These are the men who made millions by way of pay and bonus their banks were sinking and had to be bailed out.
This irked Obama ,who had a nasty comment for them.
In a brief appearance with advisers at the White House, Obama branded the latest round of bank bonuses as “obscene.” But he said his goal was to prevent such excesses in the future, not to punish banks for past behavior,(nbc news)
http://www.guardian.co.uk/business/gallery/2009/jan/28/recession-executivesalaries?picture=342424897
The following is a Guest Post by Mr,Paul Simms from Reflect Digital UK.
The Guest Post.:
‘Unsophisticated’ British firms due to be compensated for mis-sold interest rate swaps
British companies hoping to file a claim against the banks after being mis sold interest rate swaps are said to be running out of time to do so. The Financial Services Authority have estimated that around 90% of interest swap contracts over the last six years may well have been done so illegally. The FSA has attempted to establish a distinction between ‘sophisticated’ and ‘unsophisticated’ businesses, with the former being likely to have been aware of the risks that they were taking when they signed up for the products. It’s also been claimed by many sources that by introducing products that successful businesses were unlikely to sign up for, the banks were in effect targeting vulnerable businesses that were only ever likely to be harmed by the services.
It’s hoped that the full reviews will be completed within a six month period. Companies that did not sign up for the hedging products before 2007 are not permitted to take action due to the Limitation Act 1990, which demands that claims must be put forward within six years of the products being signed up for. Companies that suspect that they may be eligible for compensation have been urged to act at the earliest opportunity to ensure that their claims will be dealt with.
The interest rate swaps scandal is the second mis-selling scandal to hit the UK’s banks in recent years. It comes after scores of British customers were compensated after being tricked into signing up for Payment Protection Insurance – a scheme that was supposed to protect customers if they could not make credit repayments after falling ill for instance. Many customers found that they were signed up for products when they didn’t want, need or ask for them, often without their consent.
The UK arm of Barclays Bank has already set aside some £850m for compensating the victims of mis sold interest rate swaps. UK Solicitors like Lamport Bassitt have set up specialist departments within their firms to deal with swap mis-selling claims. The FSA have ordered a number of UK banks to review cases of interest rate swaps and to provide redress if the products were found to have been sold unfairly. With the interest rate swaps, customers were promised a ‘fixed rate’ of interest on loans by being compensated by the banks if interest rates went up, and paying extra to them if they went down.
However, when interest rates started to fall to historic lows, customers were hit hard, being forced to pay substantial amounts to the banks and finding that the costs involved in ending the contracts were also exceptionally high. Businesses were also alarmed to find that the ‘swaps’ and ‘loans’ were two different products. This meant that even when a loan was paid off, they were still obliged to continue funding the ‘swaps’.
– http://www.swapmissellingclaims.co.uk/
CH.
Mis-selling( an euphemism for cheating) of Financial products is so rampant that Bajaj Allianze’s Ad on Their policies highlights this aspect.’stating that their Agents do not misguide you.
Banks and Insurance firms in their mad rush to earn Profits offload their Products on the unsuspecting Public..
Normally the Age, with savings,are their targets.
They misrepresent their products and even when they know the returns will be poor, they assure Moon.
ULIP Products are a case in point.
I had invested for my son in ICICI Prudential.
I was promised a return of about 60%
When I told the Agent that it was an impossibility, he took out a chart and started blubbering non sense.
As I had to take out cover for Tax purpose I took it.
Ran it for Five years, watching the Fund.
Finally I with drew with a return of 8% on Investment after 5 years!
These companies hide behind .Conditions apply”
I am yet to see a Banker or an Insurance man investing in their own products.
Best is to invest in Post Office, PPF, or Savings Bank.
Or the Old fashioned LIC standard Endowment Polity.
Now read the agony of an elderly Man.
Story:
In the past couple of days 79-year old Mangelal Sharma goes to his bank (IndusInd Bank, Preet Vihar Branch, New Delhi) wearing a specially made T-shirt. It carries his photograph and says “BEWARE IndusInd Bank is a cheat. It has cheated me and may cheat you”. He says there was a lot of commotion when he first walked in and some said that they too had been cheated by the bank. On Saturday he wore the T-shirt and danced at the branch singing “Kya mil gaya sirkar toomhen meri FD (fixed deposit) toodake, mujhe mutual fund mein fansa ke, mujhe choona lagakey”. This parody of this song from the film Kissa Kursi Ka has Mr Sharma asking the bank what it achieved by entrapping him to invest in a mutual fund.
