Banks Must Change their Culture

[mercury-the-messenger]

Re: Banks Must Change their Culture

http://awisefool.com/2012/04/11/bob-...-equalisation/

[Shadowcat]

Re: Banks Must Change their Culture

I just simply cannot see how the banks can be allowed to get away with this. If any other company or individual acted in a similar manner they would be arrested immediately and sent down for a long time.

Anything less than long prison sentences, arrest of the top brass for fraud, and a real shake up of banking conduct (not just marketing gestures) will be a real miscarriage of justice.

Relationships between banks and consumers had become a battlefield already. This latest scandal shows how much the financial 'lords and masters' hold consumers in contempt.

Replace 'banks' with 'government'.

I wonder of white collar crime is a statistic for police targets?

Organised.

[Shadowcat]

Re: Banks Must Change their Culture

http://money.cnn.com/2012/07/03/inve...ibor/index.htm

I wonder if Mr. Diamond will be cracking open a bottle of Bollinger tomorrow in order to celebrate Independence Day?
Probably not...!

Probably yes AC as he pocketed £30 million apparently for the resignation. And an easy ride at the joke of an enquiry. The final part of his plan is to be the news that your chips are wrapped in and that's the bit that will not go according to plan.

[Angry Cat]

Re: Banks Must Change their Culture

http://www.bbc.co.uk/news/uk-politics-18758492

[stephen25000]

Re: Banks Must Change their Culture

http://www.economist.com/node/21558281

[Shadowcat]

Re: Banks Must Change their Culture

What a brilliant article. If nothing else it proves the sham that happened at the pathetic hearing where he claimed not to have known. To think these clowns were allowed to run countries for the past decade when in reality, they couldn't run a sweet shop without eating the stock.

[stephen25000]

Re: Banks Must Change their Culture

Yes, the FSA knew what was happening years ago, but apparently once again turned a blind eye.

Huge lawsuits will start to emerge globally.

[Shadowcat]

Re: Banks Must Change their Culture

That makes me laugh Stephen, the top of these organisations are all sir this and sir that and would say they are so proudly nationalistic. Yet they allow the country to be **** all over - I can't square that circle no matter how hard I try.

[stephen25000]

Re: Banks Must Change their Culture

Proudly nationalistic as long as they are making loads and loads of money.

It will be pleasant to see justice done for once.

[TUTTSI]

Re: Banks Must Change their Culture

We are on the Libor rate with a sub prime lender (Rooftop Mortgages) our rate is set every 3 months and when the Libor was very high we almost was unable to keep up the payments and had to fight to keep our home.

If the rates were fixed to suit Barclays and other banks and the libor rate was higher than it should have been then many hundres of thousand of people would have had their homes repossessed because of this.

Maybe we should be considering a working VIP group to tackle this problem and see how best we can achieve some satisfaction for the many thousands of people that have been losers because of the shoddy way the banks have taken advantage of the consumer. Maybe Exc could consider setting up the group with a press release and I would be delighted to support the group in moving this project forward.

[Shadowcat]

Re: Banks Must Change their Culture

100% support.

[Angry Cat]

Re: Banks Must Change their Culture

Its been going on since the late 80's early 90's...B Liar, clearly turned a bind eye, as have others who have no 'Balls'!

[EXC]

Re: Banks Must Change their Culture

We are on the Libor rate with a sub prime lender (Rooftop Mortgages) our rate is set every 3 months and when the Libor was very high we almost was unable to keep up the payments and had to fight to keep our home.

If the rates were fixed to suit Barclays and other banks and the libor rate was higher than it should have been then many hundres of thousand of people would have had their homes repossessed because of this.

Maybe we should be considering a working VIP group to tackle this problem and see how best we can achieve some satisfaction for the many thousands of people that have been losers because of the shoddy way the banks have taken advantage of the consumer. Maybe Exc could consider setting up the group with a press release and I would be delighted to support the group in moving this project forward.

I'm certainly no expert on Libor but as I understand it Barclays and other banks submitted artificially low rates which if anything would have had the effect of lowering Libor and presumably your mortgage interest rate in the process. So it is your mortgage provider who has really lost out and that's why the law suits in the USA are being brought by similar institutions rather than consumers.

That's not to say that the Libor rate didn't significantly increase when the credit crunch hit but that was because banks lost trust in each other's credit standing and not because of any fiddling.

[dogtired]

Re: Banks Must Change their Culture

Thats how I understood it as well

[TUTTSI]

Re: Banks Must Change their Culture

I understood it went both ways and as far back as I can remember around 1995 the libor rates went particularly high and we were being crucified with the rates of payback of our mortgage loan. The press of certainly indicated on the news that this affected many borrowrs on the libor rates who paid inflated interest rates and who did lose their homes as a result.

Are you saying Exc that this is one that we should not get involved in as a VIP working group as I believe that this affects many thousands of people and people have suffered terribly at the hands of these banks who have made a lot of people homeless from their manipulation of these rates.

I'm certainly no expert on Libor but as I understand it Barclays and other banks submitted artificially low rates which if anything would have had the effect of lowering Libor and presumably your mortgage interest rate in the process. So it is your mortgage provider who has really lost out and that's why the law suits in the USA are being brought by similar institutions rather than consumers.

That's not to say that the Libor rate didn't significantly increase when the credit crunch hit but that was because banks lost trust in each other's credit standing and not because of any fiddling.