Unbelieveable

[empirex]

Seriously, these banks are beyond belief!

In China they have right idea. In the old days if you robbed a man of his money you paid for it. Today bankers rob thousands of their entire life's savings and get away with it. When will some real punishment fitting the crime be dealt out to these blood-suckers.

[video=youtube;lo5BBHtn4tM]http://www.youtube.com/watch?v=lo5BBHtn4tM[/video]

Free banking claim is ridiculous, says Which? boss

A claim that mis-selling at UK banks might have been avoided if fees were charged for accounts has been branded as "ridiculous".

The new chairman of Barclays said that scandals, such as the mis-selling of payment protection insurance (PPI), were the consequence of free banking.

Sir David Walker said he agreed "in principle" with the idea of charging for accounts.

But consumer group Which? said that a cultural change was needed at banks.

"It is a complete myth that banking is free. Consumers pay over £9bn a year in fees and lost interest on their current accounts and the suggestion that if banks charged more they, would stop mis-selling, is completely ridiculous," said Richard Lloyd, Which? executive director.

"Consumers should not keep having to foot the bill when the banks have let us down so badly.

"There must be fundamental change to the culture and practices of the banks, including greater transparency about the true cost of banking."

More

 

[Techne]

And in the US, if you deposit money in the bank it basically becomes an asset of the bank. I.e. the bank OWNs it and they can use YOUR money to pay off THEIR debt.

Sentinel ruling may hurt MF Global clients

 

[empirex]

And in the US, if you deposit money in the bank it basically becomes an asset of the bank. I.e. the bank OWNs it and they can use YOUR money to pay off THEIR debt.

Sentinel ruling may hurt MF Global clients

Yeah it's just madness, like we're living in the twilight zone, they have carte blanche to do as they please.

Like Keiser says: "If the bankers break the law, it does not matter, the laws are simply rewritten to accommodate the crime."

Warning From Wall Street Broker: “The Entire System Has Been Utterly Destroyed”; Recommends “ALL customers Withdraw From All of the Markets”

 

[chrisc]

This is the "bad side" of capitalism. It started with the Italians in the 14th Century and families made fortunes making banking services available to promote trade. This quickly became the financial source for wars and the wars during the late 15th and 16th centuries entrenched families like the Hapsburgs who became so powerful that they had their members elected Pope, a political rather than a spiritual post in those days. As Pope you could award favours and arbitrate between feuding countries, to your advantage.

In the 20th century not only has banking become the centre-pin of world economies, vastly more profits can be made by manipulating currencies.

In 1974, R 100,00 would buy you CHfs 350 (350 Swiss Francs). By 2004, the Rand had devalued to CHfs 0.09, a multiplier of 1111%. In other words, your original CHfs 350 would now be worth R 11 000,00. Much better than any stock exchange or property investment in the world.

There are trillions of dollars invested in Swiss Banks and despite maneuverings by the US Govt and many governments in Europe, only 2 out of 3000 Swiss and Lichtenstein Banks have agreed to open their books to foreign inspection. Bank Leu, a private bank in Zurich that would open non-Swiss resident accounts by mail to anyone until 1991, has the largest private holdings of any private bank, the assets held exceed the central banks of countries like Argentina and Thailand. Their minimum initial opening balance today is $1 million. You pay the bank a 0.4% service fee for keeping your money. No interest is paid.

Of course you can forget examining accounts in the Cayman Islands or US Virgin Islands. These banks' doors are as tight as they can be. No internet banking here.

 

[ponder]

In China they have right idea. In the old days if you robbed a man of his money you paid for it. Today bankers rob thousands of their entire life's savings and get away with it. When will some real punishment fitting the crime be dealt out to these blood-suckers.

Not paying your tv license is probably a worse offence met with harsher punishment

 

[grok]

This is the "bad side" of capitalism.

Or where the checks & balances needed for capitalism has failed.

 

[empirex]

Or where the checks & balances needed for capitalism has failed.

Yeah when the people in charge of oversight are in bed with and profit from those they are supposed to oversee, the system collapses and all hell breaks loose, and so we find ourselves in the current situation.