Bank Corruptions - is this what really happened.

Maura74

This was on last night on BBC2 and could not believe how banks around the world were so corrupt.


http://www.bbc.co.uk/iplayer/episode/b0183l0t/Storyville_20112012_Inside_Job/

:eek::eek::eek:

Could you give a summary for those of us who don't have the player please/on mobile

The OP is talking about 'Inside Job', the one narrated by Matt Damon.

I think it's important to separate investment banking from the more traditional kind. Our banks went down through a mixture of cheap credit and bad loans.

Maura74

bluewolf wrote: »

Could you give a summary for those of us who don't have the player please/on mobile

It is called inside job you can see in on BB2 website last night programme it is:

Charles Ferguson's Academy Award-winning forensic analysis of the 2008 global financial crisis. The film traces the emergence of a rogue culture within the finance industry which has corrupted politics, regulation, and academia. At a cost over $20 trillion, the crisis caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly caused global financial collapse.

bamboozle

in any walk of life, sport, profession there will also be people looking to scam/cheat/take the easy option, as a result there are referees, managers, commissioners and FINANCIAL REGULATORS who are put in place in the relevent industry with the job of refereeing or keeping an eye on those within the sport/profession/industry to make sure they're adhering to the rules and regulations.

Look at sports we have referees, touch judges, tv referees, citing commissioners, disciplinary panels etc, without them performing their roles competently all hell would break lose and the sport would dissolve into a farce.

with the banking industry we had Pat Neary AKA Rip Van Winkel who was paid to be financial regulator yet in reality he fell asleep at the wheel for the years he was in charge and let banks get away with murder.

My point being, in many professions there will be chancers, to counter this government needs adequate laws, regulations and regulators in place to ensure the laws are maintained and anyone breeching is identified and dealt with accordingly. Unfortunately for us Bertie appointed Neary to a role he wasnt fit for, he did nothing and now the country is up sh1t creek.

Park Royal

I found the programme very good, particularly detailing the American side of the

crash........and for me I believe it was the start of the world wide crash.....

it really showed up the rating agencies as down right shams....Standard and

Poor's, Moody's and Fitch.....

as for the European side of the crash , the "short selling " of stocks and the

ECB putting up interest rates in 2007? ( do you recall RTE's George Lee

coming on every few weeks telling us of another ECB rate increase about 5

increases in all) all combined to put a squeeze on spending , firms closing

etc all combined to cause a perfect storm.....then the ECB reversed out of

the increases and started decreasing rates.....but too late......:(

HivemindXX

bamboozle wrote: »

My point being, in many professions there will be chancers, to counter this government needs adequate laws, regulations and regulators in place to ensure the laws are maintained and anyone breeching is identified and dealt with accordingly. Unfortunately for us Bertie appointed Neary to a role he wasnt fit for, he did nothing and now the country is up sh1t creek.

We also need people not to buy the line about how "government (which is incompetent by definition) is trying to regulate things they don't understand, stifling innovation and taking your jobs"

Part of the reason for weak regulation (world wide) is that the electorates believe giant companies when they say regulation is bad.

Floppybits

HivemindXX wrote: »

We also need people not to buy the line about how "government (which is incompetent by definition) is trying to regulate things they don't understand, stifling innovation and taking your jobs"

Part of the reason for weak regulation (world wide) is that the electorates believe giant companies when they say regulation is bad.

Which is why we need strong politicians and leaders to be able to stand up to these companies and impose regulation. Unfortunately we don't have type of politician or leader at this time, not here in Ireland, Europe or America. I think if we did have strong leaders this would have been sorted long ago.

timmy_mallet

A few things...

Up until the mid 90s - banking accounted for, on average, 4% of the GDP of western economies. Now it accounts for 40%. Most of which could be considered paper assets with no real store of value - the of the reason the industry doesn't want a collapse.

The collapse, when it happens, will only really affect these c**ts and those associated - your house will be still standing, cows will still produce milk, apples will still grow on trees, etc, etc... nothing will happen - the physical economy will continue - things will pulled out of the ground or recycled, goods will be manufactured and the sun will keep rising.

"The markets" and banking sector are a frightened cat backed into corner - they'll do anything to keep their corrupt, worthless industry going.

Many of us will have to come to terms with the fact that this 4% - 40% increase in worthlessness, means most of our investments in this industry, pensions etc, may have to reduce by 30% - we're 30% less well off than we 'thought' we were. Nothing really happens - you'll still be warm in the winter, still be able to eat...

