The Power of The BBC

Amidst all the hype this morning on BBC TV about the Royal Bank of Scotland probably going to lose over a billion pounds in the first six months of the year (in the event it was a mere £691M) one thing may have been overlooked. On the BBC News website they say.

"Chief executive Mr Goodwin said the losses had been a "chastening experience", and that reporting a shortfall of £691m was something he and his colleagues "regret very much".
Mr Goodwin warned that difficult conditions in financial markets "look set to be compounded by a deteriorating economic outlook".

The BBC apparently have the power to strip the bank's Chief executive of his knighthood. Sir Frederick Goodwin was knighted in the 2004 Queen's birthday honours list.