One more banking scam in Spain.

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This topic contains 19 replies, has 7 voices, and was last updated by Profile photo of Anonymous Anonymous 4 years, 4 months ago.

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  • #56922
    Profile photo of logan
    logan
    Participant

    Here is the human cost of yet another Spanish financial scam. Selling preference shares through branch networks and convincing innocents their investment was solid and protected. It’s disgusting.

    I have personal experience of this and was told by my CAM bank manager the investment was solid and worthwhile. They were obviously being paid large commissions to push the shares to people who had no understanding of the risk.

    What’s the EU doing about it? Nothing they are encouraging it. The government admit it should not have happened but that’s all they will do. Like the housing market catastrophe, always someone else’s fault.

    This is a terrible loss to pensioners who have done the right thing in their lives, saved for their retirement and are now kicked in the teeth.

    http://www.bloomberg.com/news/2012-07-11/spanish-bank-bailout-means-forcing-losses-on-cooks-pensioners.html

  • #110412
    Profile photo of Anonymous
    Anonymous
    Participant

    the banks offered these “investments” when customers requested better interest rates on their deposits – all customers just thought they were another savings plan (guaranteed). makes me want to cuddle up to my local estate agent for protection!!!! 😆 😆 these spanish banks have been so disgusting and so crooked especially with the vulnerable (ie 95% of the population!!! 🙁 🙁 🙁 🙁

  • #110413
    Profile photo of logan
    logan
    Participant

    Yes. When I had the conversation with the CAM bank director, a woman, I pointed out to her I knew the bank was having difficulties.

    Her answer was it was all silly media speculation and untrue! 😯 She ploughed ahead with her sales pitch oblivious.
    I knew then I had to exit as cheaply as possible and move to another bank.

    That lady has since been sacked and investigated for corruption.

  • #110415
    Profile photo of Anonymous
    Anonymous
    Participant

    This unfolding drama of mis-sold preference shares is truly appalling. It is the ruin of thousands of Spanish savers who trusted their banks. The bosses who dreamt up this wheeze have moved on, paying themselves multi-million Euros goodbyes in the process.

    They belong in jail.

  • #110422
    Profile photo of logan
    logan
    Participant

    Not just Spain Mark, what about Barclays et. al. and a certain Mr Diamond?
    This is possibility worse however because it’s hit thousands of ordinary people who invested their life savings.

  • #110703
    Profile photo of logan
    logan
    Participant

    Not just Spain Mark, what about Barclays et. al. and a certain Mr Diamond?
    This is possibility worse however because it’s hit thousands of ordinary people who invested their life savings.

  • #110449
    Profile photo of Chopera
    Chopera
    Participant

    @logan wrote:

    Not just Spain Mark, what about Barclays et. al. and a certain Mr Diamond?
    This is possibility worse however because it’s hit thousands of ordinary people who invested their life savings.

    Barclays couldn’t have manipulated the Libor on their own, and Libor wasn’t the only index/market being manipulated. Like Fuld and Goodwin before, Diamond has been picked out as a token whipping boy in an attempt to divert attention from the fact that everyone from banks, to central banks, to politicians has been at least aware of what was going on, if not actively encouraging it.

  • #110749
    Profile photo of Chopera
    Chopera
    Participant

    @logan wrote:

    Not just Spain Mark, what about Barclays et. al. and a certain Mr Diamond?
    This is possibility worse however because it’s hit thousands of ordinary people who invested their life savings.

    Barclays couldn’t have manipulated the Libor on their own, and Libor wasn’t the only index/market being manipulated. Like Fuld and Goodwin before, Diamond has been picked out as a token whipping boy in an attempt to divert attention from the fact that everyone from banks, to central banks, to politicians has been at least aware of what was going on, if not actively encouraging it.

  • #110466
    Profile photo of logan
    logan
    Participant

    I agree Chopera the whole system is rotten to the core. Capitalism and politics has been severely discredited and I see a new ice age in world markets and perhaps even revolution as the masses say enough. Who can blame them?

    The B of E Governor Mervyn King said today that it may take 20 years to recover from it all. I share that pessimism. We need a whole new generation of professional people with real integrity to take over our institutions both in the US and Europe and clean it all up.

