10 years ago, the Government bought a huge stake in RBS to stop the bank going under and taking the entire economy with it - a desperate move in desperate times but it worked and the pressure on the London Stock Exchange was eased and eventually stabilised.
RBS cut back it's operations to become streamlined enough to break even and it now operates in 9 countries compared to the 38 it operated in 10 years ago.
Losses were stemmed and this year, for the first time since the Government bought shares RBS actually made a profit.
So with the prospect of eventually recouping some of the taxpayers money finally on the cards, the Government have chosen this moment of all moments to sell 7% of our RBS shares at a loss of over £2 billion!!!
RBS was a poor investment, albeit unavoidable at the time, but surely getting out at the point when that investment is showing signs of finally bearing fruit is perhaps one of the dumbest moves since you know what?
Notable that they didn't sell more shares so why sell 7% now and what do they need the ready cash for? Surely we haven't got a cashflow problem?
RBS cut back it's operations to become streamlined enough to break even and it now operates in 9 countries compared to the 38 it operated in 10 years ago.
Losses were stemmed and this year, for the first time since the Government bought shares RBS actually made a profit.
So with the prospect of eventually recouping some of the taxpayers money finally on the cards, the Government have chosen this moment of all moments to sell 7% of our RBS shares at a loss of over £2 billion!!!
RBS was a poor investment, albeit unavoidable at the time, but surely getting out at the point when that investment is showing signs of finally bearing fruit is perhaps one of the dumbest moves since you know what?
Notable that they didn't sell more shares so why sell 7% now and what do they need the ready cash for? Surely we haven't got a cashflow problem?