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FT:
Royal Bank of Scotland, the British bank 70 per cent owned by the state, paid $841m for assets affected by the Goldman allegations when it bought ABN Amro.

hmm. That sentence implies RBS has still invested $841M in the Abacus CDO; RBS (or the UK government) retains a (arms length) beneficial interest in SEC litigation.

Bloomberg:

Royal Bank of Scotland Group Plc paid $841 million to Goldman Sachs to unwind its position [cost of GS repurchase --leaving one to wonder how much ABN paid] in Abacus, which it inherited when it bought parts of ABN Amro in 2007, according to the SEC.

This report of RBS exposure [none] makes sense, since auditors at RBS will have recognized --after the ABN merger-- a lot of the CDO's toxic "collateral" originated by RBS's craptastic, transnational, subprime mortgage bonanza over the previous five years. While ABN wankers would have not.

also Lone Star Funds purchased IKB Sep 2008. Perhaps Kwf intends to file a claim on SEC recovered amounts, through its FRB schmuck policy.

Diversity is the key to economic and political evolution.

by Cat on Mon Apr 19th, 2010 at 12:19:52 PM EST
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