RBS executives could face charges in the Enron scandal

[lovuian]

http://news.independent.co.uk/business/news/story.jsp?story=597012

RBS executives could face charges in the Enron scandal
By Julia Kollewe, Banking Correspondent
31 December 2004


Some senior executives at Royal Bank of Scotland could face criminal charges in the United States over their dealings with the collapsed energy giant Enron.

Ben Glisan, a former treasurer at Enron who is now a key prosecution witness, has told a court in Houston, Texas, that he thought a deal between RBS and Enron had been fraudulent.

Among the deals he was involved in and which he now says were illegal was a series of transactions between 1999 and 2001 which involved a power plant in Teesside. It is alleged that RBS bought the plant temporarily from Enron and sold it back a few months later as agreed, inflating the profits of the Texas-based energy trader. Enron collapsed three years ago after it emerged that it had fabricated profits and hidden debts using off-balance sheet transactions.

A report by Neal Batson, an examiner appointed by the US Bankruptcy Court, claims that the people involved in the deal included Iain Robertson, currently chairman of corporate banking and financial markets (CBFM) and a board member of RBS; Johnny Cameron, chief executive of CBFM; Tom Hardy, head of project and export finance; and Iain Houston, director of structured finance at the British bank.

more...

Oh Goodie Goodie I can't wait to see the rest of the 145 names of co conspirators this could get good!!!
:bounce:

[MasonJar]

1. When is the Big Bush Buddy, Kenny Boy, going to be tried? I

would expect never since the Enron CEO has the goods on our boy, Stump.

[Robbien]

2. Is there anything dealing with Enron not corrupt?

"Douglas McNabb, a US criminal defence lawyer who has given evidence on behalf of the trio, plans to open an office in London as he believes there will be a flood of extradition cases."

Ha!

[Octafish]

3. Pat Robertson knows where the money is.

Public outrage sank this deal. The thing is Pat "The PTL-Liquor Officer" Robertson knows where the loot is, just like Kenny Boy Lay and the rest of the BFEE players...

The Bank of Scotland and Pat Robertson

4th March 1999

(report by: Equality Network, 58a Broughton St, Edinburgh)

On Tuesday March 2nd, the Bank of Scotland announced a massive joint business venture with US right-wing fundamentalist Pat Robertson. Under the deal, a new direct banking subsidiary of the Bank of Scotland will be set up in the States, 65% owned by the Bank of Scotland, and 25% owned by Robertson, with Robertson as its chairman.

Robertson is infamous for his right-wing views and activities. Civil rights campaigners have described him as "the most dangerous man in America" (Robert Boston, Americans United). He stood for the Republican Party Presidential nomination in 1988 on a far-right ticket. He founded the Christian Coalition, which is now very influential in the Republican Party and whose aim is to control the Party’s agenda.

Robertson has made clear his anti-Muslim, anti-Hindu, anti-women and anti-gay views (see quotes below). As the Scotsman newspaper reported on 3rd March (page 3), "Robertson is known for his anti-gay rhetoric, his loathing of liberals and his connections with bloody dictators".

SNIP...

While claiming that the venture is purely a business deal, the Bank continues today to defend Robertson’s views. This morning they have sent a memo to all bank branches instructing them to tell people who call about this that Robertson’s views have been "blown up by the media".

CONTINUED...

http://www.ilga.info/Information/Legal_survey/europe/supporting%20files/bank_of_scotland_and_pat_roberts.htm

[AP]

4. Wrong bank. Bank of Scotland and Royal Bank of Scotland are different...

...banks.

[Octafish]

5. Thanks, AP!

I'll keep my eyes peeled for the ENRON folk in the coming days in stories on the RSB, not BoS. Either way, Pat Robertson is still a turd.

[LiberalHeart]

6. Do you know....

...if the "Bank of" and the "Royal Bank" both own banks in the US?

[lovuian]

7. Great Article!!! This is Interesting Scotland is Intriquing

that Pat Robertson chose that Bank... And it was on the 3rd Page 3rd article

Scotland has this tradition with the Templars & FreeMasons

that just screams Secret Society stuff!!!

Pat Robertson is the most dangerous man in America because he has tentacles in not just America but in Europe too!!!

[lovuian]

8. The Royal Bank of Scotland has quite a history!!!

http://en.wikipedia.org/wiki/Royal_Bank_of_Scotland

The Royal Bank of Scotland still prints its own banknotes for Scotland
It was the first bank in the world to offer an overdraft facility
The bank's annual gross profits exceeds the annual budget of the Scottish Government

Another article on RSB

http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1101941415127&call_pageid=970599119419


That's not the end of it. Altogether, analysts speculate, RBC will have to absorb as much as $1 billion in additional writeoffs on its U.S. follies, including liabilities associated with an insolvent client named Enron Corp.

...More

A warning to people who get involved with the Bush's!!!