eric pebble Posted September 17, 2013 Share Posted September 17, 2013 (edited) Fatty chops on the prowl..... Declan Curry reveals the latest banking scandal to hit small businesses. Interest Rate Swaps: [The New & Modified LIAR LOAN...] 2 mins 15 secs in... http://www.bbc.co.uk/iplayer/episode/b03bkfm0/The_One_Show_16_09_2013/ Edited September 17, 2013 by eric pebble Quote Link to comment Share on other sites More sharing options...
LiveinHope Posted September 17, 2013 Share Posted September 17, 2013 Fatty chops on the prowl..... Declan Curry reveals the latest banking scandal to hit small businesses. Interest Rate Swaps: [The New & Modified LIAR LOAN...] 2 mins 15 secs in... http://www.bbc.co.uk/iplayer/episode/b03bkfm0/The_One_Show_16_09_2013/ Haven't seen him for a while. I see he goes for the shirt outside the belt look now. Anyway, I guess this will be another drag on savings and the economy/QE - compo has to come from somewhere and the banks are bust. Quote Link to comment Share on other sites More sharing options...
little fish Posted September 17, 2013 Share Posted September 17, 2013 Well, I never thought I would see the day that interest rate swaps would be prime time entertainment. 'banks remain committed to ensuring every business gets it's money back' yeah yeah really, how much of this criminality will it take before something is done? Quote Link to comment Share on other sites More sharing options...
LiveinHope Posted September 17, 2013 Share Posted September 17, 2013 Well, I never thought I would see the day that interest rate swaps would be prime time entertainment. 'banks remain committed to ensuring every business gets it's money back' yeah yeah really, how much of this criminality will it take before something is done? i am still trying to work out how she managed to cope with a 50% increase in payments when just selling coffee and cakes Quote Link to comment Share on other sites More sharing options...
eric pebble Posted September 17, 2013 Author Share Posted September 17, 2013 (edited) i am still trying to work out how she managed to cope with a 50% increase in payments when just selling coffee and cakes &.... What was it - a £750k [+/-??] mortgage PREDATORY LIAR LOAN for a cafe in Newark..... WOT???? Edited September 17, 2013 by eric pebble Quote Link to comment Share on other sites More sharing options...
little fish Posted September 17, 2013 Share Posted September 17, 2013 &.... What was it - a £750k [+/-??] mortgage PREDATORY LIAR LOAN for a cafe in Newark..... WOT???? yep no wonder coffee is so expensive... Quote Link to comment Share on other sites More sharing options...
LiveinHope Posted September 17, 2013 Share Posted September 17, 2013 yep no wonder coffee is so expensive... Probably cheaper if you don't have the flavour enhancing, fancy pattern on the top. But yes, £750k and 9k a month - strewth Quote Link to comment Share on other sites More sharing options...
XswampyX Posted September 17, 2013 Share Posted September 17, 2013 Of course if interest rates had gone up they would be giving all the money they would have saved back to the banks? Yeah right. It's just more sheeple propaganda. In order to set up a small coffee shop you should be borrowing about 3/4 of a MILLION f**king pounds! and if you haven't then you just not trying enough, you sad losers! I suspect we will see another massive increase in new car sales..... in about 6 months time. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted September 17, 2013 Share Posted September 17, 2013 Of course if interest rates had gone up they would be giving all the money they would have saved back to the banks? Yeah right. It's just more sheeple propaganda. In order to set up a small coffee shop you should be borrowing about 3/4 of a MILLION f**king pounds! and if you haven't then you just not trying enough, you sad losers! I suspect we will see another massive increase in new car sales..... in about 6 months time. To be fair, they were very complicated products that were asymmetric: adequate protection as interest rates rise, financial ruin as interest rates fall. Add to that the target-driven sales methods with dedicated teams travelling the country once the borrowers had been hooked by the local branches, and there's no doubt this was cynical gimme-gimme predation. If the state is ultimately on the hook for repayments that's the government's fault. Quote Link to comment Share on other sites More sharing options...
yellerkat Posted September 18, 2013 Share Posted September 18, 2013 really, how much of this criminality will it take before something is done? Considering the current criminality is the financial equivalent of being a paedophile cannibal, I'd have to say nothing will ever be done. Quote Link to comment Share on other sites More sharing options...
billybong Posted September 18, 2013 Share Posted September 18, 2013 (edited) To hear an outright denial of the banking bust along with plenty of delusion. Yesterday afternoon. "The whole system was never bust " Professor Tim Congdon. About 51 minutes in and for about 12 minutes. 5 Live Radio. http:/ /www.bbc.co.uk/programmes/b039x04m They have to pretend that there was never a serious problem and the problems are now over to convince people to buy into the flotations - and to convince people about the so called "boom". Edited September 18, 2013 by billybong Quote Link to comment Share on other sites More sharing options...
kilroy Posted September 18, 2013 Share Posted September 18, 2013 Of course if interest rates had gone up they would be giving all the money they would have saved back to the banks? Yeah right. It's just more sheeple propaganda. In order to set up a small coffee shop you should be borrowing about 3/4 of a MILLION f**king pounds! and if you haven't then you just not trying enough, you sad losers! I suspect we will see another massive increase in new car sales..... in about 6 months time. No, it is the way they were sold. They were sold as insurance for which the company paid a monthly premium. However, as the bank started gaining on them, they wanted margin from the clients, but lumped it onto the monthly "premium". WHen businesses said, i don't want the "insurance" any more thanks, the bank said "OK, that will be x 100s of thousands to terminate....". Don't even get me started on the bank's option to tear upt he contract on the "insurance" after 3 years...... Quote Link to comment Share on other sites More sharing options...
kilroy Posted September 18, 2013 Share Posted September 18, 2013 No, it is the way they were sold. They were sold as insurance for which the company paid a monthly premium. However, as the bank started gaining on them, they wanted margin from the clients, but lumped it onto the monthly "premium". WHen businesses said, i don't want the "insurance" any more thanks, the bank said "OK, that will be x 100s of thousands to terminate....". Don't even get me started on the bank's option to tear upt he contract on the "insurance" after 3 years...... also, "you can only roll over your existing business loan if you take out the insurance"...... Quote Link to comment Share on other sites More sharing options...
little fish Posted September 18, 2013 Share Posted September 18, 2013 No, it is the way they were sold. They were sold as insurance for which the company paid a monthly premium. However, as the bank started gaining on them, they wanted margin from the clients, but lumped it onto the monthly "premium". WHen businesses said, i don't want the "insurance" any more thanks, the bank said "OK, that will be x 100s of thousands to terminate....". Don't even get me started on the bank's option to tear upt he contract on the "insurance" after 3 years...... They were deliberately targeted and 'sold' to people they hoped wouldn't understand what they had signed up for - and just to be sure they intentionally miss lead, confused and omitted facts. In addition, they were classed as a compulsory insurance for loans. The banks knew what they were doing, and unless the statute of limitations for claims is extended, they will get away with a lot of it. Win win for the banks. What they do end up repaying will likely be met by us any way... Quote Link to comment Share on other sites More sharing options...
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