Shredded: Inside RBS, The Bank That Broke Britain

Description

The Royal Bank of Scotland was once one of the most successful and profitable financial institutions in the world; revered, admired and trusted by millions of savers and investors. A trusted employer for tens of thousands of people, with branches on nearly every high street in the land. Now, the very mention of the bank's name causes fury and resentment, and the former CEO, Fred Goodwin, is regarded by many as the one of the principal culprits of the worst financial crash since 1929. In this book, award-winning financial journalist Ian Fraser reveals how the 'light touch, limited touch' approach to financial regulation of New Labour and the aggressive, confrontational, autocratic and reckless style of Fred Goodwin led to disaster, not just for RBS, but for everyone in the UK. The fall of RBS has been one of the most catastrophic events of the on-going global financial crisis. This book reveals new and never-revealed-before details about how Fred Goodwin brought the biggest company in the world to the very brink of ruin.

Ian Fraser is an award-winning journalist, commentator and broadcaster who writes about business, finance, politics and economics. His work has been published by among others The Sunday Times, The Economist, Financial Times, BBC News, Thomson Reuters, Dow Jones, Daily Mail, Mail on Sunday, Independent on Sunday, the Herald, Sunday Herald, The Scotsman, Accountancy, CA Magazine and Citywire.

'A riveting read' -- Joris Luyendijk * The Guardian * 'The definitive account of degenerate financial capitalism' -- Iain Macwhirter * The Herald * 'Tumultuous ... profoundly shocking' -- Kevin McKenna * The Observer * 'Shredded is a magnificent book. I regard it as one of the best investigative books of the past decade' -- Eamonn O'Neill * BBC Radio Scotland * 'A gripping account - RBS was a rogue business, operating in what had become a rogue industry, with the connivance of government. Read it and weep' -- Martin Wolf * Financial Times * 'A model of the journalist's craft, Zola-esque in its broad and unsparing study of corporate hubris and nemesis and haunting in the questions it leaves in its wake' -- Bill Jamieson * Scotsman * 'Impeccably researched and hard to put down at any point - the author pulls no punches' -- Philip Augar * Financial Times * 'Explosive' -- Tom Harper * Independent on Sunday * 'Combines Greek tragedy with real-life events that have affected us all. It's hard to put down' -- Devraj Ray * Mortgage Strategy * 'I don't think I have ever read such a perfect morality tale for our times' -- Iona Bain * FT Adviser * 'The definitive text. I'm thinking of Barbarians at the Gate, about Kohlberg Kravis Roberts and RJR Nabisco. An instant classic' -- Max Keiser * The Keiser Report * 'You should absolutely read Ian Fraser's Shredded. It is probably the definitive work on the British and Irish banks in the Great Bubble and the ensuing Great Financial Crisis' -- Alexander Harrowell * The Yorkshire Ranter * 'Engrossing, fascinating and appalling - a fast-paced and sickeningly-depressing exposition of what can go wrong when corporate governance fails' -- Ruth Bender, Cranfield University 'Magisterial - the most detailed catalogue to date of the errors and misdemeanours leading up to RBS's 2008 collapse and the failure -- in Fraser's view -- to reform the bank in its aftermath' -- Colin Donald * Herald * 'A rattling good read. Hubris, nemesis. Truly shocking' -- Paul Rogerson * Law Society Gazette * 'A manual for understanding banks, the financial crisis, and also corporate greed and hubris' -- P.C. Dettman 'The definitive account of the RBS fiasco. It's an engaging tale of how self-serving bank executives systematically broke the rules, lent with astonishing recklessness, abused customers and got suckered by Wall Street - before dumping their mess on the taxpayers' -- Yves Smith, author of Naked Capitalism 'Nearly six years after the bailout, Shredded reminds us how much of banking reform is still a work in progress' -- Nick Dunbar * nickdunbar.net * 'Ian Fraser has produced a genuine page turner' -- Alex Marsh * Pieria * 'The best financial book I've ever read. Thank you, Ian, for a public service' -- Simon Bain * Herald * 'Not just the definitive book on the collapse of RBS but one of the best five books on the great financial collapse which changed the history of the 21st century. Ian pulls no punches in his conclusions' -- Russell Napier * CLSA * 'This book should be posted through the letterbox of every taxpayer in Britain' -- David Mellor, former Chief Secretary to the Treasury