With all the chatter about the naming rights for Citi Field in post-bailout American, don’t the British taxpayers deserve the same consideration? The Royal Bank of Scotland is continuing to crater, and as The Independent notes:
The bank will be about 70 per cent Government owned after the Treasury agreed to replace £5 billion of preference shares with new ordinary shares.
But the taxpayer is already sitting on paper losses of more than £12 billion on its existing 58 per cent stake in the group…
The group owns the Citizens commercial bank in the US…
Philadelphia is already wondering if the Corestates/First Union/Wachovia Center (still most aptly referenced as the “F.U. Center” regardless) will end up as the Wells Fargo Center. So how long before some grandstanding MP demands that Citizens Bank Jokeyard Park becomes, oh, let’s say… “Prince William and Harry Park”?
What do I think to the Royal bank of scotland? RBS boss Fred goodwin should be stripped of his pension. If they pay him a profit related percentage he will get minus figures. Taking away his pension is the best option.