The Financial Conduct Authority has accused Sunday Telegraph journalists Ben Martin and James Quinn of attempting to launder RBS’s reputation despite several reports by Buzzfeed, The Times, The Daily Telegraph, and BBC Newsnight, of RBS’s rampant and widespread criminal behaviour.
RBS knowingly missappropriated its SME customers’ assets to improve its capital ratio and meet regulatory requirements in what the banks executives themselves referred to as their own ‘dash for cash’.
The Daily Telegraph has form when it comes to lying to its readers. Former chief political correspondent Peter Oborne quit in early 2015 over its unwillingness to report accurately on HSBC fraud.
Martin and Quinn’s piece this morning gives RBS a headline and a platform with which to pretend that the GRG allegations are all false despite overwhelming evidence that RBS knowingly defrauded its SME clients.
The FCA say they are not in a position to comment on GRG till they publish their findings.
When that will be remains anyone’s guess.
So we have the ugly prospect of two sets of state employees continuing to score points against each other by withholding and ignoring the truth about their own involvement in withholding and ignoring the truth.
The mind boggles at the unfathomable depths to which these civil servants will plumb in order to prevent justice and transparency and protect the shadiest part of the state’s fraudulent investment portfolio.
Is it morally right to cannibalise your own citizens if you do it via the people’s de facto sovereign wealth fund?
Innocent British businessmen were sold ‘protection’ on loans they took out with the bank but unknown to them the small print stated they were on the wrong side of an unlimited downside spread bet with the bank in which they had unwittingly remortgaged the roofs over their families’ heads.
Given that fraud is the banking industry’s business model all this should not come as a surprise.