I1L2T3 Posted August 6, 2011 Share Posted August 6, 2011 Many of us will be shareholders indirectly via our pensions and other financial products, so are we all to blame then? In so much that so many of were so willing to take on the mortgages and debts that kept the whole ponzi going. Then yes I guess many of us are. It's all been a ridiculous merry-go-round of debt - corporate debt, personal debt, sovereign debt have all played a part. The public are being punished. States are being punished. Businesses are being punished. The banks have been the lynchpin of the whole ponzi - hardly any of them have been punished. It will have to happen sooner or later. And yes it will destroy investments and pension funds - it's just another part of the punsihment the public as a whole will have to take for 30 years of unbridled greed and overconsumption. Link to comment Share on other sites More sharing options...
Mikes10 Posted August 6, 2011 Share Posted August 6, 2011 The bankers have brought England to near bankrupcy through shear incompetence and greed. ? I wouldn't say the bankers are incompetent, if you can build an organization That's 'too big to fail', that is; your organization will be bailed out by a second party (the government), demonstrates both a high degree of competence and ruthlessness, especially when the second party is funded by a third party (the tax payer) some of who will be eventually sacrificed for the greater good of everyone (well almost everyone), then being a banker would be great, a bit of public criticism and lots and lots of other peoples' money which you can call your own. Now what's wrong with that? Who would like to be a Banker? Link to comment Share on other sites More sharing options...
Monami Posted August 7, 2011 Author Share Posted August 7, 2011 Confiscate the money from all the bankers and make them destitute. Make the rich pay, they caused the problems including the riot in Tottenham last night. Link to comment Share on other sites More sharing options...
crookesey Posted August 7, 2011 Share Posted August 7, 2011 The banking industry has been rotten from top to bottom for many years. Target driven bank staff having to sell, sell, sell, idiots buying packaged sub-prime mortgages that turned out to be nothing more than wooden shacks in the US backwacks. There was never anything wrong with high percentage loan to value lending, as long as it was aimed at folk such as new graduates whose salaries will multiply five fold in as many years. I would quite like to see the chief executives of banks being people with banking experience. With internet and telephone banking, does anyone know why so many city/town centre branches are required, are the top guys all ex retail sector? I would dearly like to see demutualised building societies remutualised, they were far better when they weren't banks with stock broking arms. Link to comment Share on other sites More sharing options...
ECCOnoob Posted August 7, 2011 Share Posted August 7, 2011 Confiscate the money from all the bankers and make them destitute. Make the rich pay, they caused the problems including the riot in Tottenham last night. You really are a tool arn't you? The money the bankers have is OUR MONEY. We put it in there. We have bank accounts. We have investments. We have savings. We can choose at any time to take it away from them. Have you closed all your accounts? Has everyone who is so outraged closed all their accounts? NO. Because in retrun we take loans, mortgages, payments from long term investments and accept the nice convenient storage, electronic processing, direct debit, BACS payroll and handling of all our monies. In return the bank will handle our money how it wants. You dont like it then move banks. Perhaps you like to go back to a world where you have a bag of coins from your employer and you then have to go around handing out so many coins to your landlord, gas company, electric company, local authority, the tax office and then divvy up what you have left for your food, travel and spending...... all without the risk of getting it robbed by someone with no way of tracing it back to you. PS: What the hell has bankers go to do with the morons rioting in Tottenham. A guy shot at police, they shot at him... he died. Its a tragic event for all involved. BUT that does not mean that these thick barstewards have any right whatsoever to go charging round destroying and looting things in the name of "protest". They are all an absolute disgrace and needs to be treated as such. Link to comment Share on other sites More sharing options...
BritPat Posted August 7, 2011 Share Posted August 7, 2011 The bankers have brought England to near bankrupcy through shear incompetence and greed. Everyone knows it, just as everyone knows that if they showed a similar level of incompetence in their job they would probably get dismissed! Why haven't the bankers been punished? Cameroon stands to inherit a multimillion pounds fortune because his family were bankers. Does this explain it? The Banksters are not being punished because their political minions "National Governments" know the score. The Banksters have brought not only England but most of the world to its knees. The Banksters are greedy, however, I beg to differ with you re alleged incompetence, high risk chicanery and fraud bring huge wealth to the banksters when they get it right and we are made to pay the bill when they get it wrong that surely is ingenious competence on their part is it not ? Link to comment Share on other sites More sharing options...
evildrneil Posted August 7, 2011 Share Posted August 7, 2011 Alternatively, why haven't the people who borrowed money they knew they couldn't afford to pay back been punished? The bankers played a role in the current pit we are in but simply scape goating them and ignoring other issues helps no-one... Link to comment Share on other sites More sharing options...
Monami Posted August 7, 2011 Author Share Posted August 7, 2011 Alternatively, why haven't the people who borrowed money they knew they couldn't afford to pay back been punished? The bankers played a role in the current pit we are in but simply scape goating them and ignoring other issues helps no-one... Bankers are supposedly "professionals" and as such should know the difference between a good risk and a bad risk when lending money. Your point does not excuse their incompetence in any way. I would suggest that the fact that they lent so much money to bad risk lenders serves only to underline their incompetence. Link to comment Share on other sites More sharing options...
evildrneil Posted August 7, 2011 Share Posted August 7, 2011 Bankers are supposedly "professionals" and as such should know the difference between a good risk and a bad risk when lending money. Your point does not excuse their incompetence in any way. I would suggest that the fact that they lent so much money to bad risk lenders serves only to underline their incompetence. That assumes that the people in question accurately and honestly represented themselves and their income when applying for the loans in question. Bankers don't have their own police force and can only work with the information given... Link to comment Share on other sites More sharing options...
JFKvsNixon Posted August 7, 2011 Share Posted August 7, 2011 Bankers are supposedly "professionals" and as such should know the difference between a good risk and a bad risk when lending money. Your point does not excuse their incompetence in any way. I would suggest that the fact that they lent so much money to bad risk lenders serves only to underline their incompetence. It wasn't a bad risk for the banks actually making the loan though wasn't it, as they then packaged these loans up with other loans and sold them on to other financial institutions who then took on the risk leaving the original bank with a nice profit without the risk. Perhaps the more pertinent question should be, should this have been allowed? Link to comment Share on other sites More sharing options...
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