| Michelle Thomson MP (Edinburgh West, Independent) quoted Nick Stoop’s analogy comparing RBS’s swap mis-selling to the hunting tactics of the Komodo dragon at the House of Commons backbench business debate: “Creation of a commercial financial dispute resolution platform”. The quote was in relation to RBS’s use of illegitimate “hedging conditions” to prompt businesses into swaps and hence into GRG:“How can it be a legitimate credit condition if it immediately destroys the customer’s credit rating? The truth is that it was a ‘Komodo dragon’ condition; the Komodo dragon lies in wait at watering hole where it nips the foot of its prey. The prey escapes, apparently not seriously harmed, but the bite is toxic and the dragon knows its target will eventually weaken and die. So it is with RBS swaps and GRG. The swaps salesman lands the toxic bite. GRG and West Register then get to tear the client to pieces.” |
The Komodo Dragon bite – Warwick Risk Management quoted in parliament.
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