What you can get for $100 billion
From our UK edition
We all know about the damage the credit crunch has wreaked on financial institutions, but this anecdote in Anatole Kaletsky's column today is still pretty astonishing: "An even more spectacular case came to my attention in an e-mail I received in mid-November, when global stock markets hit their low-point (so far). Royal Bank of Scotland, my reader pointed out, spent $100 billion to buy ABN Amro, the second-biggest bank in the Netherlands, in October 2007. If only the directors of RBS had been a bit more patient, this is what they could have bought for the same $100 billion a year later: Citibank ($22 billion) plus Goldman Sachs ($21 billion) plus Merrill Lynch ($12 billion) plus Morgan Stanley ($11 billion) plus Deutsche Bank ($13 billion) plus Barclays ($13 billion).