How the Rumour Mill mafia is destroying everybody's savings

[KentPhilip]

My opinion is that the rumours were true, and that the bank of Englad had to bail out HBOS behind the scenes (which they are now allowed to). And the government is putting out this "rogue trader" story to discredit the rumours to try any avoid any further damage to the credability to HBOS.

I wouldn't keep any money in HBOS.

[HairyArsedBloke]

Rumour: "Is HBOS run by Scotsmen?"

[OwlHoot]

gold, silver, and copper-jacketed lead

Is that what those things are in your avatar, Threaded? They look more like a bunch of sausage rolls to me or, ..., no wait don't even go there OH

[threaded]

gold, silver, and copper-jacketed lead

[BrilloPad]

Had this with Equitable Life, first we were assured the guaranteed rate ruling would make little difference, then that an interest pause of 6 months would recover the situation, then etc etc. In the end many who kept on believing it lost thousands.

People do not believe such assurances because we have heard it all before. Because the FSA do not do the job they are paid to do and they allow the public to go on being deceived. Maybe they and other regulatory bodies should be looking at the balance sheets of healthy companies with a more cynical eye and assesing the risks before there is a problem.

good point - I was also with equitable. I finally moved when I read comment from city editor of telegraph - he said hardest thing is admitting you made a mistake.

Telegraph did a feature on me with a piccie of me and my ex

[xoggoth]

The reasons are clear. When the Rock started to disintegrate, first its directors, then the regulators and finally the Chancellor insisted that the business was sound. But depositors called their bluff and the company's finances crumbled. The bank exists today, thanks entirely to the taxpayer.

Had this with Equitable Life, first we were assured the guaranteed rate ruling would make little difference, then that an interest pause of 6 months would recover the situation, then etc etc. In the end many who kept on believing it lost thousands.

People do not believe such assurances because we have heard it all before. Because the FSA do not do the job they are paid to do and they allow the public to go on being deceived. Maybe they and other regulatory bodies should be looking at the balance sheets of healthy companies with a more cynical eye and assesing the risks before there is a problem.

[BrilloPad]

So my strategy of having no savings has finally got a positive angle.

hmmmm - so it made no difference to me getting divorced? excellent...

[BrilloPad]

Imagine if the market mavens took their leads from this forum!

indeed. as a corollary, suppose that Mervyn King got his lead from atw...

[Chantho]

So my strategy of having no savings has finally got a positive angle.

Seconded, can't remember the last time I had any of these savings thingies.

[bogeyman]

Imagine if the market mavens took their leads from this forum!

[PAH]

So my strategy of having no savings has finally got a positive angle.

[BrilloPad]

http://www.telegraph.co.uk/money/mai.../21/do2101.xml

How the Rumour Mill mafia is destroying everybody's savings