I posted on this yesterday but if you missed it,...Britain takes over Royal Bank of Scotland. 60% anyway. What will this do to the corporate headquarters in Stamford? Beats me, but I would not plan on setting up a catering service for traders on site, at least for now.
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Will all major Banks be owned by their government??
Looks that way to me!
This strikes closer to home than you might think.
When RBS took over Greenwich Capital, it was as part of their acquisition of NatWest.
NatWest had taken over Greenwich Capital because of the highly lucrative business lines (subprime, asset and mortgage backed securities, unusual derrivative products)that GCM originated. For the first half of 2008, RBS Greenwich Capital placed 4th in MBS (Mortgage-Backed Securities) - ranked just slightly below Lehman and beating JP Morgan, Citigroup, Bear Stearns and Countrywide. They ranked 6th in ABS (Asset-Backed Securities) deals. Lehman was ranked 8th, Wachovia, 9th, Merrill, 10th, Goldman. 11th, and Morgan Stanley, 12th. These are all names that are now all to familiar to everyone on "Main Street", USA.
Over the years GCM has stayed pretty intact and most employees stayed with the firm.
It is surprising that the local financial press (if such exists?) has not focused more directly on the potential impact the nationalization of RBS will have on a firm that has been part of the Greenwich financial community since 1981.
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