RBS - the loss of the century

Only the century? This is the biggest loss in UK corporate history.

Now it is time for the UK taxpayer to suck it up. However, I hope no one is going to start complaining. We brought this upon ourselves. This is judgement, my friends; righteous judgement for transgressions committed in the past.

We allowed RBS to run wild; we talked up the housing market; we believed it all and it all proved false. House prices do not keep on rising for ever, and loans must be repaid.

My only hope is that we might learn something from this sorry mess.