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  • 3.) CFO Carol Mathis and Lauren Rieder Falsely Deny Facts For 2007 CDO Markdowns

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    Failure of Royal Bank of Scotland (RBS) Risk Management
    602 Ansichten2 Seiten
    In Defence documents submitted to UK Court, RBS says in 2016 it was appropriate for senior management to take part in discussions when it was hard to judge the value of distressed assets. On 2 October 2007, CFO Carol Mathis and Lauren Rieder state falsely that no market data warrant 2007 RBS writedowns, to justify for top management to assume both portfolio marking and price-verification duties, overriding the traders and Victor Hong. This is an Operational Risk Loss Event. They ignore a 1 October 2007 Victor Hong e-mail about ABS CDOs falling below 60:00, because of subprime mortgage defaults. On 10 October 2007, Lauren Rieder signs off falsely that ABS CDO prices are unobservable. The 2011 FSA report accepts such falsified top-management attestation about no 2007 ABS CDO market pricing observability (Pages 391 and 406): http:///www.fsa.gov.uk/pubs/other/rbs.pdf

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    3.) CFO Carol Mathis and Lauren Rieder Falsely Deny Facts for 2007 CDO Markdowns

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    In Defence documents submitted to UK Court, RBS says in 2016 it was appropriate for senior management to take part in discussions when it was hard to judge the value of distressed assets. On 2 October 2007, CFO Carol Mathis and Lauren Rieder state falsely that no market data warrant 2007 RBS writedowns, to justify for top management to assume both portfolio marking and price-verification duties, overriding the traders and Victor Hong. This is an Operational Risk Loss Event. They ignore a 1 October 2007 Victor Hong e-mail about ABS CDOs falling below 60:00, because of subprime mortgage defaults. On 10 October 2007, Lauren Rieder signs off falsely that ABS CDO prices are unobservable. The 2011 FSA report accepts such falsified top-management attestation about no 2007 ABS CDO market pricing observability (Pages 391 and 406): http:///www.fsa.gov.uk/pubs/other/rbs.pdf

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    602 Ansichten2 Seiten

    3.) CFO Carol Mathis and Lauren Rieder Falsely Deny Facts For 2007 CDO Markdowns

    Hochgeladen von

    Failure of Royal Bank of Scotland (RBS) Risk Management
    In Defence documents submitted to UK Court, RBS says in 2016 it was appropriate for senior management to take part in discussions when it was hard to judge the value of distressed assets. On 2 October 2007, CFO Carol Mathis and Lauren Rieder state falsely that no market data warrant 2007 RBS writedowns, to justify for top management to assume both portfolio marking and price-verification duties, overriding the traders and Victor Hong. This is an Operational Risk Loss Event. They ignore a 1 October 2007 Victor Hong e-mail about ABS CDOs falling below 60:00, because of subprime mortgage defaults. On 10 October 2007, Lauren Rieder signs off falsely that ABS CDO prices are unobservable. The 2011 FSA report accepts such falsified top-management attestation about no 2007 ABS CDO market pricing observability (Pages 391 and 406): http:///www.fsa.gov.uk/pubs/other/rbs.pdf

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    von 2

    ______________________________________________

    From: Mathis, Carol, GCM


    Sent: Tuesday, October 02, 2007 12:30 PM
    To: Rieder, Lauren, GCM; Hauf, Jason, GCM; Milne, Robert, GCM; Jin, Bruce, GCM; Gaskell, Ian, GCM; BENNETT, Bruce, GBM; Dhaliwal,
    Navdeep , GCM; Hong, Victor, GCM

    Subject: RE: CDO Super Seniors

    Lauren,

    I understand that this is very difficult and that the work to be performed in on-going and rests with Bruce,
    Ian and myself. Thanks

    Carol

    Carol P. Mathis
    Managing Director and Chief Financial Officer
    ________________________________________________________________
    RBS Greenwich Capital
    600 Steamboat Road, Greenwich, CT 06830
    Direct Line: 203.618.2585
    Facsimile: 203.422.4585
    Email: carol.mathis@rbsgc.com

    -----Original Message-----
    From: Rieder, Lauren, GCM
    Sent: Tuesday, October 02, 2007 12:25 PM
    To: Mathis, Carol, GCM; Hauf, Jason, GCM; Milne, Robert, GCM; Jin, Bruce, GCM; Gaskell, Ian, GCM; BENNETT, Bruce, GBM; Dhaliwal,
    Navdeep , GCM; Hong, Victor, GCM

    Subject: RE: CDO Super Seniors

    Carol,
    Unfortunately there are no alternative mechanism for us to get comfortable with the market price as this
    sector has not experienced reliably observable trading data.

    Happy to discuss,
    Lauren

    -----Original Message-----
    From: Mathis, Carol, GCM
    Sent: Tuesday, October 02, 2007 8:32 AM
    To: Rieder, Lauren, GCM; Hauf, Jason, GCM; Milne, Robert, GCM; Jin, Bruce, GCM; Gaskell, Ian, GCM; BENNETT, Bruce, GBM;
    Dhaliwal, Navdeep , GCM; Hong, Victor, GCM

    Subject: RE: CDO Super Seniors

    I assume we will use alternative means to get comfortable with the valuation.
    Carol P. Mathis
    Managing Director and Chief Financial Officer
    ________________________________________________________________
    RBS Greenwich Capital
    600 Steamboat Road, Greenwich, CT 06830
    Direct Line: 203.618.2585
    Facsimile: 203.422.4585
    Email: carol.mathis@rbsgc.com

    -----Original Message-----
    From: Rieder, Lauren, GCM
    Sent: Tuesday, October 02, 2007 8:23 AM
    To: Mathis, Carol, GCM; Hauf, Jason, GCM; Milne, Robert, GCM; Jin, Bruce, GCM; Gaskell, Ian, GCM; BENNETT, Bruce, GBM;
    Dhaliwal, Navdeep , GCM; Hong, Victor, GCM

    Subject: CDO Super Seniors

    All,

    Just a reminder

    Due to the current lack of transparency/liquidity in the market for ABS CDO Super Senior
    positions, they we will not be subject to independent price verification for 09/28/07.

    Lauren

    ******************************************************************** This e-
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    confidential or privileged information, if you are not the named addressee, you are not
    authorized to retain, read, copy or disseminate this message or any part of it.
    www.rbsgc.com
    ********************************************************************

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