What A Difference A Year Makes

A little more than 1 year ago Royal Bank of Scotland (RBS) paid $100bn for ABN Amro (80% cash).


For this amount, RBS could today buy:

Citibank $22.5bn,
Morgan Stanley $10.5bn,
Goldman Sachs $21.0bn,
Merrill Lynch $12.3bn,
Deutsche Bank $13.0bn and
Barclays $12.7bn,

And still have $8bn change for an automaker or three ….