BEWARE! THE BANKS ARE OUT TO GET YOU!

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by PanBiker » 10 May 2019, 09:29

Nerlson will be the nearest branch to Barlick when Skipton closes but for how long?
Ian

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley » 11 May 2019, 02:21

Nearest HSBC is Burnley......I only use it, by post, if I have a cheque to pay in. A big problem for traders trying to bank their takings. Card payments by post to Camberwell.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley » 14 May 2019, 05:02

The world of industrial takeovers is not without its problems. See THIS BBC report on the problems the Bayer buy out of Monsanto has produced. Thousands of cases are waiting to go to court over possible carcinogenic effects of Round Up the weed killer that is essentially Glyphosate.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley » 18 May 2019, 05:29

If you want to make dodgy money here's how to do it. Buy British Steel at Scunthorpe at a knock down price because it's become uneconomic. Make the purchase via a shell company in Jersey where the taxes are low. Then capitalise the company with a large loan from the shell company and charge it 10% interest. This ensures an income but the company declines. When the Carbon Charge comes in from the EU ask the government for a loan to pay it. (I forget the amount, but I seem to remember it was over £100million.) The company still loses money so you ask the government for another bail out. (They are considering that at the moment). All the time you are raking in the 10% and there is still the demolition value when all else fails.
Cunning isn't it. And hundreds of large enterprises in the UK are run like this. No wonder we are in such a mess.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by plaques » 20 May 2019, 07:23

I think this one slipped passed us. 'Five banks have been fined €1.07bn (£935m) by the European Commission after traders clubbed together to rig the foreign exchange market.' Bank Fined
This nice little earner was a little like bookmakers knowing what money was going to be laid out and arranging the odds so that they always won. And the losers were... Joe Public. If this level of collusion is going on where the rules are adamant that it should never take place just think of what these cartels are hatching up in the name of competition that we never hear about. Would our BoE be strong enough and our criminal system be prepared to take this action if we are independent of the EU?

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley » 20 May 2019, 07:31

The short answer to that P is no. :sad:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Tizer » 20 May 2019, 08:55

It hasn't slipped past us, Plaques. We've come to regard it as normal and don't bother to comment! :extrawink:

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Whyperion » 20 May 2019, 12:20

ForEx is a weird thing though, didn;t Harold Wilson say you can't buck the market ? Given the spread at the post office or even M&S I would not worry over trifles of fractions of percents on large deals, which is probably where the skim came from. Anyone who has done a A level Economics Course would bump into the problems of international money flows for trading purposes, investment purposes, borrowing purposes and capital goods sales and purchases, tbut will thinking one can find a generally forward predicatable movement of currencies.

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley » 21 May 2019, 02:13

A tiny percentage of the trillions a day that is traded is still a lot of money.....
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by plaques » 21 May 2019, 07:47

I don't think this was a case of grabbing fractions of left overs. The banks were talking to each other giving notice of what they may be putting into the end of day pot. These were then adjusted between themselves to make sure the resulting exchange rate move round on a Buggin's turn next basis. It was fraud no more no less.

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley » 22 May 2019, 04:05

I agree, but based on the fact that a relatively small adjustment raked in oodles of cash.....
Looks as though Scunthorpe is going to get bad news shortly..... I wonder if the Jersey based investment fund will lose money.... No mention of the 10% interest they have been getting. It's an old and discreditable story.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley » 23 May 2019, 03:30

Re. Scunthorpe and British Steel. I saw yesterday that the sharks were charging the company an 'administration fee' as well.
I heard part of a report yesterday about the buy to let market. The 'expert' witness was saying that the expectation is for house prices to fall and that many landlords are going to get their fingers burned. They will not be the only ones. None of this is certain but in an economy fuelled by so much debt, the possibility of a down turn in our fragile economy must be high and one wonders what the knock-on effects will be. If it happens it will depress everything.
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