  • #110766
    Profile photo of logan
    logan
    Participant

    I agree Chopera the whole system is rotten to the core. Capitalism and politics has been severely discredited and I see a new ice age in world markets and perhaps even revolution as the masses say enough. Who can blame them?

    The B of E Governor Mervyn King said today that it may take 20 years to recover from it all. I share that pessimism. We need a whole new generation of professional people with real integrity to take over our institutions both in the US and Europe and clean it all up.

  • #110475
    Profile photo of Anonymous
    Anonymous
    Participant

    People with honour & integrity. They are not born with these values along with other values. If the parents do not have values how can they inject them in the next generation ?.

    The problem is uncontrolled and unchecked capitalism. As far the money is made their is no right or wrong. Of course the English will never do it as they have been turned into a subsrevient race. As far as the Englishmen has his money for the mortgage, two weeks in the sun, new washing machine if required and the biggest opium for the masses a season ticket of Chelsea, man U or Arsenal. The people will not rise.

    Bob Diamond. While I can agree that he is the fall guy. He however had enough enemies to be a sitting target. Personally before the event I dispied him. If the city wants to clean its imagine they should ensure that no American is heading any of the orginisations.

  • #110775
    Profile photo of Anonymous
    Anonymous
    Participant

    People with honour & integrity. They are not born with these values along with other values. If the parents do not have values how can they inject them in the next generation ?.

    The problem is uncontrolled and unchecked capitalism. As far the money is made their is no right or wrong. Of course the English will never do it as they have been turned into a subsrevient race. As far as the Englishmen has his money for the mortgage, two weeks in the sun, new washing machine if required and the biggest opium for the masses a season ticket of Chelsea, man U or Arsenal. The people will not rise.

    Bob Diamond. While I can agree that he is the fall guy. He however had enough enemies to be a sitting target. Personally before the event I dispied him. If the city wants to clean its imagine they should ensure that no American is heading any of the orginisations.

  • #110489
    Profile photo of logan
    logan
    Participant

    @shakeel wrote:

    People with honour & integrity. They are not born with these values along with other values. If the parents do not have values how can they inject them in the next generation ?.

    That statement is true Shakeel, but in my long life time experience in business I have met and worked with many, many people who had the right qualities. I still have faith in people and in the future of the UK.

    It’s the structures which need to change. The SFA is weak and under resourced. The regulators are inept and complacent. The B of E needs a new governor who has lived in the real world of business and courts need to impose savage sentences for white collar crime. That’s a start.

    The real corruption lies in people at the very top of the hierarchical structures in Spain who possess the power to break others. Spain needs root and branch reforms, savage deep cleans not just in the financial sector as Rajoy announced but in all aspects of Spanish society.

    Will it happen? I doubt it. Changing Spanish culture is an impossible task but you have to start somewhere.

  • #110789
    Profile photo of logan
    logan
    Participant

    @shakeel wrote:

    People with honour & integrity. They are not born with these values along with other values. If the parents do not have values how can they inject them in the next generation ?.

    That statement is true Shakeel, but in my long life time experience in business I have met and worked with many, many people who had the right qualities. I still have faith in people and in the future of the UK.

    It’s the structures which need to change. The SFA is weak and under resourced. The regulators are inept and complacent. The B of E needs a new governor who has lived in the real world of business and courts need to impose savage sentences for white collar crime. That’s a start.

    The real corruption lies in people at the very top of the hierarchical structures in Spain who possess the power to break others. Spain needs root and branch reforms, savage deep cleans not just in the financial sector as Rajoy announced but in all aspects of Spanish society.

    Will it happen? I doubt it. Changing Spanish culture is an impossible task but you have to start somewhere.

  • #110491
    Profile photo of angie
    angie
    Spectator

    I will agree with you that the FSA (I think you mean them) and the BOE Governor are totally out of touch with reality, the FSA is inept, negligent, and complicit, along with the BBA in allowing mortgage fraud and other mis-selling of products by British Banks without doing a thing about regulation.

    Meanwhile Mervyn King is the worst Governor I can remember for being out of touch, and turns a blind eye to others whilst enjoying the ‘high life’ himself.

