BEWARE! THE BANKS ARE OUT TO GET YOU!

[Stanley]

I note that we still have frequent adverts on TV for high interest loans and credit cards and the infamous 'Lifetime Mortgages'. One wonders what the consequences are going to be after Brexit. The way things are going the accountants and liquidators are going to be very busy....
Call me an old pessimist if you like but I am taking whatever personal measures I can to make me as Brexit proof as possible! (Yes, I have enough tinned food to cushion me if the worst happens! It looks like common sense to me.) Before you scoff, I remember the war years..... I suspect there will be many Crumblies like me.

[Stanley]

See THIS report on a downward movement in the markets this morning. It's fuelled by worries about a slow down in global trade as evidenced by the fall in the yield of bonds. The bottom line is that we could be on a knife edge.
Remember Harold talking about events? A break in the markets is just what we don't need at the present....
It's a small black cloud on the horizon. There are too many of them at the moment.

[Stanley]

Have you noticed how quiet the banks and many financial institutions are about Brexit. I suspect that they see an opportunity for even more profit and are quietly doing whatever they have to do to make it happen.

[Stanley]

Nothing of note in the news from the world of finance but I have this vague feeling of unease. I have an idea that a number of factors are quietly building up, many of them connected with the uncertainty of Brexit and I have a funny feeling that UK PLC is in a fairly delicate state and it wouldn't take much to start us off on a slippery downhill slope. The phrase, "The calm before the storm" comes to mind.
Perhaps I am just a pessimistic Old Fart! I hope so......

[Tizer]

The poor economic figures from the US and China are adding to the despondency.

[Stanley]

Remember that there is more debt and phantom money swilling around in the system than there was in 2008.
No reasons to be cheerful......
Later, news that yet another airline, 'Wow' has ceased operating and an announcement will follow later this morning.

[Tizer]

Lloyds are at it again...
`MPs call for inquiry into alleged forgery of signatures' LINK
`MPs are pressing the Treasury Select Committee to open an immediate inquiry into the alleged forgery of signatures in bank court documents. They also want Lloyds chief executive Antonio Horta-Osorio to be questioned over how the bank treats customers who say they have found evidence of systemic fraud. The all-party group on fair business banking says Lloyds appears to be repeating the same conduct it displayed towards customers who uncovered the HBOS Reading fraud, seeking to silence them...'

[Stanley]

Nothing surprises me these days about bank shenanigans.
I can remember a time when all the tellers at Lloyd's were male and they still used dip in pens and large ledgers to record transactions. We trusted them then.... Mind you, I'll bet there was a Comptometer in a back room somewhere. Anyone remember them?

[Stanley]

The perils of investing for higher interest. See THIS BBC report on the outcome of discussions about winding the London Capital Finance Fund up. It looks as though the small investors who were conned into buying a type of bond not covered by compensation are going to get nothing. There may be an investigation into the way the company was run..... There could be merit in being unadventurous!

[Stanley]

See THIS BBC report on the verdict from the Competition and Markets Authority Committee of the House of Parliament. I've just been listening to a partner from Deloitte rubbishing the criticism but we may be reaching the point where this defence will fail, I certainly hope so. We have seen multiple examples of the audit failing to highlight problems and the links between consultancy and accounting have further muddied the waters.

[Stanley]

It's a long time since I heard any reports about dodgy leasing and purchase contracts for cars. Has the danger gone way or is it just that with the car industry dying it's a taboo subject?

[Stanley]

I think this is the right place for THIS BBC report on further developments in the murky case of Carlos Ghosn the Renault boss under attack in Japan. I only know what's in the news reports of course but reading between the lines this all smells funny. One could be forgiven for thinking that someone is trying to keep him quiet. Nature red in tooth and claw in high finance.....

[Stanley]

Talking about nature red in tooth and claw in finance.... Some very interesting comment in PE yesterday about the circumstances behind the failure of London Capital Finance. Basically it comes down to lack of regulation and laxity on the part of the FCA who should have realised there was something dodgy going on when bonds were being sold with a gross interest rate of over 9% when the market generally was on 2%.
In effect it proves once again that if something sounds too good to be true, chances are that this is correct!

