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Austerity kills, economists warn
‘Sweetheart’ deal between HMRC and Goldman Sachs was struck to save Government embarrassment #disgrace
English: Logo of The Goldman Sachs Group, Inc. Category:Goldman Sachs (Photo credit: Wikipedia)
Disgraceful and leaves a bad taste in the mouth for the honest UK ‘mug’ taxpayer.
Commonsense, just commonsense #UK #Osborne #UKuncut
sound advice from the #FCA #interestrates #0 #banks #economy #pensions
Goldman Sachs New World Headquarters (Photo credit: Wikipedia)
Over 1 million Brits will face interest-only mortgage shortfall.
Interesting and no doubt sound advice from the FCA (Financial Conduct Authority, not the Fellowship of Christian Athletes, I assume)
Although sadly it’s a bit like Goldman Sachs not paying any tax, a failure by authorities to understand who is paying for the mess of the past few years.
Yes its middle England mug taxpayer AGAIN. This is the guy who works for 8-10 hours a day, pays all his taxes on time not to mention his inflation capped energy bills (NOT), fines, council taxes, road taxes, school fees, airport departure taxes, airport landing taxes, health care bills, insurances….the list goes on.
So thanks for the thought from the FCA, my advice would be to save a little more each month to pay off your mortgage.
What? You haven’t got any spare cash left at the end of the month?
My advice would be, stay at home on the dole, watch TV all day and get all your bills paid for you.
Related articles
High-Speed Traders Exploit Loophole – WSJ.com #cheats #frontrunning
Run, ducks! Run! (Photo credit: Henrique Vicente)
High-Speed Traders Exploit Loophole – WSJ.com.
This obviously comes as a surprise to some people!
This practice is rife with the bigger houses throughout European exchanges. An alternative name for this practice is ‘front running‘
Common sense, regulatory bodies, get your act together.
Nat West Bank fraud department #commonsense #rbs #bank #losttheplot
I’m writing this in an attempt to reach out to somebody at Nat West Bank, which as a UK tax payer and customer, I have a vested interest in.
I received an automated message this morning from the ‘fraud’ office, regarding certain transactions on my account and was asked to enter my birth date.
Now to be honest, I can’t standing talking to a machine at the best of times. Press 1 for music, press 2 for more music, enter details on the keypad, more music, speak to a customer advisor and then confirm all the details I just entered on the keypad. It just doesn’t work for me.
Hence the chances of me entering my birthdate on a machine that purported to be Nat West Bank fraud department, are about as high as Tony Blair and Gordon Brown apologising for the mess they left this country in.
So I called the telephone number on the back of my debit card, rapidly pressed hash, star, 1, 2, 3, 4 etc etc and got put through to customer services. The lady put me through to the fraud department where I confirmed my details and several recent transactions.
As everything was now ok, the fraud department informed me that my card would be unlocked within the next few minutes.
Finally I asked him which transactions had been identified as ‘suspicious’
And this is my point……he replied “I don’t know that information, the computer just throws up random transactions”
So my understanding is that a machine has been programmed to look for suspicious transactions but it would seem that only the programmer know what these transactions are!
Shame the programmer wasn’t around when Sir Fred (gilt-edged pension) bought out ABN Amro Bank in October 2008
Commonsense, get some of it before it’s too late #natwest #fraud #rbs #bank
Since writing this article, in a further twist of fate, I received a letter from Nat West with whom I have had a bank account and credit card for 30 years.
The letter invites me to inform the bank of my christian name as they only have my initial and surname on record. Failure to do this will result in the suspension of my credit card!!! It’s frankly too much for words, just laughable!
What are you doing Nat West?
Have you gone completely mad? #getagrip #commonsense
Related articles
- NatWest launches talking cash machines (telegraph.co.uk)
- More problems for NatWest bank as customers locked out of mobile app (independent.co.uk)
- NatWest hit by system failure less than a year after last outage (guardian.co.uk)
Two headlines today in the WSJ #morality #world #mess #somethingwrong #taxation #funds #money
English: Dell Logo (Photo credit: Wikipedia)
Business News & Financial News – The Wall Street Journal – Wsj.com.
The two main headlines on this page are about Cyprus and Dell.
A nation nearly goes bust and a $24bn deal for Dell.
Commonsense, just commonsense.
Related articles
- Report: Dell likely to receive more takeover bids (sfgate.com)
- Just Let the Insolvent Banks in Cyprus Fail (cnbc.com)
Workers Saving Too Little to Retire – WSJ.com #interestrates #crisis #pensions #inflation
Workers Saving Too Little to Retire – WSJ.com.
Recipe for disaster
1) low-interest rates
2) fewer jobs (growth in internet & technology)
3) growing population
4) middle classes taxed to the hilt
5) rampant REAL inflation
6) governments obsessed with reducing borrowing
7) politicians (with gilt-edged pensions) out of touch with reality
Common sense, end this obsession with reducing
Retirement (Photo credit: Wikipedia)
government debt.
Related articles
- Tories would raise retirement age for pensions (cp24.com)
- What Impact Does Inflation have on Savings (epicafinance.com)
- The inflation-linked pensions that don’t pay off until you’re 97, leaving retirees £20,000 out of pocket (thisismoney.co.uk)
Tax man sends builders’ merchant into administration Ι Construction Enquirer #banks #BaselII #BOE #Cable #UK #lending #bankofdave
Vince Cable MP addressing a Liberal Democrat conference in the ACC, Liverpool (Photo credit: Wikipedia)
Tax man sends builders’ merchant into administration Ι Construction Enquirer.
