Originally posted by BolshieBastard
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Reply to: Another thieving parasite banker
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Previously on "Another thieving parasite banker"
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Originally posted by Mich the Tester View PostI live in NL and pay Dutch taxes.
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Originally posted by AtW View PostRBS (UK bank bailed out by UK taxpayers) owns part of ABN Amro. Hardly Dutch problem is it?
http://www.independent.co.uk/news/bu...f-1192851.html
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Originally posted by deano View PostHence the "frustration and impotence" I mentioned.
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Originally posted by Mich the Tester View Post…and the fact that my taxes are being used to rescue a business while the directors are being rewarded with multi million euro f**k-up-bonusses as if there’s nothing wrong.
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Originally posted by deano View PostIt's the "in your view" that lets it down AtW. It is only in your view (and in the view of like minded people).
So we get to the bottom line. Can I summarise...
1) There has been regulatory failure
2) No evidence has yet been presented of criminal activity by bank directors
3) You - and others - think something criminal must have taken place but you have no evidence for that.
And that's about it. Nothing much except that some people on this forum don't like bank directors and would like them imprisoned because of a vague feeling of moral righteousness, combined with frustration, impotence and political dogma.
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Originally posted by AtW View PostYes.
$500 bln I think were Lehmans obligations, they stopped being a bank and became hedge fund - massive failure of regulation but also criminal negligence on behalf of the management of the bank in my view.
So we get to the bottom line. Can I summarise...
1) There has been regulatory failure
2) No evidence has yet been presented of criminal activity by bank directors
3) You - and others - think something criminal must have taken place but you have no evidence for that.
And that's about it. Nothing much except that some people on this forum don't like bank directors and would like them imprisoned because of a vague feeling of moral righteousness, combined with frustration, impotence and political dogma.
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Originally posted by BolshieBastard View PostWTF are you whining at? Its a dutch bank FFS.
You're hardly paying dutch taxes from Blackpool, are you?
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Originally posted by AtW View Post
The exposure to loans used to leverage the investments of its clients in Bernard Madoff's giant $50bn (£33bn) pyramid scheme is the latest blow delivered to RBS from its purchase of ABN last year, a deal which accounted for about a third of RBS's £5.9bn of first-half write-downs. Investor anger at the takeover, which left RBS in a weak capital position, helped prompt the departure of the bank's chief executive, Sir Fred Goodwin, last month. "
That's the basis for criminal case - anyone (like bank, hedge fund) who put a lot of money into Madoff ponzi scheme did not do due diligence.
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Originally posted by BolshieBastard View PostWTF are you whining at? Its a dutch bank FFS.
You're hardly paying dutch taxes from Blackpool, are you?
http://www.independent.co.uk/news/bu...f-1192851.html
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Originally posted by Mich the Tester View PostI'm not going to translate this, but this **** has presided over a bank that was nationalised by the Dutch state and is now subsidized by my taxes and is leaving with a 'leaving compensation' of 8 million euros. The business he runs has just recieved the biggest welfare cheque in the history of the Netherlands and he's oing off with milions. This is f**king revolting. People get wound up about so-called benefit scroungers and sinlge mothers on income support, but their contribution to the general bloodsucking effort is nothing compared to the senior management of banks.
Should we just stop using the word 'banker' and replace it with 'tapeworm'?
http://www.nrc.nl/economie/article21...oor_topman_ABN
You're hardly paying dutch taxes from Blackpool, are you?
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Originally posted by deano View PostDo you know what derivatives are, AtW? Do you know how hedge funds work?
[QUOTE=deano;726665]I have some news for you. Hedge funds are still being invested in. Banks and pension funds are still using them. Right now. /QUOTE]
Right now hedge funds are in huge decline - overall investment is negative (some obviously still get money), given how non-transparent they are and Madoff scam I'd expect more of outflows to happen next year and by the end of 2010 hedge funds will be not as numerous as they used to.
What needs looking at is the regulatory system to make sure that the tools are being used properly.
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Originally posted by AtW View PostIt sure as hell won't happen in the UK - and I doubt very much for rest of EU, though I would expect much tigher regulations there to prevent banks taking on derivatives junk and other stuff.
I have some news for you. Hedge funds are still being invested in. Banks and pension funds are still using them. Right now. At this very moment. Because they are useful tools for financial investment.
As with any tool it is a matter of using the correct one for the job at hand. It is not the fault of the tool, and those people using them correctly should not be prevented from doing so.
What needs looking at is the regulatory system to make sure that the tools are being used properly.
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Originally posted by deano View PostOh I don't have a problem with investigations. In fact I am looking forward to the Congressional Hearings on this, and if they start to dig, then the pressure will be on Europe and the UK to do the same.
Originally posted by deano View PostWhat I do find uncomfortable is the assumption that laws have been broken
I don't have a problem with people being rich (bankers or not) - I have a problem when such riches however are obtained when everyone is getting screwed by that person who gets rich at the expense of others, those bankers (not all) essentially engaged in running Ponzi schemes - just look at how many of them put money into Madoff fund and were taking out 12% per annum without asking questions, ffs, one hedge fund put almost all money into it - $7.5 bln, just what it says about risk management there?
Not all banks were involved in this deep, some more and some less - but this needs to be investigated with clear objective - bring criminal charges against people who run those banks.
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