Iran to Execute 4 Bankers on Fraud Charges

[IRLeetly]

Those crazy Iranians

 

[singist]

so many **** holes, not enough bullets!

 

[Theophany]

This isn't anything to do with the banking crisis though, and the financial industry aren't the only one to have very shady business practices.

I disagree. It highlights just how nothing has changed despite all we've been through these past couple of years.

It's all very well saying poor people shouldn't have gotten debts they couldn't repay, but institutions should not have been offering them in the first place.

As always, it's the soft underbelly that picks up the tab. What they did was wrong, plain and simple. I know humans are predisposed to greed, but there has to be a limit.

 

[Burnsy2023]

I disagree. It highlights just how nothing has changed despite all we've been through these past couple of years.

It wasn't a direct cause of the banking crisis, I don't see how you can argue that it did. Also, are you disagreeing that other industries don't have shady if not criminal business practices?

It's all very well saying poor people shouldn't have gotten debts they couldn't repay, but institutions should not have been offering them in the first place.

I agree that they shouldn't have offered them, but if people had some personal responsibility and didn't take them up on the offer the crisis wouldn't have happened either. If you take either out of the equation, history would be different, I don't think you can say one is more culpable than the other.

 

[Participant]

The fine line between human error and criminality, as illustrated by the financial services industry.

If anyone can find the right answer to pick the bones out of it, well, good luck.

 

[Trusty]

It wasn't a direct cause of the banking crisis, I don't see how you can argue that it did. Also, are you disagreeing that other industries don't have shady if not criminal business practices?



I agree that they shouldn't have offered them, but if people had some personal responsibility and didn't take them up on the offer the crisis wouldn't have happened either. If you take either out of the equation, history would be different, I don't think you can say one is more culpable than the other.

Of course you can say one is more culpable than the other, surely it's the banks responsibility to look after its customers, they are the ones with the knowledge.

 

[Theophany]

It wasn't a direct cause of the banking crisis, I don't see how you can argue that it did. Also, are you disagreeing that other industries don't have shady if not criminal business practices?

Not at all, but I'm not sure what you're getting at, perhaps you could clarify? To me there is a big difference between Starbucks or Amazon dodging VAT and a multi-billion pound institution essentially gambling with customer deposits because moral hazard has effectively been removed from the equation.

I agree that they shouldn't have offered them, but if people had some personal responsibility and didn't take them up on the offer the crisis wouldn't have happened either. If you take either out of the equation, history would be different, I don't think you can say one is more culpable than the other.

Well yes, it is a rather cyclical argument that likely comes down to whether or not you think personal accountability or prudent banking takes primacy. However there was more going on than just dodgy mortgage lending, if you look at what happened with Arch Cru or KeyData you can see a brazen example of how they were shafting people.

 

[hola_adios]

Yey, more people who don't understand the banking crisis! Let's all pick up our pitchforks and demand blood.

Anyone who had a cheap mortgage that they couldn't afford or consumed excessive cheap credit are as much of the cause of the banking crisis as anyone working in a bank with securitised products.

Blaming this one on personal credit is the biggest of fallacies, the biggest creditors are private companies. Banks are to blame for not separating their operations from the casino that financial markets are, and for lacking appropriate internal monitoring and controlling measures.

Mix it all together with labour's wasteful way of governing, and not allowing certain banks to fall, and we had a perfect storm.

Aside from this, we still have a housing bubble, which instead of bursting, is being artificially sustained, more mortgages, which in many cases will be impossible to pay once people lose their jobs .... makes perfect sense.

 

[Cleeecooo]

I disagree. It highlights just how nothing has changed despite all we've been through these past couple of years.

It's all very well saying poor people shouldn't have gotten debts they couldn't repay, but institutions should not have been offering them in the first place.

As always, it's the soft underbelly that picks up the tab. What they did was wrong, plain and simple. I know humans are predisposed to greed, but there has to be a limit.

I believe that there are three main causes for the recession becoming as bad as it did.

People taking loans they couldn't afford,if they can't afford them, then banks lose money, other people's money.

Banks offering the loans, they should've known better, but you can see ow greed can very easily get in the way of reasoned judgement. They were drunk on money.

The media blowing the whoe thing out of proportion. It may well have been that once Northern Rock went under, the government could bail them out, the other banks would the step up their loan policies and its possible the situation could've been averted. However, the media causing pandemic and spreading that ****ing retarded phrase 'times are hard' made people lose confidence in the banks and pull money out, making the whole situation into a vicious circle.

The economy is essentially all about confidence. If Singh people turned around and said they wouldn't accept currency, just bottle tops, our economy would be destroyed instantly and a new one created.

Of course you can say one is more culpable than the other, surely it's the banks responsibility to look after its customers, they are the ones with the knowledge.

I believe that they are each as culpable as each other.

 

[Trusty]

I believe that they are each as culpable as each other.

I just think that people with greater knowledge have a responsibilty to employ that knowledge the correct way. "with great power comes great responsibilty" lol

 

[Theophany]

Cheers Burnsy

The economy is essentially all about confidence. If Singh people turned around and said they wouldn't accept currency, just bottle tops, our economy would be destroyed instantly and a new one created.

Well kind of. 'The economy' as is often reported is really more of a backward looking measure than a forward looking one. It's all about what has already happened and isn't necessarily a good indicator of anything other than what has already happened.

I would reply in much more depth, but I'm on my phone, I'm tired and I'm **** drunk so I doubt I'd offer much intellectual stimulation! It is a fascinating subject though and exactly why I went to work in this industry

 

[Guile]

Mods delete a really important documentary without reason... Sigh


Theophany, you drone. You cheer for censorship but you don't even know what they removed. YT search 'money masters'.

I know this is a private site but I thought the mods prided themselves on free speech, if not topical debate.

 

[Burnsy2023]

Mods delete a really important documentary without reason... Sigh


Theophany, you drone. You cheer for censorship but you don't even know what they removed. YT search 'money masters'.

I know this is a private site but I thought the mods prided themselves on free speech, if not topical debate.

I'm totally up for free speech, I'm not up for complete BS that has no place in reasoned debate. If you want to ramble on about conspiracies, do it elsewhere.

 

[Anox]

Somebody did a whoopsie?

 

[Aod]

Mods delete a really important documentary without reason... Sigh


Theophany, you drone. You cheer for censorship but you don't even know what they removed. YT search 'money masters'.

I know this is a private site but I thought the mods prided themselves on free speech, if not topical debate.

I'm totally up for free speech, I'm not up for complete BS that has no place in reasoned debate. If you want to ramble on about conspiracies, do it elsewhere.

I'm actually clapping for Burnsy here, if I were in his position I've have just banned the lot of you for being argumentative and rude

 

[RebeLion]

When will the west execute the Rothschilds and all these other banking cartels

 

[Mickie]

they should bring back hanging in this country..

i like "being in the company of Gypsies for one month" and you'll be hung

 

[Theophany]

Mods delete a really important documentary without reason... Sigh


Theophany, you drone. You cheer for censorship but you don't even know what they removed. YT search 'money masters'.

I know this is a private site but I thought the mods prided themselves on free speech, if not topical debate.

Save me the potential waste of three and a half hours of my Saturday and sum it up for me.

 

[scrlk]

When will the west execute the Rothschilds and all these other banking cartels

I thought the Rothschilds don't really do as much as they used to do.

 

[CREATIVE!11]

Good job,

Can UK see this any time soon?

While poor people scrounge for food bankers drive their retard overpriced cars from their bonuses.