The Magic Lever
Donald MacKenzie: How the Banks Do It, 9 May 2013
“... of Europe’s leading banks for December 2006 is a chilling experience: there – in black and white, but entirely unnoticed in the last months of pre-crisis complacency – is the evidence of their fragility. At the end of 2006, the Royal Bank of Scotland had on its balance sheet assets worth in total £848 billion, the equivalent of 64 per cent of UK ... ”