by Christopher Barker, The Motley Fool:
An explosive new book called Shredded: Inside RBS, The Bank That Broke Britain, has claimed that Royal Bank of Scotland will fail within the next ten years.
The book, written by the financial journalist Ian Fraser, claims that RBS still has a £100bn ‘black hole’ on its balance sheet. What’s more, the book claims that this black hole is a result of “five broad areas of alleged criminality and wrongdoing”.
Criminality and wrongdoing: Shredded’s list of specific accusations against RBS is extensive. The book claims that RBS’s management misled investors during 2008, when the bank asked investors to put up more than £12bn through a rights issue. In addition, the book claims that the bank has yet to reveal the true extent of its role in the Libor scandal and the possible manipulation of the £4trn-a-day foreign exchange markets.
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