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SWBTATTReg

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Name: Reggie
Gender: Male
Hometown: Tulsa OK
Home country: USA
Current location: St. Louis MO
Member since: Fri Jul 7, 2017, 02:08 PM
Number of posts: 8,094

About Me

IT guy from almost day 1 (1975 on

Journal Archives

Housing crash of 2008 / Royal Bank of Scotland traders enjoying our pain...

I thought that this article in Sky News today regarding trader behavior regarding the buying of financial instruments on the housing market properties in 2008, leading up to the housing market crash as well as the stock market crash, was disgusting...

One big reason why I don't trust anyone in the financial markets at all (bankers, stock market, etc.)...and also why I don't understand why more of these persons (not just the companies) haven't been prosecuted...this post is just FYI, since I know quite a few of us went through quite a bit w/ the crisis of 2007-2008.

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Here's original link:

Royal Bank of Scotland Bankers Joked About Ruining US Housing Market," Sky News, Aug. 15, 2018.
https://news.sky.com/story/royal-bank-of-scotland-bankers-joked-about-ruining-us-housing-market-11473390

Royal Bank of Scotland bankers 'joked about ruining US housing market'
A US justice department report lays bare bankers and traders' disregard over their alleged misconduct that led to the 2008 crash. Royal Bank of Scotland (RBS) traders compared their behaviour to gangsters in "Goodfellas" and joked about ruining the US housing market in the run up to the financial crisis, it has been claimed.
A US Department of Justice report into the mis-selling of mortgage-backed securities before the 2008 banking collapse details bankers and traders' apparent disregard over their contribution to the global monetary meltdown.

It was published alongside the announcement that RBS had agreed to pay $4.9bn (3.6bn) to settle the DoJ's probe. 15:54, UK, Wednesday 15 August 2018
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