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Could you bear another Banking Story?


mint
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Do you really think these people are worth millions, even if the company does well ?

Shareholders are ignored and the directors do what they want. The directors actually think they own the company it is obscene.

It is all part of the greed that has become endemic - there has been no social conscience for many years.

 

 

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[quote user="Dog"]

It is all part of the greed that has become endemic - there has been no social conscience for many years.

 

 

[/quote]  Very, very true and it looks like the party may soon be over. We have been fortunate to live through a time of plenty in the West, I wonder how we will cope when we have to endure  hardship for the first time in two generations?
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I think the main realization coming out of these dramatic economic events is that people genuinely have to realize that if you earn 1 pound you can only spend 1 pound. If you earn 1 pound and spend 2 pounds then eventually you are in trouble. I genuinely believe that to concentrate solely on blaming the bankers means that you have missed the point.

The sad thing now is that with the extent of the current economic downturn, we are begining to see signs that even the more prudent amongst us are getting in to financial difficulty as unemployment increases sharply.

Also I think the comment about being prepared to work hard has nothing to do with it. People throuhout the banking world tend to work hard, for long hours with heavy demands made. It's poor decision making , even greed, that caused the problem.

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The current problems were caused by lack of morality, greed and lax rules.

It has grown over time until Directors of companies think they own them, then rob them or use lax out of date laws to enrich themselves at the cost of the public.

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[quote user="Dog"]

The current problems were caused by lack of morality, greed and lax rules.

It has grown over time until Directors of companies think they own them, then rob them or use lax out of date laws to enrich themselves at the cost of the public.

[/quote]

So nothing has changed since Adam and Eve then ! At least we are on PAYE. If we earn a pound, we pay 41 pence in tax. Full stop.

To get involved in morals and morality draws in every profession known to man. Also to tar every banker with the same brush is absurd and irrational.

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Isn't there a certain irony in this ?

The obviously capable GB is calling for the formerly nice Mr Goodwin to

lose his pension because although he looked to be capable, he made some

mistakes, then obviously wasn't capable, and some people lost money.

Pots & kettles & glass houses ?

Peter
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[quote user="Dog"]

It has grown over time until Directors of companies think they own them, then rob them or use lax out of date laws to enrich themselves at the cost of the public.

[/quote]

A lot of directors do own the companies they run.

[quote user="baypond"]

To get involved in morals and morality draws in every profession known to man. Also to tar every banker with the same brush is absurd and irrational.

[/quote]

Very true - many people seem to be citing all banks as demons and all bank executives as immoral, money grabbing leeches..  Not the case.

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As an aside, no one seems to mention the money grabbing individuals who borrowed the monies and helped fuel the boom and subsequent crash - particularly those in the buy to let category. Most trying to make a quick buck on the escalating property prices - no doubt encouraged by programmes such as 'The Property Ladder'.  

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And people who 'made a buck' simply because they owned a property in the UK which they sold at a great profit, saddling the next generations with the mortgage debt  needed to finance the purchase, and then went, taking that profit,  to buy in a country in which property prices were lower. Do they have any part in the problem?

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Some, yes, and those I can empathise with having seen my own pension decimated courtesy of Mr B.  However, some were just plain greedy.  I came across one guy that had started with one property and kept re-mortgaged with the increase in equity until he had accumulated five properties in less than 12 months.  Needless to say he has now lost the properties and would no doubt blame 'the banks'.  The reality was that in his greed to make more and more money he lost perspective and completely overstretched himself.  There are a lot in this last category - maybe not as extreme as the above but certainly with the same greedy motivations and lack of caution and judgement.  There has been no banking monopoly on greed in the last few years.

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So they sold at inflated price to people of their children's generation..to pay themselves a pension.

Then they went to another country and started to demand equal rights for things such as Health care  to which the inhabitants had been contributing for many years in order to invest in a much better infrastructure.

But these same people, having stolen from the children of the country of their birth by selling at a  highly inflated price, then demanded that those children pay for their Health care (which by this stage was becoming expensive as they aged) through something called an E form.

In any case having paid for a third-class ticket, they pulled out all the stops to get a first-class seat.

I'm afraid that this obviously contentious view is how I see quite a number of contributors to  the various Fora

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 Oh come on, think it through, in a age where councils have stopped providing anywhere near enough  homes for those that cannot buy  or do not want to, and housing associations can't keep up with demand, private landlords have a role to play - they are not a charity, and no, I'm not a private landlord.

At least they take the risk with their own money, not other peoples.

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[quote user="NormanH"]So they sold at inflated price to people of their children's generation..to pay themselves a pension.
Then they went to another country and started to demand equal rights for things such as Health care  to which the inhabitants had been contributing for many years in order to invest in a much better infrastructure.

But these same people, having stolen from the children of the country of their birth by selling at a  highly inflated price, then demanded that those children pay for their Health care (which by this stage was becoming expensive as they aged) through something called an E form.

In any case having paid for a third-class ticket, they pulled out all the stops to get a first-class seat.

I'm afraid that this obviously contentious view is how I see quite a number of contributors to  the various Fora
[/quote]

Nothing like a bit of resurfacing prejudice, is there Norman?

I suspect that most of us who sold our UK properties did so at their market value, so where does this 'stolen from the children of the country of their birth by selling at a highly inflated price' come from?  Would you have preferred me to have sold my house at a big discount so a child buyer could afford the mortgage on it?

 

 

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You are, of course, quite right Norman.  The same goes for those money grasping swine who keep on putting up prices.  I remember when you could get a half ounce of baccy, a night at the flicks, a pint of mild and still get change from 2/6d.  I imagine you are still living in your prefab and listening to "Workers Playtime" on the Light Programme.
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Hadn't he already built up a decent pension 'pot' before he moved to RBS ?

Also from what I read it seems he gave up other things on the understanding that he kept the pension - too many things that are not very clear, whatever Harriet Harmon says how can the government agree to it one minute and then change their minds ?

Bad enough that he is getting rewarded for failure, without the governments muddling intervention in the whole sorry saga

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