[Stanley]

Not sure if this is the right place for it but see THIS for the story of a couple whose Persimmon built house had '700 faults' and ten months into ownership they haven't all been fixed. There is much to be said for buying what a lady in the US once described to me as 'a used house'.

[Stanley]

Tension mounts over the fate of Debenham's. Today is the day when the lenders take over the company and the effect of this on shareholders who have seen the share price fall from £1 to 2p is that they will be completely wiped out losing everything. Mike Ashley has a stake and is fighting to get control taking some quite amazing measures including promising to put up £150million and taking lie detector tests to support his contention that lies have been told. (LINK)

[Stanley]

Last news I got was that Mike Ashley's bid has been rejected and the creditors took over Debenham's last night. He could still make a bid for the ailing store group.

[Stanley]

The administration of Debenham was delayed but has now taken place. The shareholders have lost everything, it has cost Mike Ashley about £1.5million.
The failure looks like bad management as they had too many stores, too many staff, to high rents and most importantly a massive debt of over £500million. The woes of the High Street continue...
On a parallel matter, it begins to look as though the reasonable industrial activity and sales figures of late in the economy were the result of stock-building to guard against the effects of a bad Brexit. Falls in the indices are expected.....

[Wendyf]

The administration of Debenham was delayed but has now taken place. The shareholders have lost everything, it has cost Mike Ashley about £1.5million.

£150million!

[Stanley]

Right Wendy, senior moment I think.....
See THIS for more trouble in the rail industry. Some of the biggest company pension funds are in debt and this is mainly about companies refusing to accept responsibility.
It was also mentioned that in face to face meetings with Chris Grayling there had been nothing but praise for Virgin and Stage coach. It's that man again...... Poor fellow, he appears to have very bad luck.

[Stanley]

Another airline, Jet Airways, seems to be overwhelmed by massive debt. (LINK) They have now suspended all flights as they seem to have run out of cash.

[Stanley]

See THIS for news that shareholders are being urged to protest against Ross McEwan's £3.6million pay packet. Could they have a point?

[Stanley]

Reports that Cross Rail is in more trouble than was thought, it appears the signal system is not managing to contact the trains and the estimate is a two year overrun. Could it be the hand of Grayling?
HS2 is also coming in for criticism about the way it is conducting the buying of houses near the line that are blighted. There is uncertainty about the future of HS2 because some candidates for the Tory leadership have been very critical, particularly Liz Truss.

[Tripps]

Thank you Sir - here's your bill for the major service on your vehicle - I'll just run through what we have done - and you will note that each major Nissan service includes an update to your Satnav software which is worth £100, and a years full subscription to the RAC rescue service for UK and Europe .

Me -actually I didn't know that, and I'm already covered for rescue - I don't really need it. If I decline it how much will you refund me from the cost of the service.

Svce Mngr. Well you don't have to take it Sir, but there'll be no refund since it is a free addition.

Me. Well surely someone pays the RAC for the cover?

S.M. Well Nissan I guess.

Me. And who pays Nissan? That would be me I guess.

S.M. OK I'll tell them you don't want it - not a problem Sir.

Me. Well no - If there's no refund I'll take it.

I must be losing my touch - there was a time when I would have argued all day !

[chinatyke]

Me. Well no - If there's no refund I'll take it.

I must be losing my touch - there was a time when I would have argued all day !

Ha ha.

Reminds me of when my friend's Chinese wife wouldn't accept a bottle of juice in the supermarket because she only wanted 1 bottle and it was a BOGOF (buy one get one free) offer!

My UK bank, HSBC, have suspended my account my account because of "suspicious activity" - I asked them to transfer some money to my son in Sweden, something I've done before. I even 'spoke' with an assistant on the instant help line. It would appear that she and their security department don't communicate. Morons! Now I've got to call UK at my expense (or India or wherever their call centre is) to sort it out.

[Stanley]

Are you sure it is the kosher bank China?