Fri 19 Dec 2008
The cost of banks
Posted by Prieur du Plessis under Investment, Markets, Money
Consider that one year ago Royal Bank of Scotland paid US$100 billion for ABN Amro. That seemingly impossible amount would now buy:
- Citibank $22,5 billion (74% down)
- Morgan Stanley $10,5 billion (-72%)
- Goldman Sachs $21 billion (-67%)
- Merril Lynch $12,3 billion (-77%)
- Deutsche Bank $13 billion (-71%)
- Barclays $12,7 billion (-71%)
And still leave $8 billion change - with which you would be able to pick up General Motors, Ford, Chrysler and the Honda F1 team.
Source: Financial Mail, December 19, 2008.
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December 19th, 2008 at 6:19 pm
Numbers sometimes speak louder than words. The whole system is going bezerk. Sure hope somehow we stump over the ruins.
March 3rd, 2009 at 11:19 pm
The Royal Bank of Scotland had losses of 24Billion UK pounds and Fred Goodwin still gets 650k pension every year. That is just unbelievable! They should strip him of his pension.