From the FT:
Bank stocks are seen as a “dumb” place for investors to put their money, according to the head of part-nationalised Royal Bank of Scotland.
In an often tetchy interrogation by the Treasury select committee on Wednesday, Stephen Hester, RBS’s chief executive, said: “I’d be very interested to see the investor who is prepared to put more capital towards UK banks. All of them are thinking that’s a dumb place to put capital.”
Meet the dummies, Mr Hester.
Management on the hoof – Headless Horse edition – FT Alphaville