The story behind this protest will make you furious. It is about how banks have turned into banksters and send out armies of managers to entrap, con and lure trusting account holders to invest their saving in instruments that earn them a high return. ML Sharma, like the majority of senior citizens in India, has his money in fixed deposits. The risks are low and the interest income provides him with the income security someone at his age and in his circumstance requires. He is 79. His wife, at over 70 years, has recently undergone secondknee replacement surgery, after the first operation in October 2012 was unsuccessful. He is, in his own words, an “old man with an ailing wife” and even his two children have deserted him. Yet, his bank, IndusInd Bank, thought it fit to sell him a mutual fund product with a lock-in period of five years by persuading him to withdraw his fixed deposit of no less than Rs4 lakh and invest it in what they told him would simply be another low-risk banking product. This is no doubt a shocking example of how far banks will go to earn commissions. Mr Sharma approached the Banking Ombudsman for justice, but his case was rejected outright because Mr Sharma had signed the investment form. Apparently nothing else matter. This gives banks and their agents the license to lie and cheat any of us out of our savings so long as the signature on the form is ours.
Yet, this 79-year old hasn’t given up. In his reply to the banking ombudsman, after his case was dismissed, Mr Sharma has written, “I beg to knock on your door for justice again. Sir, I am totally unable and devoid of energy to take legal action in a court and count only on your sense of justice and mercy. Even a judge considers the relevant circumstances under which a person commits a murder to arrive at the correct judgment. Just the fact that I had signed the investment documents is insufficient. It must also be considered under what circumstances I had signed the form.”
It is very apparent what transpired. Mr Sharma says, “I never approached the bank for investment advice. Jyotirmay Sharma, the branch manager, came to my house, along with another officer, Mr Kesharwani. Yet, the bank still claims that they came to my house on my request. That they came to my residence to tender advice on my seeking is unthinkable. If I had sought any advice, the branch was the proper place, not my residence. They had gone on a hunting spree for a gullible person like me for earning profit for the bank.”
What is a Financial Product?
The world is run by the Rich , for The Rich and by The Rich.
And of course it is of the Rich.
At times one laments the Death of Communism!
Wish The Communists had been less brutal and less Corrupt.
‘Four pages with the names of some 132 companies and individuals who withdrew the bulk of their deposits in euros, dollars and rubles kept in local banks reveals protothema.gr.
Transfers of money totaling causes vertigo made within 15 days, namely the period from 1st until March 15, 2013.On Friday, March 15 at the Eurogroup meeting which decided formally levy, as has been called the “haircut”, on deposits of companies and individuals in all banks in Cyprus. These 132 companies and individuals seem to have “inside” information about impending single taxation of deposits in Cypriot banks so it proved as the elements contained in lists, in most cases, they withdrew all their deposits in Euro, dollars and rubles, which moved to other banks outside Cyprus, which apparently considered a “safe harbor.”
The disclosure of the list, which shows that the outflow of deposits from local banks other financial institutions outside Cyprus became massively creates reasonable suspicion that some had inside information about the decisions taken by the other 16 eurozone countries in exchange for funding deficits of the economy.
Apart from the huge moral issue raised, the government of Nikos Anastasiadis is heavily exposed, since in some cases, those who took huge funds from abroad are relatives of the President of the Republic, as the company Loutsios & Sons ltd owned by father of groom Nikos Anastasiadis, who three days before the decision to “haircut” deposits transferred to a British bank 21 million euros!
Read the lists with the names of all companies and individuals who withdrew their deposits from Cyprus during the period from 1st until March 15.
The first column are names of companies and individuals in the second record of the amounts withdrawn in the third column refers to the account balance of the People, the currency in the fourth and the fifth and last column refers to the date of transfer.”
Source:
http://www.reddit.com/tb/1bfhav
Most of us are aware of the Financial Crisis, when the Government seized amounts from the Bank account of small investors to manage its financial crisis, which triggered of a run on Banks . by people rushing to ATMs to withdraw their cash.
