Advantages You can joke about them in your local
Disadvantages money is too tight to mention
|Rating of sector performance/potential|
|Quality of fund management|
|Competitiveness of charges/costs|
|Predicted performance in the future|
Royal Bank of Scotland - Bank- Investment - Platinum Fund
Titled: "Run By Scoobydoo"
Yikes!!! Yes quite, this last year has been a bit too ghoulish for RBS, as they scarper away from their banking responsibilities into the sympathetic hands of Westminster, scared out of their skins; just like Scooby Doo. - This is where the similarities end, as usually Scooby gulps a Scooby snack and gets incredibly brave and 'saves' the day. Ironically, the head of the gang was called 'Fred' who was the sensible logical one and yet again this is where the similarities end.
The main reason why any investor would go to this funding scheme in a means to invest sums of cash is mainly due to the protection that comes with it. RBS actually swears an oath to it. Going Platinum was supposedly a reward scheme for the Mr. Big in finance circles it is a ploy, which allows huge cash sums to be deposited in return for even bigger rewards, RBS then would reap the rewards themselves in an ultimately weird employer target scheme that they say will never fail. Platinum Funding along with other investment opportunities did collapse as the government had to help with the shortfall. Now we all have a piece of the Platinum Funding except for the fact it is worth absolutely zero.What so many of us don't know is that RBS had reportedly got experts in risk management. The best one got his marching orders in late 2007 due to being careful and a little bit switched-on which annoyed Chief Executive Sir Fred Goodwin, and this is why he got the nick name 'Fred the shred'. He continued his reckless spending sprees on décor on a whim, fanciful gentleman club parties for the influentially aware. Money was no object when it came to lavish business dealings when it came to showing-off his golden smile and plentiful office that had an open account at a refurbishing company. Money and black-holes seemed to make Fred tick. The bigger the gamble the more lavish his lifestyle was, with Gordon Brown in his right breast pocket and on his Christmas list there was no such thing as losing, even to this day.
No financial regulatory systems in-place gave a license to pure cash squander much bigger than Enron in the 1990's whereby I note all the CEO's are in US state cells. Please take a note that shareholders, were passed by in effect dismissed without care in December 2007 as notifications of Shareholders meetings in Aberdeen were posted too late and arrived on the doorstep on the actual day of the meeting. Alarm bells would of rang-out for many leading up to the first quarter of 2008, though the trusted big guns hanged in there even today the illusion lives on that just maybe they may get their cash back, on their tinplated Platinum Funds.Now the wind has changed within financial regulatory authorities, the main cause of action is to investigate prior knowledge of any systematic collapse that may have been evident at ground level and this is what the FSA have decided to painstakingly do, so don't hold your breathe, unless your name is Sir Fred Goodwin. Non Executors potentially could shoulder the blame still while the real rodent is sitting pretty on a 703,000 per annum pension watching Japanese girls DVD's at the taxpayer's expense.
While the investigation takes shape Lord Foulkes who is a Scottish Parliamentarian claimed the executives will be prosecuted if their was any discrepancies, not that there will be of course, and all out of the taxpayers pockets lets not forget, as I'm not sure why he has asked for an inquiry and not the PM. Silly thought I know but for those people who actually know the protocols and have a brain the answers not in why; but RBS 'is' run by Scoobydoo!!!RBS have been drawn into a farcical culture whereby it proves to be that non executives are not given the correct tools and are being succumbed to pure aggressive sales regimes and management that makes it via impossible to challenge, without the prospects of losing your job. This is still very much apparent. The FSA have progressed with a investigation but they also still do not have the powers of changing protocols that could possibly make it a just financial system. I no doubt RBS will be unlikely to want to stop creating funding concepts such as the Platinum, as it wasn't the actual funding mechanisms that made the RBS 70.3% taxpayer dependant. It was the ultimate failures of the whole banking mechanism that RBS went to town on in all points from short selling to gambling on the stock exchange with other peoples' money. Greed was the cause; it's the epitome of Scooby with his Scooby snacks.
