Subscribe to Dollars & Sense magazine. Recent articles related to the financial crisis. Thanks for Nothing....From Bloomberg:RBS Taxes, Hailed as Contribution to Society, Erased by Rescue By Simon Clark Jan. 23 (Bloomberg) -- Fred Goodwin, Royal Bank of Scotland Group Plc's former chief executive officer, once said that taxes were part of his bank's contribution to society. "The benefits of our success stretch far outside the company," Goodwin, 50, wrote in RBS’s 2006 corporate responsibility report. "We continued to be the largest corporate taxpayer in the U.K.," he wrote. That helped in "supporting the government in the provision of public services such as schools, hospitals and state pensions." As Goodwin's RBS contract expires next week, after more than a decade at the bank, the 20 billion-pound ($28 billion) cost of bailing out the bank surpasses the corporate taxes paid by the Edinburgh-based lender during his tenure. The shortfall shows how Goodwin's ambitions for RBS spiraled as he expanded the lender's balance sheet more than 20 times in a decade to 1.73 trillion pounds, making it bigger than the U.K. economy. Read the rest of the article Labels: bailout, financial crisis, Royal Bank of Scotland, Sir Fred Goodwin Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). |