To defuse the situation the EU ,along with the creditors mainly Germany, made out a Bail plan and since it was suggested as being unworkable, a new package was devised.
Under this dispensation,Deposits under 100,000 euros will be protected.
The reasoning behind this is that these amount are (small amounts) are protected by Insurance!
I fail to understand that the Government will be losing the money appropriated ((or Misappropriated) by way of the payment by the Insurers.
Even if the Insurance firms belong to private Sector, it will drive inflation further.
http://ramanisblog.in/2013/03/26/banks-may-cease-your-small-savings/
In the last two posts I blogged on ‘Who runs the World Economy, Gold Price Fixed by Banks caught for frauds”.
The purpose of the first article was to point out the facts that the World is run not by Governments but by a Cabal that has vast sums of money at its disposal ans with this it dictates, influences and guides the World Economy.
To what end?
The ostensible purpose is to protect Civil Rights, Democracy and prevention of another World War and catastrophes like the Holocaust.
The facts:
1.The ultra-wealthy have enough money sitting in offshore banks to buy all of the goods and services produced in the United States during the course of an entire year and still be able to pay off the entire U.S. national debt.
2.According to a report that was released last summer, the global elite have up to 32 TRILLION dollars stashed in offshore banks around the globe.
U.S. GDP for 2011 was about 15 trillion dollars, and the U.S. national debt is sitting at about 16 trillion dollars, so you could add them both together and you still wouldn’t hit 32 trillion dollars.
In 2010, the new Fed data indicate, America’s top 1 percent held 34.5 percent of the nation’s household wealth, almost exactly the same share of the nation’s wealth that the top 1 percent held in 1995 and not all that much more than the 30.1 percent share America’s top 1 percent held in 1989.
According to an outstanding NewScientist article, a study of more than 40,000 transnational corporations conducted by theSwiss Federal Institute of Technology in Zurich discovered that a very small core group of huge banks and giant predator corporations dominate the entire global economic system…
3.An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.
The researchers found that this core group consists of just 147 very tightly knit companies…
When the team further untangled the web of ownership, it found much of it tracked back to a “super-entity” of 147 even more tightly knit companies – all of their ownership was held by other members of the super-entity – that controlled 40 per cent of the total wealth in the network.
“In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network,” says Glattfelder. Most were financial institutions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group.
The amount of power and control that this gives them is hard to describe.
4.Unfortunately, this same group of people have been running things for a very long time. For example, New York City Mayor John F. Hylan said the following during a speech all the way back in 1922…
The real menace of our Republic is the invisible government, which like a giant octopus sprawls its slimy legs over our cities, states and nation. To depart from mere generalizations, let me say that at the head of this octopus are the Rockefeller-Standard Oil interests and a small group of powerful banking houses generally referred to as the international bankers.
The little coterie of powerful international bankers virtually run the United States government for their own selfish purposes.
They practically control both parties, write political platforms, make catspaws of party leaders, use the leading men of private organizations, and resort to every device to place in nomination for high public office only such candidates as will be amenable to the dictates of corrupt big business.
These international bankers and Rockefeller-Standard Oil interests control the majority of the newspapers and magazines in this country. They use the columns of these papers to club into submission or drive out of office public officials who refuse to do the bidding of the powerful corrupt cliques which compose the invisible government.
It operates under cover of a self-created screen [and] seizes our executive officers, legislative bodies, schools, courts, newspapers and every agency created for the public protection..
For additional information follow the link at the end of the post and my blogs on Rothschild s,Illuminati, Finance and Banks..
5.These elite meet at every major event where the World Leaders meet, at the back rooms and quietly decide wolrd affairs.
Most of the World Leaders are Members of the Societies being controlled by these Wealthy people.
They capture Legislative Offices, Media and Manipulate Public Opinion.
Please read my blogs on who controls the US Media , media Ownership in India .
To what Purpose?
Simple Make more money.
We are being run by an Oligarchy of a Wealthy Group irrespective of Nations and political affiliations.
This is very clearly hinted by Frederick Forsyth in his Book The ICON.
http://www.huffingtonpost.com/sam-pizzigati/mitts-offshore-shenanigan_b_1692335.html
You must be logged in to post a comment.