GekeVenn: RBS

in #corporatism6 years ago

Ten years ago, during the economic crisis of 2008, the British government bailed out the Royal Bank of Scotland (RBS) by purchasing a majority stake in the company. Today the British government has sold some of that stake, following a similar sell back in 2015. The two sales now total over a $5 billion loss (£4 billion) for British taxpayers.

But four years after the initial bailout, reports began surfacing that RBS was using the bailout to finance lobbying efforts here in the US on behalf of then-RBS-subsidiary Citizens Financial Group. Citizens is a US corporation based in Rhode Island.

Before selling its stake in Citizens in 2015, RBS spent $4 million of its bailout windfall lobbying the US government, paying much of that sum to the lobbyists (and their firms) on this venn. It's a pretty small venn, so those payments were concentrated to just a few revolving-door players with the majority of funds spent on Citizens' in-house lobbyists Donna Brady and Ken Robinson (roughly half a million per year from 2012 – 2014 and $800,000 back in 2011).

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