So now we all have to pay the banks Libor fine.

homelessskilledworker

Is there anyone else just getting a little bit sick of this?
Are we expected to forever make good Banks defaults, criminal activities, collapses, low funds.

But soon as an upturn comes, who gets the bonuses.




http://www.independent.co.uk/news/uk/politics/taxpayers-face-500m-bill-for-rbs-libor-fraud-8452959.html


British taxpayers are set to pay $800m (£500m) in fines as a result of Royal Bank of Scotland traders’ involvement in the Libor interest rate fixing scandal - with nearly all of the money going to the United States.

grizzly1911

homelessskilledworker wrote: »

Is there anyone else just getting a little bit sick of this?
Are we expected to forever make good Banks defaults, criminal activities, collapses, low funds.

But soon as an upturn comes, who gets the bonuses.




http://www.independent.co.uk/news/uk/politics/taxpayers-face-500m-bill-for-rbs-libor-fraud-8452959.html


British taxpayers are set to pay $800m (£500m) in fines as a result of Royal Bank of Scotland traders’ involvement in the Libor interest rate fixing scandal - with nearly all of the money going to the United States.

Good old USA.

Doubt our half baked FSA have any counter claims running against American Banks..

angrypirate

And now the Tories and BofE are all claiming Labour seriously overpaid for the Banks and its unlikely we'll ever make a profit. Can NOT believe these morons have a chance of getting back into power in 2015
http://www.telegraph.co.uk/news/politics/9804591/Labour-overpaid-massively-for-bank-bail-out-claims-Grant-Shapps.html

grizzly1911

angrypirate wrote: »

And now the Tories and BofE are all claiming Labour seriously overpaid for the Banks and its unlikely we'll ever make a profit. Can NOT believe these morons have a chance of getting back into power in 2015
http://www.telegraph.co.uk/news/politics/9804591/Labour-overpaid-massively-for-bank-bail-out-claims-Grant-Shapps.html

Not surprising really doubt the conservatives would have done much differently. Cheap politicking from "get rich quick" Shapps.

Doubt there was any time to undertake due diligence testing.

When your house is on fire you pour water on it you don't measure it out.

ruggedtoast

This comment in the Independent is apposite:

murdochlies • 13 hours ago −
We bail them out, we pay their fines, we pay for their bonuses, we pay their taxes, we tolerate their corruption, fraud, money laundering, rate fiddles, destruction of the economy and embezzlement. We lose our jobs, pensions, savings and investments without a whimper we even let triple dip Osbourne to smirk all the way to the banks. We accept we get no representation from our politicians because we have more interest in Xfactor than being stitched up by our criminal overlords. What a bloody gullible nation.

angrypirate

grizzly1911 wrote: »

Not surprising really doubt the conservatives would have done much differently. Cheap politicking from "get rich quick" Shapps.

Doubt there was any time to undertake due diligence testing.

When your house is on fire you pour water on it you don't measure it out.

Massively disagree with you on that one. Conservatives had no interest in nationalising the banks. Labour have a massive interest in having everything nationalised - its what being a socialist is all about.

Wouldnt have surprised me if the tories would have let them gone under, which is what would have happened under a true capital market (have some friends in banking and its certainly a strong opinion there right now that if a bank were to fail now a tory government wouldnt come to their rescue).

What amuses me is a lot of people were saying in 2008-09 "capitalism has failed". Well, capitalism administered under a socialist government was always going to fail for the simple fact that its in the socialist governments interest that it does fail. That way there is an excuse to nationalise everything and annouce that capitalism is dead.

Graham_Devon

They are going to reduce their bonuse's they say, this year.

So it's all OK. How mighty generous and thoughtful of them.

Sums ruggedtoasts post here up perfectly!
http://forums.moneysavingexpert.com/showpost.php?p=58639845&postcount=3

grizzly1911

angrypirate wrote: »

Massively disagree with you on that one. Conservatives had no interest in nationalising the banks. Labour have a massive interest in having everything nationalised - its what being a socialist is all about.

Wouldnt have surprised me if the tories would have let them gone under, which is what would have happened under a true capital market (have some friends in banking and its certainly a strong opinion there right now that if a bank were to fail now a tory government wouldnt come to their rescue).

What amuses me is a lot of people were saying in 2008-09 "capitalism has failed". Well, capitalism administered under a socialist government was always going to fail for the simple fact that its in the socialist governments interest that it does fail. That way there is an excuse to nationalise everything and annouce that capitalism is dead.

You entitled to disagree but I doubt the conservatives would have stood by and simply allowed a banking collapse to happen and the ensuing chaos.

Whether a Conservative government would come to their aid remains to be seen. It would no doubt be based on the degree of risk and magnitude of the problem.

We are in the grip of global capitalism, they are pulling the strings and governments are running around picking up the crumbs.

The theory is fine whether it works for the good of society as a whole is up to the individual to decide.

grizzly1911

Graham_Devon wrote: »

They are going to reduce their bonuse's they say, this year.

So it's all OK. How mighty generous and thoughtful of them.

Sums ruggedtoasts post here up perfectly!
http://forums.moneysavingexpert.com/showpost.php?p=58639845&postcount=3

They are going to pay them in this tax year though so will be hit by the 50% tax if applicable;)

CLAPTON

angrypirate wrote: »

Massively disagree with you on that one. Conservatives had no interest in nationalising the banks. Labour have a massive interest in having everything nationalised - its what being a socialist is all about.

Wouldnt have surprised me if the tories would have let them gone under, which is what would have happened under a true capital market (have some friends in banking and its certainly a strong opinion there right now that if a bank were to fail now a tory government wouldnt come to their rescue).

What amuses me is a lot of people were saying in 2008-09 "capitalism has failed". Well, capitalism administered under a socialist government was always going to fail for the simple fact that its in the socialist governments interest that it does fail. That way there is an excuse to nationalise everything and annouce that capitalism is dead.

I've asked many times before but most people decline to answer (except Generali)


but when you say we should have let the banks fail do you mean

- that ordinary people with their saving and their salies in their current a/c should have had them wiped out?

- businesses with saving and working capital in the banks should have been wiped out?

- local councils, charities, not for proifit companies etc with their current a/cs and savings should have been wiped out?


or do you mean something different?

Mallotum_X

angrypirate wrote: »

Massively disagree with you on that one. Conservatives had no interest in nationalising the banks. Labour have a massive interest in having everything nationalised - its what being a socialist is all about.

Wouldnt have surprised me if the tories would have let them gone under, which is what would have happened under a true capital market (have some friends in banking and its certainly a strong opinion there right now that if a bank were to fail now a tory government wouldnt come to their rescue).

What amuses me is a lot of people were saying in 2008-09 "capitalism has failed". Well, capitalism administered under a socialist government was always going to fail for the simple fact that its in the socialist governments interest that it does fail. That way there is an excuse to nationalise everything and annouce that capitalism is dead.

Think you are confusing the last labour government with those prior to the 1970s.

Blair and Brown generally flogged stuff off rather than nationalise.