Just watched an hour long program on the BBC about how RBS almost ran out of money during the financial crisis.
It was very well produced, and had a lot of detail and interviews from former RBS executives. It’s interesting to see how the sub-prime mortgage problems affected them so deeply.
The really disturbing thing was how clueless the bank seemed to be, or at least how much of a blind eye they turned to it and didn’t want to admit that things were wrong.
I’ve seen some of the coverage of what U.S. banks and financials did during this time, but the footage in this program was mesmerizing – I couldn’t turn away from it for the entire hour. And not mesmerizing in a positive way.
It’s also pretty strange how much footage the BBC was allowed to record of the RBS buildings, headquarters, and other internals. I suppose that it is a positive thing in some ways – coming clean and trying to move forward.
I didn’t realize that RBS was so close to completely running out of money because of the ABN-AMRO purchase combined with the rest of the financial problems. Extremely scary! I can’t imagine how crazy it must have been for people who had their savings and money with them.

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