How Times Have Changed

A year ago, RBS was the second biggest bank in the UK by market capitalisation. (Dear iPhone, please stop trying to spell that with a “Z”.) Today, the rights issue intended to prop up the company has failed. Her Majesty’s Treasury, the underwriter of the rights issue, is now the proud owner of 58% of the outstanding shares of RBS. In just a year, RBS has plunged from #2, through effective nationalisation under the British bailout plan, to actual majority government ownership. Wow. Coming this weekend (or as soon as I get my Macbook back from the shop - why does it take a week to change a battery?): The Biggest Banks of 1999 - Where Are They Now?