Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

RBS, Lloyds Get $51 Billion in Second Bank Bailout

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Jon Menon and Andrew MacAskill
Tuesday, Nov 3rd, 2009

Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc will receive 31.3 billion pounds ($51 billion) in a second bailout from the U.K. taxpayer as the two banks agreed to cap bonuses.

The Treasury will inject 25.5 billion pounds of capital into RBS, for a total of 45.5 billion pounds, making it the costliest bailout of any bank worldwide. The government will fund about a quarter of Lloyds’s 21 billion-pound fundraising. Both banks said they won’t pay cash bonuses to workers earning more than 39,000 pounds this year.

The rescue will bring the government closer to full ownership over RBS, while Lloyds will escape government control. Lloyds CEO Eric Daniels will raise funds from money managers to avoid the Treasury’s asset insurance plan that would give the government a majority stake. He’s betting bad loans will decline after the Bank of England said the country’s recession was nearly over. In contrast, Stephen Hester, RBS’s CEO, will accept greater government oversight and insure 282 billion pounds of his banks’ riskiest assets with the Treasury.

“There is now a very fine line between RBS being nationalized,” said Danny Gabay, director of Fathom Consulting in London and a former Bank of England economist. “This contrasts with Lloyds willing to fight harder for its independence.”

Full article here

“When the people find they can vote themselves money, that will herald the end of the republic.”Fall Of The RepublicBuy the DVD here

This article was posted: Tuesday, November 3, 2009 at 5:22 am

Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

Raheem Kassam: Sh*thole London See the rest on the Alex Jones YouTube channel.

Germans Being Mass Brainwashed by TV to Submit to Islam See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/bcPVfa76Qig https://www.youtube.com/embed/kYmTFL9nbRQ

© 2018 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.