How can you lose 1.8 billion euros in a year? Ask the Royal Bank of Scotland.

24Feb11

http://uk.news.yahoo.com/5/20110224/tuk-rbs-slashes-annual-loss-in2010-45dbed5.html

Seems to me that to accomplish that requires hard work. But, believe it or not, it’s an improvement: last year the bank lost 6 billion.

The bank explained: “RBS is now two years into its five year plan to restore the group to good health, and has made strong progress against its targets in 2010,” the bank said in the earnings release. Are these people for real? Five year plan – sounds like it’s been lifted from one of the Soviet Union’s miserable economic plans.

But wait a minute! Thousands of staff at Royal Bank of Scotland, which is being bailed out with £20 billion of taxpayer’s money, will be paid bonuses this year despite government assurances that City pay would be curbed.

O tempore! O Mores!

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