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Cosa Hester

Poor Ross McEwan. The new CEO of RBS came straight into the job and had to fight off attempts to break his bank up.

Now, another legacy of his predecessor Stephen Hester’s tenure is giving the bank some of its worst headlines yet.

Stephen Hester
A report ordered by UK business secretary Vince Cable revealed that RBS bullied small businesses into going bust in order to seize their performing assets. RBS has asked a law firm to investigate the reports. The Sun newspaper wrote that one customer claimed RBS bankers had visited his premises, forced him to sit in the back of their car and told him his funding was being cut off.

This prompted the newspaper to accuse RBS of mafia-style practices, under the creative headline ‘RBS is Don Corloane’. Any fan of the Godfather movies will see what the sub-editors did there.

It’s another blow for the beleaguered UK banking industry. But it made us wonder what is worse: being accused of acting like a mafia Don? Or being revealed as a porn-addicted, coke and ketamine-snorting, rent boy frequenter like another former UK bank chief?

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