Royal Bank of Scotland crisis : bank to send threatening letter to itself

As the Royal Bank finds itself caught up in the world-wide credit crisis, executives at the institution formerly known as a license to print money are steeling themselves to receive a threatening letter sent by themselves to themselves.

"It's an odd position to be in" one senior spokesteller told The JT: "Ordinarily we send out a threatening letter to customers if they go half a pence overdrawn and charge the thirty quid for the privilege. However, we executives appear to have mislaid all the bank's money. So technically we're overdrawn, thus requiring us to send ourselves a letter. That might not make sense, but we're talking international finance capitalism here - nothing makes sense, that's the way it works."

It is thought that the bank's liquidity problems were only noticed late last week when the bank's system of ATMs starting asking customers for money.

Replacing the usual green display informing the withdrawing customer that "No, you can't have any money, your salary's not been paid in, so just fuck off," was a new message saying: "Oh, go on. Lend us a couple of quid 'til next Friday. The Bank of England bail-out will have come through by then, honest."

"Oh, go on, just a couple of quid. Please."

Senior bank executives are bracing themselves to make some tough decisions over the next few weeks, mainly deciding which lower order drones they can make redundant while holding on to their own positions.

Strangely enough, all those politicians who in the past have been quite happy to praise the Royal as a "Scottish success story" are staying a bit quiet this week. Funny that.

Inside: Here's something else that's funny. Bankers are always calling for the state not to interfere in banking until something goes wrong. Then they want the state to bail them out. Am I missing something here?

April 2008

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