Thursday, 8 December 2011

Read all about it

That was an interesting story today wasn’t it, you know the one about that bloke and the thing? You know, the thing. Here, before getting too specific some context might help.

So that’s a bank just been fined millions for preying on the elderly in care homes (and presumably a good few of the victims will have died before any compensation gets paid).

There’s a few banks now that’ve been done for running tax avoidance schemes for years.

PPI goes without saying (as does the credit crunch, but then there’s that bank that sold what were presented as super safe investments to things like pension funds, you know pension funds, we put our money into them and then they pay pensions to us when we’re old. Except because the investments had been built to fail, the bank was able to make even more money betting against them.

And let’s not forget the shenanigans where a bank sold products/advice that helped mask Greece’s actual debt levels so it could join the Euro, which doesn’t appear to have worked out very well.

So there’s some cheeky examples of how big banks make money preying on the vulnerable, raping the finances of ordinary punters and actively undermining fundamental aspects of civil society on an industrial scale in a heads those in charge win/tails you lose type style.

Thankfully, no one has gone to prison for any of the above and any fines were or will be paid by shareholders (pension funds again for the most part) via reduced dividends. And if any bankers who took the strategic decisions all of the above required have got the boot, reas assured they'll all have received multi-million golden goodbye cushions to comfort them cos these guys need to be able to act with impunity if they're going to "create jobs".

Oops, almost forgot - the thing was a letter bomb, the intended recipient was the Deutsche Bank CEO bloke.

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