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Thread: New Banking Mis-Selling Scandal

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    New Banking Mis-Selling Scandal

    Link (Sky News)

    Britain's biggest banks could be facing a bill running into billions of pounds for the latest mis-selling scandal to hit the industry.

    The city regulator, the Financial Services Authority, has been investigating interest rate swaps, a complex financial product which was supposed to protect businesses against rising interest rates.

    Instead, they left many customers in dire financial straits with heavy debts.

    The FSA has revealed that more than 90% of interest rate swaps were possibly mis-sold to small businesses.

    All the regular names are involved. Your views?

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    Re: New Banking Mis-Selling Scandal

    My view?

    Another week, another scandal.

    The only thing that would surprise me is if people were surprised.

    Besides, there's been rumblings over swaps and mis-selling for quite a long time.

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    Re: New Banking Mis-Selling Scandal

    Not surprised but getting pretty fed up.

    Quite honestly, something serious needs to be done about the current banking system. Serious enough, in my view, to say that whilst the debate goes on about firearms, and the rights and responsibilities of citizens to be active and involved in protecting themselves and others in society, whatever merit there is in that there is certainly merit, and need, to do the same, and more, in the banking/finance issue.

    Governments pile on debt, borrowing from private financiers, and the bankers, from the smallest to the biggest, all follow suit in seeking to make as much profit as possible, as quickly, and easily as possible.

    There is no sense of responsibility, no care for public debt, indeed, the debt-based system requires such, and the only regulation is the profit line for the bankers. As long as they can make money, they will, because, "If the guy above me, or over there, can get three Ferrari's and villa by short-selling (or whatever else), then why not me?"

    Whatever your feelings about the necessity for responsible gun-ownership, there is a massive, vital need for responsible banking/financing. The bankers at the moment hold all the cards and have too much power with too little restraint. There is no financial 'gun' that the man on the street can carry to protect himself. We at their mercy, and surprise, surprise, they have none.

    Real accountability is necessary now.
    No trees were harmed in the creation of this message. However, many electrons were displaced and terribly inconvenienced.

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    Re: New Banking Mis-Selling Scandal

    Don't worry!! If they get fined,they will just pass it on to the members of the public who use the affected banks. Its just a loss/loss scenario for Joe and Jane public nowadays,and all the top lot are continuing on business as usual,getting nice packages even for absolute failure.

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    Re: New Banking Mis-Selling Scandal

    Quote Originally Posted by Galant View Post
    Not surprised but getting pretty fed up.

    Quite honestly, something serious needs to be done about the current banking system. Serious enough, in my view, to say that whilst the debate goes on about firearms, and the rights and responsibilities of citizens to be active and involved in protecting themselves and others in society, whatever merit there is in that there is certainly merit, and need, to do the same, and more, in the banking/finance issue.

    Governments pile on debt, borrowing from private financiers, and the bankers, from the smallest to the biggest, all follow suit in seeking to make as much profit as possible, as quickly, and easily as possible.

    There is no sense of responsibility, no care for public debt, indeed, the debt-based system requires such, and the only regulation is the profit line for the bankers. As long as they can make money, they will, because, "If the guy above me, or over there, can get three Ferrari's and villa by short-selling (or whatever else), then why not me?"

    Whatever your feelings about the necessity for responsible gun-ownership, there is a massive, vital need for responsible banking/financing. The bankers at the moment hold all the cards and have too much power with too little restraint. There is no financial 'gun' that the man on the street can carry to protect himself. We at their mercy, and surprise, surprise, they have none.

    Real accountability is necessary now.

    http://www.bloomberg.com/news/2013-01-17/corporate-profits-soar-as-executives-attack-obama-policy.html


    m

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    Re: New Banking Mis-Selling Scandal

    "Hello, im calling you about your claim regarding missold [insert scandal here], banks have set aside billions for compensation and some of that belongs to you. Dial 5 to speak to a representative, or 9 so we can sell your number to another company who will call with equally annoying recorded messages 15 times a day to try and skim money of you over the exact same issue"

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    Re: New Banking Mis-Selling Scandal

    http://www.globalresearch.ca/the-tru...ning-now/13808

    “Give me control of a nation’s money and I care not who makes its laws.”
    Amschel Rothschild

    m

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    Re: New Banking Mis-Selling Scandal

    So the issue here is that people are complaining because they bought something, but they didn't know what it was that they bought, and later on once they realised they didn't want this thing they'd bought, they get upset...

    Have some personal responsibility and ensure that when you're buying something, you are aware of the conditions! Just Google interest rate swap and you'll find plenty of explanations.

    The LIBOR rate fixing was an actual issue, this is pathetic. The FSA describes these people as "unsophisticated", I think it's just a polite way of saying that they're stupid.
    I don't mean to sound cold, or cruel, or vicious, but I am so that's the way it comes out.

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    Re: New Banking Mis-Selling Scandal

    Need more banking scandals to eventually force the issue.

    I would be disappointed if they stopped now and everyone forgave/forgot them - keep up the good work "chaps".


    I supposed we will see more PPI callers trying to skim a percentage, when you can claim for free.

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