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Barclays and the other banks implicated

(29 Posts)
bluebell Thu 28-Jun-12 21:11:53

When are we going to rise up - first tax avoidance, now this. And in between the onslaught on benefit claimants? What on earth is our society about? Where are the moral values, the leadership - I despair. Will Diamond pay the price - as if !! And how much has he already got salted away in tax avoidance - apologies - tax efficient schemes already? Will heads roll? Absolutely not - if you bank with Barclays, or RBS etc leave - I can recommend Nationwide - not perfect but better than many. This was known about at least 4 years ago - how much has been paid out in bonuses since then?

Mishap Fri 29-Jun-12 08:36:16

All so pitiful and so expected - when will these greedy people get their just rewards?

susiecb Fri 29-Jun-12 11:46:21

Sadly I fear this is to be expected in a capitalist society. I dont know why anyone is surprised but whats the alternative - communism didnt work. Power corrupts and absolte power corrupts absolutely - perhaps all the banks should be nationalised?

whitewave Fri 29-Jun-12 16:39:46

I - as a tax payer who contributed so generously to the banks when in trouble now wants it all back please - immediately

petra Fri 06-Jul-12 22:00:11

How many of you have changed your Bank A/C since this happened.
I did, today. I would love it if they wrote to me and asked why.
But some how i don't see that happening

crimson Fri 06-Jul-12 22:21:15

I understand the Co-op Bank are buying up high street premises, so I'd be tempted to change to them. If ever the Co-op are found to be unethical I'll give up completely.

j04 Fri 06-Jul-12 22:25:52

And what are the Co-op savings accounts rates like?

Just put your money where you get the best interest rates.

crimson Fri 06-Jul-12 22:43:22

I'd rather get less interest than use a bank that wasn't ethical; very few people I know have ever used Barclays anyway because of their involvement with South Africa, even though it was a long time ago.

Faye Sat 07-Jul-12 01:30:16

Seems a bit like robbing a bank for these crooks to be paid such huge bonuses. I believe the alternative is legislation to stop these greedy bastards ripping us off!!!

j04 Sat 07-Jul-12 09:09:44

I'm not making excuses for them, really I'm not (!), but it wasn't all about ripping customers off was it? They needed to get funding from the middle east and stating lower libor rates helped get that. This meant the British taxpayers didn't have to bail them out. And the bank of England bloke did seem to suggest doing that to them.

Oh well, it's another story to follow iuf nothing else. The Leveson enquiry had become really boring!

AlisonMA Sat 07-Jul-12 10:28:36

We haven't changed banks, too much hassle and not sure one is better than another. Wouldn't touch Santander with a barge pole. We just spread our savings around according to the best rates and keep a watchful eye out.

All businesses will do whatever they can get away with as it seems it is being caught that makes something 'wrong'. Old cynic grin

FlicketyB Sat 07-Jul-12 12:08:48

Part of the problem is that we, as bank account holders, expect something for nothing by being unwillinging to pay for having a bank account. If all bank accounts are free, unless you opt for one of the accounts with a fee the banks need to get money from us in other ways. This why bank staff have been turned into sales staff with targets and bonuses and even their jobs depending on sales so that they end up selling inapproriate products to unsuspecting account holders.

There was a lot of criticism at the time of Barclays decision to get money from the Middle East rather than the government. I cannot remember all the details but it was considered chancy and offered on onerous terms that could affect the long term operations of the bank - and that has been proved right.

The problem lies fairly and squarely with successive governments here and in the USA who since Mrs Thatcher freed financial regulation in 1986 and the 'Big Bang' have been abject slaves at the feet of the banking barons, allowing them to ride over them rough shod. In the years before 2008 all the financial commentators in newspapers and on the radio were warning about the reckless borrowing and lending by banks, consumers and governments but governments completely ignored them and then expressed totally surprise and ignorance when the manure hit the fan.

It is exactly the same with the Euro. When it was set up it was well-known that Greece and Italy in particular were grossly fiddling the figures to meet Eurozone requirements and what the results would be. But when disaster struck nobody was more surprised than the governments who knowingly connied in these manipulations.

j04 Sat 07-Jul-12 12:29:16

Don't the banks get money from having the use of our money for investment purposes? I would never pay for a current account!

AlisonMA Sat 07-Jul-12 13:11:42

Yes they do j04 they get our salaries in at the beginning of the month and most of us spend it over the course of said month leaving the banks to invest it during that time. We are subsidising them!

FlicketyB Sat 07-Jul-12 14:22:42

Not at current interest rates

j04 Sat 07-Jul-12 14:38:18

It's a criminal offence under the Financial Services and Markets Act 200 to mislead markets or investors. So, if they can find out who actually did the fibbing about the libor rate, they could be prosecuted. That is probably a big 'if' though.

the Act

AlisonMA Sat 07-Jul-12 14:39:02

Ah but Flickety they are not constrained by the offers which are open to us mere mortals!

j04 Sat 07-Jul-12 14:42:47

No. They buy all sorts of bonds and stuff. Much better rate than we can get our hands on! And when they use our money to actually lend out money on mortgages, loans and such, they make sure they get a high rate of interest!

HildaW Sat 07-Jul-12 15:22:15

We are in process of changing our accounts!

FlicketyB Sat 07-Jul-12 20:02:29

I would rather pay up front for my banking services. It puts a lever in my hands when dealing with my bank. It is difficult to get stroppy with someone ostensibly providing me with a 'free' service. I have always made a point of using my bank for current account services only and occasionally a small short term deposit account. I source all my other financial services elsewhere.

NfkDumpling Fri 13-Jul-12 22:42:00

Good luck Hilda with changing bank accounts. We decided to when all our on-line accounts with the Halifax showed our two year old grand daughter as account holder.
Moving to Barclays (they seemed as good as anyone at the time) has been an exceedingly chaotic business which has taken five months to come right.

HildaW Sat 14-Jul-12 19:36:59

Barclays have messed us about so many times.......including a very distressing automated phone call telling us that there had been fraudulent activity on a recently deceased relative's account. We had informed them of the person's death yet somehow they had let a fraud happen. All sorted by us eventually but no explanation or apology. We are not actually expecting any help from them in transferring the account..........we are running the account down and have opened another elsewhere which we will start to use once opened.

jeni Sat 14-Jul-12 20:08:30

Where is jing? I haven't seen her for a bit?

whenim64 Sat 14-Jul-12 20:38:59

Perhaps she's having a holiday jeni. She'll be back before long, I'm sure.

trendygran Thu 02-Aug-12 20:52:48

My late husband worked for BARCLAYS for 27 years until,along with the rest of his department,he was made redundant and consequently was unable to
find another permanent job. This led to serious financial problems ,which I was left to deal with after his premature death.
Whilst employed by Barclays our mortgage HAD to be with them and they kept a 'big brother 'watch over all expenditure .Going overdrawn by even a penny was regarded as a mortal sin!
My Husband would have not been at all surprised by the current dubious state of the bank-----and the fact that they still made MASSIVE PROFITS.
Has anyone else experieced similar treatment at the hands of BARCLAYS-
or any other bank?