RBS Says Impairments Likely to Remain High in 2010

The headline should read that when the British stop giving away low cost money that can be utilized at higher returns, the core business is in the crapper.
Then the problem starts.

Jim

“RBS has begun its transition from problem to opportunity - an opportunity for the U.K. government, without whose decisive support we would not be here today,” RBS Chairman Philip Hampton said in a statement released before today’s annual shareholder meeting in Edinburgh.

Unfortunately the carry trade, as it did from 2003-2007, will do little to foster the investment necessary to create long-term job growth.

Source: bloomberg.com