When Royal Bank of Scotland was preparing to sell a package of US subprime mortgages in October 2007, staff were keen to reassure investors about the quality of the loans and the thoroughness of its due diligence.
Inside the bank, however, people were worried. Underwriting standards, the US chief credit officer said, were “like quasi organised crime” and the loans were “total f***ing garbage”.
Details of the discussions were outlined in a damning report from the US Department of Justice highlighting the extent of wrongdoing at the bank in the run-up to the financial crisis.
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