    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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