Article By Ian Fraser February 6th, 2013 via his blog site
Stephen Hester in cloud cuckoo land over Libor offences
Stephen Hester — My Battle With Truth
If this is the best he can do, I think Royal Bank of Scotland chief executive Stephen Hester should consider throwing in the towel, and conceding what most people already know — that RBS, as it stands, is unmanageable. Hester (who, by the way, remains wholly in denial about the egregious wrongdoing that continues daily inside RBS’s Global Restructuring Group) talks about a “culture of selfishness and self-servedness” at the Royal Bank of Scotland. I am afraid these contorted euphemisms no longer have any credibility. What today’s reports from Department of Justice, Commodities Futures Trading Commission andFinancial Services Authority reveal is a culture of greed, corruption and brazen criminality that probably remains endemic inside RBS’s investment banking arm. If it is not properly dealt through the criminal courts — as opposed to the limp-wristed measures “an internal disciplinary process” seemingly advocated by Hester — neither RBS, nor the United Kingdom which it continues to hold to ransom, has any real hope of recovery. Well done Krishnan Guru Murthy for putting Hester on the spot.
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