Royal Bank of Scotland, Britain’s Enron?

RBS pension scandal,cartoon by Steve Bell

From British weekly The Observer:

RBS faces probe over ‘threats’ to directors

Peer’s criminal inquiry warning on bank

* Toby Helm and Jamie Doward

* Sunday 22 March 2009

The scandal engulfing the Royal Bank of Scotland reaches new heights today with serious allegations from a senior Labour politician that at least three of its former non-executive directors may have been intimidated and threatened with the sack for asking searching questions about its financial affairs.

The Observer can reveal that a former government minister, Lord Foulkes of Cumnock, who has been extensively briefed by former bank insiders, has written to the Financial Services Authority, the City watchdog, asking it to pursue the claims which, if true, could trigger a criminal investigation.

The intervention by Foulkes, who is also a member of the Scottish parliament and sits on the Commons security and intelligence committee, comes amid fears that the bank will be exposed as the UK’s equivalent of Enron – the US trader that collapsed amid systemic fraud.

See also here.

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