BEWARE! THE BANKS ARE OUT TO GET YOU!

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by PanBiker »

Yorkshire Penny Bank for those old enough to remember. :extrawink: Branson has his hands in the pie now. :sad:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

On a parallel matter, the mobile branch of Lloyd's Bank only appears for about 3 hours a week......
High Street banking is on its last legs in Barlick.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by plaques »

There is no money to be made out of the working class punter. The real money is made out of big ticket high risk loans with juicy management fees which are then sliced and diced into derivatives and other mysterious financial instruments to be sold in bulk, again at high fees, to suckers down the food chain until it reaches the punter as a bond which invariably tanks. All resulting in a world wide financial crisis in which Joe Soap picks up the tab. Then it all starts again. Banks aren't here to serve people they are nothing but money cows to be milked by the masters of the universe to make even more money.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Tizer »

Plaques, I hope you listened to this, it's not just the Reddit crowd but discusses the stock market more generally. The `Boring Money' lady was particularly good - she gave the man from the AIMA a hard time!
`The Reddit Revolutionaries' (Radio 4, The Bottom Line)
`The rush on shares by individual investors, into struggling US video game store chain Gamestop was portrayed as an attempt by a new breed of retail investors to thwart hedge funds which were shorting the stock. Some investors won big, others lost everything and one hedge fund, Melvin Capital, lost half of its $13bn fund. Was this really a David and Goliath fight, signalling a win for retail stock pickers, collaborating on social media platforms like Reddit? And has it changed the future of investing? Evan Davis and guests discuss.'
Guests: Holly MacKay, Founder and MD, Boring Money Boring Money , Jack Inglis, CEO of Alternative Investment Management Association (AIMA), Mo and Danny, Online retail investors
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

I agree Ken.The stock market began as a useful way to get industrial capital together but has since been swamped by cunning wheezes. They started early with Tulips and the South Sea Company.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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Tizer's Reddit link more or less says that short selling is morally wrong. The edge fund man defended it by saying that many of his clients were pension funds which somehow made it OK. Robbing Peter to pay Paul. So you screw some genuine enterprise into the ground take your profit give a bit to a pension fund and everything is sweetness and light. Mugging someone and giving a few coppers to a charity collection doesn't make it right.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

Exactly Ken. The ends do not justify the means. The only reason these cunning wheezes are allowed is because they are an integral part of the financial system. Interesting how many of the beneficiaries are funders of the Tory Party. :biggrin2:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Tripps »

Offred without comment -

"Deliveroo will also open the flotation to its customers who can buy up to £1,000 worth of shares in the firm. The company is expected to be valued at around $7bn (£5bn) when it floats but it is yet to make a profit. In its most recent financial results for the year to 31 December 2019, sales rose by 62% to £771.7m. However, pre-tax losses also grew from £243.3m to £317.7m."

So- the third world economy begins to establishes itself here. Dabbawala Literal translation - 'one who carries a box'
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

What puzzles me David is why anyone would buy shares in a company that loses money. Why doesn't the share price collapse?
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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Stanley wrote: 07 Mar 2021, 13:20 why anyone would buy shares in a company that loses money.
Stop being sensible. :laugh5:

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

Nice one.... :biggrin2: :good:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Tripps »

Another beauty - to coin a phrase. . .

"The best way to rob a bank is to own a bank"

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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

That's a fascinating link David. High finance is certainly another world. I think that pic of Chuck hanging the gong round Lex's neck must be the perfect illustration of a smug smile.
(Why is everybody wearing overcoats in that pic. Brenda turned the thermostat down?)
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

I see Lewis's have not said all their stores will reopen when lockdown of retail ends.
Add the way the arguments over Brexit are stacking up and I fear we might be in for a bad summer and an even worse winter.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

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Stanley wrote: 12 Mar 2021, 04:44 I see Lewis's have not said all their stores will reopen
When you say Lewis's I think not of John Lewis, but of this Lewis's :smile:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Wendyf »

I do too Tripps. Lewis's in Leeds was my favourite department store, I only have to hear the name and the wonderful smell coming up from the food hall in the basement comes back to me.
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Post by Stanley »

So did I!!! Thank you for educating me. I was of course referring to the John Lewis Partnership and will now have to research them....
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Tripps »

Spent much of the afternoon closing my Starling Bank account which I was surprised to see, I have had for nearly three years. They sent me a new card - two weeks after the old one had expired, and told me I could 'activate it on the app'.

Well I couldn't - on the phone or the PC, and no one answered the phone after a reasonable wait - so I looked at how to close it, and succeeded. If they'd made the registration process as easy as the closing - I'd probably have kept it. :smile:
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

There's a lesson for entrepreneurs! Well done David....
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

News is coming in of the failure of a large NY based hedge fund. Nothing on the web yet.....
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Tizer »

Archegos Capital...
`The Firm Behind The $30 Billion Firesale Shaking Financial Markets Disclosed Almost Nothing' Archegos
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by plaques »

Sounds like another Bernie Madoff, Ponzi Scheme with a twist. Hold all profits abroad, Pay no tax. Borrow money in the US, Tax deductible, Massive hand out to CEO's and shares holders, Share price rises. Borrow more money......... Repeat until it all collapses.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

Thanks Peter, I read the link.... It's another world isn't it and you're right Ken, there is something wrong with a system that can allow an operation like that to continue unchecked.
No doubt the big investment houses 'unwinding' the position will be on a nice little earner as well.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Tizer »

It seems to happen all too often now.Governments always seem to be `behind the curve'.
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Re: BEWARE! THE BANKS ARE OUT TO GET YOU!

Post by Stanley »

The thing that worries me the most is that many of the Tory Party's funders are property developers and hedge funds. When Osborne came out of office he went into Black Rock on a big salary. Now we hear Cameron got a similar deal with Greensill. Why does my crap detector start whining when I hear about things like that?
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