Good point from that doc was the fella interviewed sayig that his fixed-income working friend went from earning $60k to $2 million overnight and he though he was a genius. An industry full of sociapaths will never do anyone any good.

[MOD]Calling them c**ts doesn't actually add anything to what you're saying.[/MOD]

prech101

timmy_mallet wrote: »

A few things...

Up until the mid 90s - banking accounted for, on average, 4% of the GDP of western economies. Now it accounts for 40%. Most of which could be considered paper assets with no real store of value - the of the reason the industry doesn't want a collapse.

The collapse, when it happens, will only really affect these c**ts and those associated - your house will be still standing, cows will still produce milk, apples will still grow on trees, etc, etc... nothing will happen - the physical economy will continue - things will pulled out of the ground or recycled, goods will be manufactured and the sun will keep rising.

"The markets" and banking sector are a frightened cat backed into corner - they'll do anything to keep their corrupt, worthless industry going.

Many of us will have to come to terms with the fact that this 4% - 40% increase in worthlessness, means most of our investments in this industry, pensions etc, may have to reduce by 30% - we're 30% less well off than we 'thought' we were. Nothing really happens - you'll still be warm in the winter, still be able to eat...

Good point from that doc was the fella interviewed sayig that his fixed-income working friend went from earning $60k to $2 million overnight and he though he was a genius. An industry full of sociapaths will never do anyone any good.

[MOD]Calling them c**ts doesn't actually add anything to what you're saying.[/MOD]

Excellent post, really summed it up well!!

The only 2 things that create wealth in the world are "Natural Resources" and Peoples Labour"

they have and still have lost sight of this. Banks and high ranking bankers (I should say bottom feeders) are clinging on to there power by buying of our politicians and using our police force to keep the people at bay.
this will only work for so long, and what they have taken from the people will return to the people.

2012 is going to be a very interesting year. looking forward to it!!!
Year of the People, fall of the banks.

woodoo

Is there anywhere we can see it here? A link to Inside Job narrated by Matt Damon. I won't be able to watch it on BBC i player in the south.

zenno

sounds interesting, just downloaded this, will give it a watch later.

zenno

woodoo wrote: »

Is there anywhere we can see it here? A link to Inside Job narrated by Matt Damon. I won't be able to watch it on BBC i player in the south.

you can watch it here full length and HD. if you have broadband that is.

http://vimeo.com/25491676

woodoo

zenno wrote: »

you can watch it here full length and HD. if you have broadband that is.

http://vimeo.com/25491676

Excellent works great.

first58

Great programme, give a scumbag a gun and he will rob a bank, give a guy with a degree a bank and he will rob the entire world.

K-9

Park Royal wrote: »

ECB putting up interest rates in 2007? ( do you recall RTE's George Lee

coming on every few weeks telling us of another ECB rate increase about 5

increases in all) all combined to put a squeeze on spending , firms closing

etc all combined to cause a perfect storm.....then the ECB reversed out of

the increases and started decreasing rates.....but too late......:(

Indeed the ECB did put up rates and there was a mad panic here by FF, FG, Labour and the PD's to stoke the property market by reducing stamp duty or as FF did, double mortgage interest relief for FTB's to €20,000 for a couple.

The state was subsidising mortgages to the tune of €4,000 cash on mortgages of near a Million Euro!

The American example is very good, tbh I think Irish banks were different, they seemed to believe their own self publicity and PR!

zenno

watched that inside job last night, a lot of coked out of it ****, i mean bankers. amazing how they were trying everything to stop regulation on derivatives, what a mess.

Solair

It seems Ireland was very much in the US/Iceland model of banking.

That documentary doesn't really leave you with much hope other than that the political consequences of the system actually completely collapsing might result in similar reaction to what happened after the Wall Street Crash in the USA i.e. seriously harsh and controlling regulation.

woodoo

Well worth a watch. Some serious shennagians going on. Its rotten to the core.

Morrisseeee

...................and yet how many of them are in jail ??!! and who's paying for it now ??!! .........that's the real shocking part :eek::mad:

Solair

Even if you tried to arrest and jail them they'd just vanish (with our money) to some paradise island tax haven and become unreachable.

I mean it's nuts when you consider that countries like the UK and France basically have local tax havens created specifically for that:

Isle of Mann, Channel Islands, Monaco, Andorra... they were only preserved so that the very wealthy could avoid paying tax yet live locally.

There's a complete unwillingness to do anything about this because of corruption.