]ust a year ago, Royal Bank of Scotland (RBS) paid US$100 billion to acquire Dutch ABN Amro. Temasek Holdings and Barclays jointly contested for ABN Amro too but lost to RBS eventually. Discussions were made just before the current sub-prime bubble blew up.
Today, this sum could effectively buy many banks with discounts:
Citibank US$22.5 billion (-74%)
Morgan Stanley US$10.5 billion (-72%)
Goldman Sachs US$21 billion (-67%)
Merril Lynch US$12.3 billion (-77%)
Deutsche Bank US$13 billion (-71%)
Barclays US$12.7 billion (-71%)
With the above acquisitions, we are still left with a balance of US$8 billion.
This is reality.
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