Tuesday 3 July 2012

Bad news from the banking sector AGAIN

I have just come back from a great holiday in Sunny Beach in Bulgaria. I never looked at any news programmes on TV or bought a newspaper. It was brilliant, but now that I'm back home, the first thing I see is that there is yet another banking scandal. I am not quite sure what it is all about as yet, but hearing that Barclay's CEO Bob Diamond is in it up to his neck comes as no surprise to me. He came with a suspect record and he seems to have continued his dodgy practises in his present job, or his previous job as he has just resigned. He has said in veiled terms that if he is going down, then he will take a lot of people down with him. Significantly, there is no criminal investigation pending, instead, Cameron has said that he will set up a Parliamentary enquiry into the scandal. Of course this will be a whitewash on a massive scale as quite a few politicians of all parties have connections to the banking sector and quite a few skeletons would be in full view if the proposed enquiry was a full public judicial enquiry. Throughout the last few years since the initial credit crunch of 2007/ 2008 various instances of criminal wrongdoing have been highlighted in the banking sector but, and this is a big but, no criminal charges have been brought on anyone of any note. Resignations have been deemed enough of a punishment. This in itself is a scandal perpetrated by politicians for the benefit of politicians. They do this while drastically cutting social security benefits to very vulnerable people in this country. Benefit cheats are pursued with a vigour usually reserved for murderers and child molesters. Don't get me wrong, cheats deserve to be prosecuted but, my question is, why are tax cheats not pursued with the same amount of vigour? The whole financial sector needs to be overhauled from top to bottom. The UK financial industry have become used to getting away with fraud and criminality. The system is rotten to the core and people need to realise that their money is not safe in banks, and I mean all banks. We need to keep a close eye on our money because if a collapse, and the next collapse will be of biblical proportions, happens our money will be lost and we will have no way of getting it back. I am not scaremongering, I am simply observing the markets and the world news and the whole world system is teetering on the edge of a precipice. They have got away with it by just printing money, but they can't keep doing this forever. Sooner or later the dam will burst. I don't need to go into any great detail because I think people will have a fair idea what will transpire.
Despite the continued banking disasters, I still have optimism that we will not go over the edge and that a solution will be found. There is still hope.

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