    Both these institutions have been on my radar and there has been numerous correspondence between us, a lot of people moan about things but do nothing to try to put things right or register complaints. I requested lots of info under the FOI Act which they reluctantly but had to supply 🙄

  • #110791
    Profile photo of angie
    angie
    Spectator

    I will agree with you that the FSA (I think you mean them) and the BOE Governor are totally out of touch with reality, the FSA is inept, negligent, and complicit, along with the BBA in allowing mortgage fraud and other mis-selling of products by British Banks without doing a thing about regulation.

    Meanwhile Mervyn King is the worst Governor I can remember for being out of touch, and turns a blind eye to others whilst enjoying the ‘high life’ himself.

    Both these institutions have been on my radar and there has been numerous correspondence between us, a lot of people moan about things but do nothing to try to put things right or register complaints. I requested lots of info under the FOI Act which they reluctantly but had to supply 🙄

  • #110511
    Profile photo of Chopera
    Chopera
    Participant

    @logan wrote:

    That statement is true Shakeel, but in my long life time experience in business I have met and worked with many, many people who had the right qualities. I still have faith in people and in the future of the UK.

    It’s the structures which need to change. The SFA is weak and under resourced. The regulators are inept and complacent. The B of E needs a new governor who has lived in the real world of business and courts need to impose savage sentences for white collar crime. That’s a start.

    The real corruption lies in people at the very top of the hierarchical structures in Spain who possess the power to break others. Spain needs root and branch reforms, savage deep cleans not just in the financial sector as Rajoy announced but in all aspects of Spanish society.

    Will it happen? I doubt it. Changing Spanish culture is an impossible task but you have to start somewhere.

    Niall Furguson was talking about the importance of structure and institutions in his recent Reith lectures

    http://www.bbc.co.uk/podcasts/series/reith

    might be of interest

  • #110811
    Profile photo of Chopera
    Chopera
    Participant

    @logan wrote:

    That statement is true Shakeel, but in my long life time experience in business I have met and worked with many, many people who had the right qualities. I still have faith in people and in the future of the UK.

    It’s the structures which need to change. The SFA is weak and under resourced. The regulators are inept and complacent. The B of E needs a new governor who has lived in the real world of business and courts need to impose savage sentences for white collar crime. That’s a start.

    The real corruption lies in people at the very top of the hierarchical structures in Spain who possess the power to break others. Spain needs root and branch reforms, savage deep cleans not just in the financial sector as Rajoy announced but in all aspects of Spanish society.

    Will it happen? I doubt it. Changing Spanish culture is an impossible task but you have to start somewhere.

    Niall Furguson was talking about the importance of structure and institutions in his recent Reith lectures

    http://www.bbc.co.uk/podcasts/series/reith

    might be of interest

  • #110542
    Profile photo of Anonymous
    Anonymous
    Participant

    @shakeel wrote:

    People with honour & integrity. They are not born with these values along with other values. If the parents do not have values how can they inject them in the next generation ?.

    The problem is uncontrolled and unchecked capitalism. As far the money is made their is no right or wrong. Of course the English will never do it as they have been turned into a subsrevient race. As far as the Englishmen has his money for the mortgage, two weeks in the sun, new washing machine if required and the biggest opium for the masses a season ticket of Chelsea, man U or Arsenal. The people will not rise.

    Bob Diamond. While I can agree that he is the fall guy. He however had enough enemies to be a sitting target. Personally before the event I dispied him. If the city wants to clean its imagine they should ensure that no American is heading any of the orginisations.

    I’m sorry but this is not capitalism… this is fraud.

    Goverment intervention that allows for our financial system is whats at fault here.

  • #110842
    Profile photo of Anonymous
    Anonymous
    Participant

    @shakeel wrote:

    People with honour & integrity. They are not born with these values along with other values. If the parents do not have values how can they inject them in the next generation ?.

    The problem is uncontrolled and unchecked capitalism. As far the money is made their is no right or wrong. Of course the English will never do it as they have been turned into a subsrevient race. As far as the Englishmen has his money for the mortgage, two weeks in the sun, new washing machine if required and the biggest opium for the masses a season ticket of Chelsea, man U or Arsenal. The people will not rise.

    Bob Diamond. While I can agree that he is the fall guy. He however had enough enemies to be a sitting target. Personally before the event I dispied him. If the city wants to clean its imagine they should ensure that no American is heading any of the orginisations.

    I’m sorry but this is not capitalism… this is fraud.

    Goverment intervention that allows for our financial system is whats at fault here.

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