So while non doms etc get away with paying no tax, HMRC has decided in its infinite wisdom to send a British contractor into administration, no doubt resulting in job losses which will eventually weigh on the ‘mug’ middle class taxpayer, through extra job seekers allowance and benefits!
Time for the government to stand up and really take a good look at themselves.
The Bank of England is funding the banks with almost free money, which they are stashing away to meet the ‘moronic’ Basel III demands.
So while these banks refuse to lend, British business is falling down a slippery slope creating unemployment etc.
Last night the Bank of England suggested that interest rates could stay at 0.5% until the end of 2014.
That means that anybody who has spent a lifetime being ‘prudent’ and has built up a savings pot, is seeing their lifetime savings being eroded away by rampant REAL inflation, not the fictitious 2.5% official figure.
Time also, for Mr Cameron etc to stop bleating on about the position that the last Labour government left the country in. Whilst it may be true it is NOW history and such we have to move on.
Extreme austerity measures are just NOT working and the government must quickly realise this. The bank lending scheme is NOT working and Vince Cable must quickly understand this.
Common sense, don’t keep flogging a dead horse!
Related articles
Basel III #JPMorgan #Dimon #banks #bin #stagnation #rubbish #regulation
Jamie Dimon – Caricature (Photo credit: DonkeyHotey)
You heard it here first on Simplesimon8 over 3 months ago and now JP Morgan CEO, Jaime Dimon has said it too…..read on
Dimon Says Lenders Will Have More Capital Than They Can Use
2013-02-27 05:00:06.0 GMT
By Dawn Kopecki and Zachary Tracer
Feb. 27 (Bloomberg) — Jamie Dimon, the chief executive
officer of JPMorgan Chase & Co., said banks are accumulating
more capital than they need as regulators push lenders to build
equity.
“I don’t think it’s just JPMorgan,” Dimon said yesterday
at a conference discussing the New York-based company, which
disclosed plans to eliminate as many as 19,000 jobs. “I think
all banks will have too much capital in two and a half years.
And they’re not going to know what to do with it.”
Dimon, 56, has said excessive regulation could impede
growth as international authorities and the Federal Reserve push
banks to guard capital to better withstand another financial
crisis. JPMorgan halted buybacks under pressure from regulators
last year after uncovering a trading loss at its chief
investment office that swelled to more than $6.2 billion.
The CEO, responding to analysts’ questions, dismissed the
argument that clients may switch to banks that have the highest
capital ratios. Zurich-based UBS AG is targeting a Basel III
common-equity ratio equal to 13 percent of risk-weighted assets.
“What I hear UBS saying in their presentations is, ‘If I’m
an affluent customer, I’ll feel a lot better about going to UBS
knowing that they have a 13 percent capital ratio than another
big bank with a 10 percent ratio,” said Mike Mayo, an analyst
at CLSA Ltd. “Do you agree with that or disagree?”
Dimon countered, “so you would go to UBS” rather than
JPMorgan?
“I didn’t say that,” Mayo responded. “I said that was
their argument.”
Dimon Richer
“That’s why I’m richer than you,” Dimon said, drawing
laughter from the audience.
JPMorgan said that by the end of this year its capital will
account for 9.5 percent of risk-weighted assets under rules
planned by the Basel Committee on Banking Supervision.
The lender, employing about 259,000 people at the end of
December, will cut 13,000 to 15,000 jobs in its mortgage unit
and 3,000 to 4,000 in community banking, excluding home lending,
through the end of next year, the bank said in presentations on
its website. Staff companywide will shrink by about 4,000 this
year, mainly through attrition, while some employees are
redeployed within the firm, said Kristin Lemkau, a spokeswoman.
JPMorgan fell 0.2 percent to $47.60 yesterday. The shares
climbed 8.3 percent this year, beating a 3.9 percent gain for
the 24-company KBW Bank Index.
The biggest U.S. banks are lending the smallest portion of
their deposits in five years as cash floods in from savers, a
slow economy damps demand from borrowers and regulators push
financial firms to bolster themselves against any future credit
crisis. The average loan-to-deposit ratio for the top eight
commercial banks fell to 84 percent in the fourth quarter from
87 percent a year earlier and 101 percent in 2007, according to
data compiled by Credit Suisse Group AG. JPMorgan had the lowest
ratio in the group at 61 percent.
“I don’t want to say it’s anti-American” to be held to
international standards, Dimon said, adding that the bank’s
assets include highly rated securities. “That balance sheet is
almost as liquid as you can get.”
Common sense, Basel III, just bin it before it’s too late!
Related articles
- JPMorgan to slash 19,000 jobs by end-2014 (business.inquirer.net)
McCutcheon is declared bankrupt #taxpayer #unfair #tax #hmrc #osbourne
English: HM Revenue and Customs This is the main avenue through the award winning complex of buildings that form the national headquarters of the Revenue and Customs service (Photo credit: Wikipedia)
McCutcheon is declared bankrupt – Yahoo! Finance UK.
Something wrong here, if the largest creditor is Her Majesty’s Revenue & Customs, that’s actually me again!
I am the Middle class, tax paying worker, who now has to work longer for a smaller pension, having saved up all my life and been ‘prudent’ with my spending.
I will have to pay my own care home fees in later life because I’ve been a saver not a spender.
I own a slug of RBS and Lloyds because I bailed out the greedy bankers and now I’m paying for Martine’s (bless her, I like her music) inability to pay her taxes to HMRC?
Commonsense, don’t stick to the old fashioned values that your parent’s taught you!
Related articles
- Martine McCutcheon Is Declared Bankrupt (news.sky.com)
