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Is RBS actually solvent? Perhaps the UK government as principle shareholder should declare it bankrupt now and create a new bank from the remains. Presumably free from liabilities of its predecessor.
You still prefer a close relationship to the US rather than the EU? Obama is the good guy!
I think you are right on the sort of direction of a UK solution, at least if a modest cash payment soon cannot resolve it. But I don't think through the bankruptcy route.
It would need a lot of talking about but I'm guessing that the thrust would be that the sort of protection from international prosecution that is given the Bank of England would also be extended to UK state-owned banks. In effect RBS (and others) would be part of the UK state, and just as the US courts have no jurisdiction over the UK nation state so they would have no jurisdiction over RBS. The US process could only affect RBS operations within the USA, and possibly not even these.
So leaving aside the senselessness of creating an international banking crisis through the FHFA process, I don't think the USA will achieve a great deal against UK banks, but will create a lot of bad feeling with the UK. Right now the UK is recording growth (I know it is tiny, but it IS growth). This one issue could be enough to tip us into recession. Yes there are lots of other problems, but this is one manufactured by our closest ally.
Actually Dandelion I would prefer a closer relationship with the nations of Europe. But right now I don't think this is possible. IMO both the euro and the EU are failing, and the UK has to deal more with other nations, including the USA. The USA's debt crisis means that the USA is forced to deal more with a group of nations including the UK, so it is mutual need. This is the reality of economics, and many in the UK and USA can live with this comfortably. The pity is that Obama is pursuing what seems to be a personal anti-UK crusade. We've had BP. Now we have RBS. Once is forgivable - twice and the UK government will be looking to see how we can support the not-Obama candidate. Republicans tend either to like the UK or be ambivalent - either would be an improvement. If a Republican president has two brain cells that would probably be an advantage, but from a UK perspective is not essential. We're actually at the stage where there is a UK national interest in seeing that Obama is not re-elected.