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How are the banks going to be able to fix their reputations?

Posted by Fenlandphil on June 30, 2012 at 6:12am

It seems that just when you think that there is nothing further left in the woodwork another grubby practice drops out onto the floor in front of us.

I do not like the banks, they do not seem to be there to help their customers but to help themselves to unreasonable amounts of their customers money and to give very little in return.

Probably the rigging of the LIBOR rate is one of the nastiest abuses and if it was done on a cartel basis, with other banks involved, the charges levied on their customers would seem even more unreasonable.

Having said that, "I don't like the banks", I realise that we need them or something like the institution, how do you think the banks can put their house in order?

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  • Busy Bee Garden Services Limited June 30, 2012 at 6:22am

    I think the anti competition people might be looking at this if it was done on a cartel basis, but yes the banking story keeps on rolling and if they were a normal private business they would be gone. I find taking massive bonus out of what appears to be a loss making business a weird one, if I make no profit, I make no living!

  • Fenlandphil June 30, 2012 at 6:31am

    What really hacks me off is over the twentyfive years I have been in business I have had any number of bank managers telling me how I should run my business, charging me on every possible occasion and mostly unreasonably. To find that these people are working for an organisation that appears to operate at least on the fringes of criminality incenses me.

    Busy Bee Garden Services Limited said:

    I think the anti competition people might be looking at this if it was done on a cartel basis, but yes the banking story keeps on rolling and if they were a normal private business they would be gone. I find taking massive bonus out of what appears to be a loss making business a weird one, if I make no profit, I make no living!

  • PRO
    Phil Voice June 30, 2012 at 9:43am

    I think it needs a fresh start and a fresh model.

    Banks effectively control the world so it's about time the world controlled banks.

    Maybe a computer model which takes the human element out of business lending decision making? I'm sure it is easy to create an algorithm that can detect how effectively an account is run and give the business a score from which lending rules are set? 

  • PRO
    Brian www.mibservices.co.uk June 30, 2012 at 11:07am
    My take on this is this ..... Stop governments of the EU giving the money to the banks and start lending it directly to small businesses and the public. The banks got billions on the condition they helped small businesses by lending to them, they failed to use the money to do that and used it to invest and boost their own bonus's. It enrages me the way the banks have operated over the last 4-5 years. Nothing but selfish greedy incompetent sods. If every business ran themselves like banks the world would implode. The power must be shifted back to the customers and public. The CEO's and Directors should be named, shamed and jailed for this disaster. Not rewarded with millions of OUR TAX DOLLARS for bonuses for FAILURE !!?!
    If I had my way they would be stripped and flogged, publicly. I'd love to see the CEO's try running banks that way in Sudia Arabia, they wouldn't dare.
  • Fenlandphil June 30, 2012 at 12:07pm

    I think they have already tried this Phil, I know I had some grief over it a year or two back, it is a long story but the £7.5bn loss at RBS happened at the same time as I wanted to convert an overdraft to a loan and I had very frank exchange of views with one of their lending staff, which seemed to sort matters out.

  • chris nangle June 30, 2012 at 12:10pm

    They are beyond redemtion,you are right Phil the tail is wagging the dog,we need too let them fail if need be and start again

  • chris nangle June 30, 2012 at 12:14pm

    be careful what you wish for ,computer algorithms sold the aaa rated toxic housing around the world mate ,and played a huge part in the meltdown that followd ,its no supricse that banks ext base near CERN and try too recrute physicists ext too write the computer algorithms


    Phil Voice said:

    I think it needs a fresh start and a fresh model.

    Banks effectively control the world so it's about time the world controlled banks.

    Maybe a computer model which takes the human element out of business lending decision making? I'm sure it is easy to create an algorithm that can detect how effectively an account is run and give the business a score from which lending rules are set? 

  • chris nangle June 30, 2012 at 12:17pm

    http://www.guardian.co.uk/technology/2008/oct/16/computing-software...

  • chris nangle June 30, 2012 at 12:36pm

    another good read on the whole shit storm of banking http://williamhatcher.wordpress.com/tag/global-financial-crisis/

  • PRO
    Geoffrey King June 30, 2012 at 2:54pm

    Thanks Chris

    That nicely summed it up.

    chris nangle said:

    another good read on the whole shit storm of banking http://williamhatcher.wordpress.com/tag/global-financial-crisis/

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