Friday, October 30, 2009

People Power

Depositors bring down Dutch bank

Customers of the Dutch bank DSB have forced it into bankruptcy by withdrawing £550m of their savings in just 12 days. BBC News Saturday, 24 October 2009 15:44 UK

Posted by devo @ 11:43 PM (6210 views)
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18 thoughts on “People Power

  • little professor says:

    Wow, this is a real heart-warming tale. DSB bank was by all accounts a nasty shark outfit, selling mortgages but getting most of their money from pushing overpriced insurance policies on them, which never paid out. They chased customers relentlesly for every last cent. Meanwhile the extravagant bank owner Dick Scheringer uses the money to sponsor everything from the country’s leading football club to the US speedskating team.

    Then a customer organization (The Mortgage Grievances Foundation) was set up by disgruntled punters; the head of the foundation called for all depositors to withdraw all their cash from the bank. That was on October 1st. Within two weeks the bank has lost £500million and goes titsup.

    Could never happen over here. We’re too apathetic a population

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  • fallingbuzzard says:

    Completely apathetic. Thats why we’ll be screwed on the exit. And we’re used to the high rates from the 80s well at least the 50s+ are

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  • Devo you devil, you have made my day.

    People power indeed. You snooze you lose.

    Get this bit- “Dirk Scheringa claimed his bank had been destroyed and called for a parliamentary enquiry.”

    Would they throw in the Lehman Bros destruction with that one? A Deathly Silence.

    I think it was Uncle Tom that first mentioned bank runs on this site a long, long time ago. Another bravo!

    No matter what country, when fear sets in panic ensues.

    My faith in people power is slowly being restored. It’s another step towards the big run.

    Now someone really responsible will throw in a wet one on this sucker. Who cares.

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  • happy mondays says:

    Viva Le Revolution (people of the world Untie)

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  • Heard about this on the grapevine last week from a colleague at work who having been stung by the Icelandic banking debacle last year had stuck his retirement savings in Dutch Bank ING when they were recovered. Hearing the News about this he took no chances and moved the lot back to a UK one especially when he also found out that the Dutch Banks rather than the Dutch Government are apparently bound by some code or other to bail each other out in the event of a bank failure.

    I suspect other depositors will be doing similar things.

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  • happy: people of the world ‘untie’

    If that’s not a typo, it’s bloody funny. Should be on T-Shirts. Please say you meant it!

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  • devo: The number of people that want a revolution is so small that the public don’t know they exist. Can you imagine telling first, second or third generation immigrants that we need a revolution. They would be amazed and chalk it up to a few bored ‘don’t know they’re born’ white middle class males.

    Mind you, I have fond memories of that sitcom “Citizen Smith”. Do you remember his catch phrase: POWER TO THE PEOPLE!

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  • 4. happy mondays
    7. flashman

    If the Americans can claim their country back ideally in a democratic political way that would be a revolution and the best form of one.

    People are starting to wake up. Have you been following the swine flu vaccination scam revolt. It is massive and international.

    Out for now!

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  • crunchy: If the majority want something they should always get it.

    I hear bits and pieces about swine flu vaccinations. It’s very hard to discern fact from fiction. If my children were given a vaccination, that was secretly known to be harmful, I would not let it go. As it is, we refuse any non-essential vaccinations and drugs. I’d be 100% behind a fruit, veg and exercise revolution

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  • “Devo’s early attempts at garnering the support of the masses, met with limited success.”
    Debrett’s People of Today, 2020.

    People of the world untie, indeed.

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  • “Flashman escaped the noose until 2021 when devo’s new government managed to get him extradited from Paraguay”

    Debrett’s People of Yesterday, 2022.

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  • happy mondays says:

    Yes Flash, not a typo, one of those early morning funny moments…

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  • happy: I will gladly follow you anywhere.

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  • 9. flashman said…”crunchy: If the majority want something they should always get it.”

    Perhaps it’s not that simple flash. It is all down to what they might think they are getting.

    On the subject of Revolution. There are many that have missed the fact or let’s say the possibility that a revolution has already occured.

    I think that the American founding fathers were very smart, their system of keeping tyranny at bay is almost bullet proof if adhered to.

    Perhaps I should be hoping for a counter revolution instead. When people buy a faulty product one has the right to take it back for a full

    refund if it does not function as you were lead to believe.

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  • http://www.youtube.com/watch?v=1Hn6ad4_FzM a taster.

    Flash,never mind Obama, Ron Paul was the real deal and the media knew it. He may be running next time round in a completely different

    country to the one we know of today.

    Power to Ron Paul, power back to the people.

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  • Banks failing is no solution to anything. They deserve to, yes, but its down to the price people make them pay for saving the idiots….who said grab them by the balls and their hearts and mind will follow? Farmer Broon should be given much credit for saving the banking system ( notwithstanding his contribution to the near catastrophe himself) – the veneer of civilisation is thin, and we assume dear old blighty could never fall into anarchy….but its happened to people of all shades during history – no one expected the Inquisition, they say.
    I think that a really pivotal issue is the degree to which the population allowed the balloon to inflate (in what they thought were self-serving time) – the fall out is unavoidable and everyone MUST realise were all in the same boat – old Nicolae CeauÅŸescu thought the army would save him…..do none of the toe sirs running the show read history?

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  • 17. braindeed

    Brown and Bernanke are expert historians, which does beg some questions.

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