Tuesday, January 13, 2009

Royal Bank of Scotland dumps Bank of China stake

RBS is going to raise $2.37 billion by selling it's stake in the Bank of China.
http://www.iht.com/articles/2009/01/13/business/bank.php

It looks like RBS learned from Citigroup. RBS fessed up to $3.47 billion worth of loans to bankrupt Lyondell, and $1.6 billion of these loans, will probably have a recovery rate of zero.
http://www.independent.co.uk/news/business/news/rbs-reveals-35bn-loans-to-bankrupt-us-chemicals-firm-1332234.html

Citigroup loses $10 billion in a quarter, while it takes RBS six months! Now we have $700 million loss with Madoff, a couple billion plus with Lyondell, and pretty soon they'll be cutting back on golf commercials. And since RBS still doesn't "know" the value of their loans on Lyondell, they start selling other assets, because they "know" the losses will be at least that.

Why doesn't every bank just dump their stakes in these Chinese banks? Do they think China is immune from this economic collaspe?

But since when has a banker done anything but put another finger in the dike?

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