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More top level thieving

#1 by Sheldonboy , Thu Jun 28, 2012 6:48 am

So the banks were having a party before the crash and now WE are paying for it after.

http://www.bbc.com/news/business-18621354


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Last edited 07.01.2012 | Top

RE: More top level thieving

#2 by mikejee , Thu Jun 28, 2012 11:30 am

Are you really surprised ?


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RE: More top level thieving

#3 by phil ( deleted ) , Thu Jun 28, 2012 11:52 am

I suppose that means my bank charges will go up as I bank with Barclays. I have to say I think the representative for the FSA Tracey McDermott could have tidied herself up a bit. She looked as if a good wash would have done her some good.


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Last edited Sun Jul 01, 2012 11:24 pm | Top

RE: More top level thieving

#4 by Sheldonboy , Thu Jun 28, 2012 7:43 pm

This whole banking business just goes to show how much we may have been robbed of for decades. From our banks, MP's and just about everyone most people have trusted. Scumbags every one of em.


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RE: More top level thieving

#5 by Voltman , Mon Jul 02, 2012 12:15 am

I'm not at all clear on how us grunts are affected by the Libor.
Interest rates are set according to the Bank of England base rate. This is where most people have a financial liability due to normal mortgages or loans. The Bank of England board are way more intelligent than the yuppies trying to make their fortunes by deception, and far more trustworthy, so are unlikely to be swayed by the imaginings and whinings of Bollinger swilling wide boys.
So, apart from people who think they are being clever (greedy) by taking some sort of endowment or other interest dodging loan, who among us is going to suffer?


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RE: More top level thieving

#6 by Sheldonboy , Mon Jul 02, 2012 6:44 am

The bank of england set interest rates, but the banks have been manipulating the libor, apparently that's what interest rates are set by.


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RE: More top level thieving

#7 by Voltman , Mon Jul 02, 2012 9:24 am

I don't think the important rates are set in that way.
The Bank of England only set the base rate which has fell to nearly nothing and may even go to nothing.

I've had a quick read up and found that Banks (perhaps not Building Societies) set some of their mortgage and loan rates according to a three monthly Libor prediction plus their own costs and risks.
During the recent financial crisis the Libor went down as well as up. Buy to let mortgages seem to be most affected by the Libor but the interest rate was lower than it might have been so those borrowers didn't lose out.
The losers are big institutions, not the average punter.
Savings rates aren't set by the Libor.

The FSA report is here http://www.fsa.gov.uk/library/communicat.../2012/070.shtml


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The Libor rate

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