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    Repiglican Roast

    A spirited discussion of public policy and current issues

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    I'm furious about my squandered nation.

    Monday, September 29, 2008

    RBS will get 'billions' in US bail-out of economy

    The Edinburgh-based bank will be able to write off a significant portion of its dodgy assets thanks to the bail-out, also known as into Tarp, the Troubled Asset Relief Programme as a result of the bank's significant presence in the US.

    Tarp was the brainchild of US treasury secretary Hank Paulson, who earlier this week got down on his knees and begged Nancy Pelosi, the Democratic House speaker, to rescue his plan to save Wall Street.

    The Royal Bank, led by chief executive Sir Fred Goodwin, has had operations in the United States since 1988, when it bought the Rhode Island-based Citizens Bank. It has since bulked up its presence there with a string of acquisitions including those of Connecticut based Greenwich NatWest and Ohio-based Charter One.

    This entitles the Scottish bank to entrust billions of dollars of non-performing loans and sub-prime tainted assets to US taxpayers, according to Colin McLean, chief executive of Edinburgh-based SVM Asset Management.

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