Is there anything banks havn't missold?

Thrugelmir

cepheus wrote: »

Now show me why a bank collaborating with the Nazis is not appropriate, it wasn't even an analogy it was direct collaboration.

There must be a whole list of German companies that you refuse to conduct trade with then.

At least I stand by my words. Not try and rewrite history. On that note. Time to lock this thread I suggest.

John1993_2

slinga wrote: »

But the bankers mis selling and 'defrauding' over libor and London Whale etc etc don't even get bnrought to court.

Except in the court cases currently in progress.

But let's not let facts get in the way of your ignorance, eh?

John1993_2

cepheus wrote: »

no lying and accusing someone falsely, is bullying like you have done. I suggest you attend to that list of atrocities by the banks.

It's atrocities now, is it?

Your languuage is getting more shrill by the post.

cepheus

I can't think of superlatives so extreme they can do justice to banking behaviour. I will leave it to others.

U.S. court: Barclays tax avoidance scheme a 'reprehensible . . . waste of human potential

A comment from the U.S. Court of Federal Claims, on a giant tax avoidance scheme peddled by Barclays and several others, called STARS (“Structured Trust Advantaged Repackaged Securities”). Various entities were involved, but this was essentially a ploy by two banks - UK's Barclays and BB+T bank in the U.S., with nearly three quarter of a billion dollars in play

The conduct of those persons from BB+T, Barclays, KPMG, and the Sidley Austin law firm who were involved in this and other transactions was nothing short of reprehensible. Perhaps the business environment at the time was “everyone else is doing it, why don’t we?”

sounds a bit like the excuses from the apologists on this thread!

After wading through the intricacies of the STARS transaction, the Court shares Dr. Cragg’s view that “[t]he human effort, the amount of creativity and overall effort that was put into this transaction . . . is a waste of human potential.”

gadgetmind

Sounds a bit like the USA taking yet another pop at British business. They've been saying much the same about BP and bending the court system against them, however, they haven't yet stooped so low as to compare them to Nazis.

Ark_Welder

cepheus wrote: »

I can't think of superlatives so extreme they can do justice to banking behaviour. I will leave it to others.

sounds a bit like the excuses from the apologists on this thread!

You are hardly fit to take a moral stance on any subject when you accuse other posters of being liars, but the words of your own posts are the proof that it is not they who is a liar.

cepheus

Interesting piece here about how the state has funded and underwritten losses across the private sector, but in particular with the banks. This explains why London appears to create wealth but is really a beneficary of the corporate welfare apparatus set up by successive governments.

The banking sector, for example, is a net recipient of state funds which the whole country must pay for, even though the private gains are largely realised in London. By our calculations, the Treasury received taxes of £203 billion over five years up to 2006/7; substantially less than the cost of the UK bank bailouts, estimated at between £289 billion to £1,183 billion by the IMF [5]. If we factor in the impact of government bailout guarantees on bank borrowing rates, then the longer term subsidies are even higher [6]. And all this is before we consider the costs of mis-selling and other predatory habits

JohnRo

The whole banking industry around the world is predicated on a simple, monumental, government sanctioned fraud, the customer facing shops and nice people running banks are just the sugar coated crust.

Every government has their back, via a sanctioned money monopoly and "independent" central bank because they can't control their spending and need their pound of flesh to keep themselves in the manner to which they've become accustomed.

Without the banking industry funding governments and in turn being granted permission to invent money and take real profits from tickets worth nothing, to facilitate the transfer of wealth to themselves, the whole pack of cards would collapse.

The question isn't what they are doing it's what to do about it? The answer is not a lot really, eventually it will simply destroy itself and take a lot of people with it, then at some point the process will start all over again.

“The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled. With something so important, a deeper mystery seems only decent.” John Kenneth Galbraith

cepheus

Gentoo365 wrote: »

It could be argued that the following have also been missold

People being sold electrical goods they don't need
People being sold mobile phones and plans they don't need
People being sold insurance policies they don't need
People being sold 2-for-1 offers in supermarkets they don't need
People being sold houses (or rental agreements) based on persuasion
People being sold holidays and addons to holidays they don't need
People being sold diets they will not complete

...and many other things..

You can't use the abuses of selling in one industry to justify the far greater abuses in another. The banks took misselling it to a whole new level which had far further consequences. You are right but reach entirely the wrong conclusion. Your post is effectively a critique of the capitalist system but you don't seem to realise it!

bigadaj

cepheus wrote: »

You can't use the abuses of selling in one industry to justify the far greater abuses in another. The banks took misselling it to a whole new level which had far further consequences. You are right but reach entirely the wrong conclusion. Your post is effectively a critique of the capitalist system but you don't seem to realise it!

I think you may have missed some of the irony in that post, in that people generally mis buy things more than they are mis sold.

Most regulars on these forums have rarely if ever been mis sold anything, because they show some financial awareness, do some research, shop around etc it's more difficult for an older generation who have been taught to trust banks, insurance companies etc but caveat emptor is the only approach for most people.

I'd leave this thread die if I were you, I'm not disagreeing that the banks record has been terrible, but you've over stretched yourself with your accusations,and it's not recoverable. I do think however that many in financial services would be wise to condemn the excesses and behaviour of the aberrant few, and we need to see a few people jailed for such things as libor as that is definitive fraud ona frightening scale.