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On today's podcast I am happy to be hosting Ian Fraser, author of "Shredded: Inside RBS, the Bank That Broke Britain".

On the podcast we talk about the point at which RBS turned in the wrong direction, leadership incompetence and whether any lessons were learnt from the catastrophe which broke Britain.

Ian Fraser is an award-winning journalist, commentator and broadcaster who writes about business, finance, politics and economics. He has written for titles including The Economist, Financial Times, The Sunday Times, The Times, Daily Telegraph, Daily Mail, Mail on Sunday, Independent on Sunday, the Herald, Sunday Herald, BBC News, Thomson Reuters, Dow Jones, Accountancy, CA Magazine and Citywire.

His book, Shredded: Inside RBS, The Bank That Broke Britain, published in June 2014, explores how and why RBS, the world’s largest company by assets at the time of its collapse, became the world’s most expensive bank to bail out. The book — based on extensive interviews with more than 120 current and former RBS insiders, advisers, politicians, and others — was longlisted for the Financial Times and McKinsey Business Book of the Year and has received positive reviews including from FT chief economics correspondent Martin Wolf.

Since March 2009, Ian has worked on programmes about the global financial crisis and its aftermath for the BBC. These have included RBS: Inside The Bank that Ran Out of Money, (a one-hour documentary that was shortlisted for Bafta), Trust Me I’m A Banker for BBC Scotland Investigates, Carry on Banking for BBC 1 Panorama and seven Radio 4 ‘File on 4’ documentaries (including Badly Behaving Bankers).

0:00 - Introduction
0:22 - Influence for writing book?
1:47 - What attracted you to financial journalism?
3:55 - unique perspective from outside in
4:30 - Early 1990's titanic - When did RBS turn in the wrong direction where it couldn't turn back?
7:50 - Pride of Scotland on the world stage and trying to compete
10:10 - Cult of Fred - Bully and used abuses of power, how did he become a leader?
14:00 - NatWest acquisition and implementation - Gave him free reign over RBS
17:15 - ABN AMRO takeover - complete failure
20:25 - RBS world domination after Nat West
25:15 - The Fred Discount
26:40 - Extravagance!
28:40 - Were the leadership incompetent or was it too large and complex?
31:40 - How did RBS get so large?
39:40 - What role did the FCA and government have in the collapse?
42:40 - There were red flags
44:05 - Did the bank make the right decision? Should they have nationalised or let it fail?
46:50 - Nothing really changed after government intervention?
49:10 - Has RBS recovered and have the cultural changes occurred?
52:05 - Fraudulent activity by RBS
53:40 - Do more regulative changes need to be made?
56:15 - Leverage at RBS
57:20 - Anything that stood out or shocked you when researching the book?
1:00:35 - What message to take away from interview?
1:02:45 - Read the book or more of your work?

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