by Nick Hubble, Daily Reckoning.com.au:
Plenty of amusing stories are making the rounds today. Like the bond salesman who fooled Royal Bank of Scotland into thinking he had access to wealthy clients. After touring their trading floors and meeting clients and executives, it turned out the oddly named KK Ho wasn’t a bond salesman after all. Just an employee facing an imminent layoff.
A false flashy business card and name dropping is all it takes to fool a bank these days. It’s not much of a surprise though. The bankers do work for the government, with RBS 81% government owned.
The funniest part is that Ho’s story only emerged because of a court case brought by a former RBS trader. He alleges he was wrongfully dismissed for manipulating internal pricing systems. (Bankers are only supposed to manipulate external prices.)
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