The whole Platform of the Platinum Funding scheme has fallen big time and failed miserably. Promise after promise; have been broken when it comes to financial portfolios'. Proof is all to see broadcasted in many PDF formatted briefings giving minuscule detail on how Platinum Funds would be protected; in their own words they state that 'constant portfolio monitoring for Platinum's proprietary risk management system is paramount.' - The whole RBS monetary system is a victim of pure monetary flaws that smells nasty now we have the powers of hindsight. Should RBS still have this culture within their corporation to allow this to happen? - I think Professor Chris Wright would love to answer that question on News-night some-day, but are we ready for the answer. - Our censorship laws would be in-question as Jeremy Paxman however would be reaching for the Kleenex wiping his tears from laughter; it could break all records of YouTube downloads.What the FSA truly will divulge is whether any knowingly false statements were made or prospectuses issued that could have led potential investors or depositors to believe the position was more favorable than the board knew it to be. Which the answer in my opinion's language is as blue as a MP's husbands DVD collection. I feared that there were many cover-up cases in regards to Northern Rock, but comparing it to RBS there are more huge blemishes than even Max Factor could handle. I shall stick my neck-out for a change and say that Lord Turner the FSA Chief may do a Hutton on the Hutton report. The pressure is on him as to not find any discrepancies as potentially his own knighthood could be stripped if the investigation deems to show negligence on FSA part, which I will categorically state, there is; due to complete de-regulation. The FSA just cross the 'T's and dot the 'I's. They can only advise but never demand. However, seeing that there has not been a proper 'Fall Guy' as yet, why not it being Lord Turner? He allowed the whole fiasco to take command and showed no responsible initiative as the financial chief regulator. It's worth watching this space, that's for sure.
Sir Fred Goodwin's role in bulldozing his greedy hand into the pot to buy ABN Amro in 2007 which deemed to be a master-stroke for an outrageous fee beating Barclays at the last hour was pure toxic. Shear arrogance driven mentally that exploded out of control, other chief Sir Tom Killock knew of the potentially massive blunder that would cost the taxpayer billions, before the deal was sealed. Alarm bells shill out as both knighted bankers knew their own pension pot 'full to the brim' was secure. They also stopped any data that 28 Billion was going to be a reported loss; that alone is scandalous without all the other extra scandalous revelations.Gordon Brown reportedly did make a personal demand for Goodwin to hand back some of his £16m pension and pledged to take "all the legal action necessary" if he did not comply. This is now proved to be just a 'sound bite'; another weak headline that is just for the outraged public to feel that justice will be done; again in reality it won't happen, so don't hold your breathe, unless your Sir Fred Goodwin.
For those of you consumers who want to take command and look into Platinum Funding in regards to RBS's share price, you can view it at the URL: http://www.investors.rbs.com/our_performance/stock chart.cfm. Have a look at the graph that compares RBS share performance over the last three years to the FTSE100, it shows the true scale of RBS demise.
All this now is on the taxpayers purse strings; Gordon Brown has systematically saved a rogue business model and in return saved RBS customers heart-ache in the short-term. The long-term spells out capitalism's demise, the UK public have already been held out for ransom at 59% GDP which is set to increase to 78% in 2011.I feel it is long before time now that Scoobydoo is put on a leash, given a hardcore muzzle when out for a walk, accept when greeted by Sir Fred Goodwin, allowed no Scooby snacks as it all is going Scrappydoo; and that's putting it lightly.
Thank you for reading 'Run By Scoobydoo', I hope it all was of some interest.Copyright - 04 2009 - 1st2thebar
Attention, this is the first review from this author
Instead of giving a negative rating, consider:
Help this member by giving your advice
Report fraud (for example plagiarism) or other issue with the review to the Ciao support team
Add your comment