Sunday, November 9, 2008

Sudden consolidation raises questions about regulation, consumer impact

Just 3 ‘superbanks’ now dominate industry

So then, the "crisis" caused by the derivatives created by these banks was used to consolidate their power, whilst the central banks who created the money that fueled the boom, via the Bretton's Wood break with gold during the 1970's, have gained control of the major banks via IMF/World Bank style conditions forced onto the large investment banks. This is a marriage of government and corporations, it is corporatism, or, corporate fascism. Given that we need regulation of money to maintain our wealth, our wealth does not appear safe in this circumstance.

Posted by planning4acrash @ 01:08 AM (761 views)
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10 thoughts on “Sudden consolidation raises questions about regulation, consumer impact

  • Bank of America, JPMorgan Chase and Wells Fargo

    How do we stand here in th UK?

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  • japanese uncle says:

    HSBC, Lloyds-HBos, RBS maybe

    Japanese major city banks were consolidated from 12 into ‘conincidentally’ three mega-groups ie Mizuho, MUFJ and Mitsui-Sumitomo during the last two decades.

    What has become of anti-trust laws? Where is competition?

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  • At the moment it is RBS, HSBC, Barclays, Lloyds HBOS, Santander and Nationwide.

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  • Is the Hong Kong Shanghi Banking Corporation a UK bank? seems odd

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  • something else a bit odd – especially coming from a comedian!

    “Open Access Article Originally Published: February 19, 2007
    Did you know that World War One actually started because of Iraqi oil?

    That’s right… or at least that’s comedian Robert Newman’s take on history, which would appear to be supported by the oft-ignored footnotes of history. In fact, some of the first British troops to see battle was during the campaign to capture Basra, Iraq in November, 1914. ”

    extract from comments

    Edith Cavelle?
    None of this is funny actually. Both WWI and WWII were lost by the Germans and their allies because they could not get oil. In fact Germany was kept in war long after they were starving (1916) by American aid called the Belgium Relief Fund. It was administered by Herbert Hoover. There was an English nurse named Edith Cavell working in Belgium who let it out to the world press that American ships were being off loaded to rail cars, which went directly to Germany. The British ask the Germans to shoot her, and they said we don’t want to do that! They said if you shoot her for us we will shoot one of yours for you. So the Germans shot her. End of story, may be not! It does go far to show things are not always as they seem, or to say the very least, the popular stories you hear as history may not be all there is to it!
    Posted by: John Gilkison

    extraordinarily odd

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  • Govt bailouts will free up lending alright – with the money that’s left after banks build up their ‘cushions’, pay bonuses and ‘take advantage of the opportunities that are out there for buying up struggling institutions’.

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  • malct,

    Yes, HSBC is a UK Bank, but most of its business is in the Hong Kong and Shanghai area. Standard Chartered is also a UK bank, and it is very popular in a lot of countries, but not the UK, where it has approximately one branch.

    You may notice I listed Santander, which is not a UK bank, but is pretty big in UK now it owns Abbey, Alliance & Leicester and Bradford & Bingley.

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  • but not the UK, where it has approximately one branch lol

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  • let’s have some respect for rememberence day

    the first world war was not won or lost

    11th nov is Armistice Day – no winners no loosers, right,

    go back to 1918, look at the banks, look at the economics, whiz back to now, Wake the flammingwell up !

    there were winners and loosers on both sides

    jonb, santander – ooh erh!

    wealth extraction – yours! Wake the flammingwell up !

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  • This is a fantastic video! Thanks for posting it here, Bill. I would never have seen it otherwise.

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