article_snippet: Royal Bank of Scotland provoked fury last night after handing out lavish bonuses – including an £859,000 windfall to Royal Bank of Scotland former boss.
article_snippet: The boss of RBS’s so-called
article_snippet: ‘bad bank’ also hit the jackpot as separate filings to the stockmarket revealed The boss of RBS’s received a £2million shares windfall yesterday.
article_snippet: In the money: RBS, which is based in Edinburgh, pictured, has paid £7.6bn in bonuses since RBS was bailed out .
article_snippet: RBS sealed RBS place at the top table of British banking in 2000 when RBS bought NatWest, which dates back to 1650 and was considered one of the 'Big Four' retail banks in UK.
article_snippet: Fred Goodwin, right, became chief executive of RBS the following year and pioneered a gung-ho expansion strategy with resources poured into RBS investment banking division.
article_snippet: One of the biggest deals came when RBS joined a consortium to buy Dutch bank ABN Amro for £49billion, which was later revealed as a major overvaluation.
article_snippet: With the advent of the 2007 credit crunch and subsequent global financial turmoil, RBS was exposed as being dangerously indebted and unable to meet RBS obligations.
article_snippet: Much of the blame for RBS's troubles was attributed to Goodwin, who was forced to resign and subsequently stripped of the knighthood he had received in 2004.