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Little John



Joined: 08 Mar 2008
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Location: UK

PostPosted: Tue Nov 08, 2016 2:06 pm    Post subject: Reply with quote

You either have not read the article in full (and many other such available articles/information sources for that matter) or you are being deliberately disingenuous/lazy.
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johnhemming2



Joined: 30 Jun 2015
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PostPosted: Tue Nov 08, 2016 5:37 pm    Post subject: Reply with quote

Its mainly cash in the article. Bank transactions are traceable. Hence if you take money from Tesco it is possible to find which accounts it went into.
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adam2
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PostPosted: Tue Nov 08, 2016 8:23 pm    Post subject: Reply with quote

johnhemming2 wrote:
Its mainly cash in the article. Bank transactions are traceable. Hence if you take money from Tesco it is possible to find which accounts it went into.


I do not share your faith in the traceability of such transactions.

I strongly suspect that the stolen money was transferred to a shell company without assets and located outside the reach of UK jurisdiction.
It was probably transferred several times from one untraceable company to another before effectively disappearing.

The chance of finding where it went is IMHO small, and the chance of recovering it is effectively zero.
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johnhemming2



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PostPosted: Tue Nov 08, 2016 8:26 pm    Post subject: Reply with quote

However, whoever is responsible for the original transfer to any company is criminally responsible. It needs to go into cash or sale able goods to be taken out of the audit trail.
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adam2
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PostPosted: Sat Feb 25, 2017 5:48 pm    Post subject: Reply with quote

"some" Barclays customers unable to access their money, various sources state.
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raspberry-blower



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PostPosted: Wed Mar 22, 2017 12:11 pm    Post subject: Reply with quote

Interesting, if very long winded and convoluted discussion featuring Prof Michael Hudson about the rise of the bankers and how modern mainstream economic thinking is hopelessly detached from even the vaguest semblance of reality.

Some excerpts from it: how the 1% got up the financial top:
Michael Hudson wrote:
All that seemed to make sense, but the economy of production is different from financial and property wealth. Who owns the assets, and who owes debts to whom? If you look at the economic framework in terms of assets and debt, you find that the 1% makes its money by holding the 99% in debt. Or at least, you could say that the 5% make its money by holding the 95% in debt.

The trick is to get other people in debt. How do you do that? You make them think that they can gain. Theyre willing to borrow to buy a home, because they think that since 1945, the way that most American families have gotten rich indeed, the way the middle class was created throughout most western countries was by the increasing price of real estate they bought on credit


A good summation of where we are heading and why - again - it is a good idea to stay out of debt:

Michael Hudson wrote:
These bankers (and bondholders) are the main exploiters today. So finance capitalism is overwhelming industrial capitalism. Instead of industrial capitalism evolving into socialism as was expected, it is retrogressing back to neo-serfdom and neo-feudalism. This is mainly because of the inability to bring debt within the industrial capitalist system to evolve into a socialist economy. That is what neoliberalism is sponsoring by financialization and privatization.

The inability to make debt productive.


Then the old chestnut of definitions. What, exactly, is a "Free Market?"
Michael Hudson wrote:
Hayek turned classical economics on its head. Adam Smith, John Stuart Mill and the other classical economists who are supposed to be icons of the free market meant a market free from land rent, monopoly rent and financial interest. But for Hayek, a free market meant one free for these rentiers. Free for landlords, bankers and monopolists. Thats why his group, the Von Misians in Austria, spent their time fighting against public spending and the threat of socialism. He said that socialism leads to fascism. But actually its his Chicago school that does this. Its the free market Chicago Boys who led to fascism in Chile by overthrowing the government.


More: Counterpunch How Bankers Became Top Exploiters of the Economy
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fuzzy



Joined: 29 Nov 2013
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PostPosted: Wed Mar 22, 2017 2:58 pm    Post subject: Reply with quote

I am always suprised someone hasn't done a 'Huey Long' on Michael Hudson.
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emordnilap



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PostPosted: Wed Mar 22, 2017 3:42 pm    Post subject: Reply with quote

'Free market' my arse. No such thing. Neoliberals quail at the very idea.
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UndercoverElephant



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PostPosted: Mon Apr 10, 2017 4:16 pm    Post subject: Reply with quote

Bank of England now implicated in LIBOR rigging:

http://www.bbc.co.uk/news/business-39548313
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cubes



Joined: 10 Jun 2008
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Location: Norfolk

PostPosted: Mon Apr 10, 2017 9:04 pm    Post subject: Reply with quote

Doesn't really implicate the BoE on it's own though does it?

Could be what the guy on the phone (senior Barclays manager, Mark Dearlove) is using as an excuse to get the other guy (Libor submitter Peter Johnson) to do what he wants imo.
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raspberry-blower



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PostPosted: Wed Feb 07, 2018 9:29 pm    Post subject: Reply with quote

Don Quijones: Bailed out RBS systematically forged customer signatures whistle-blowers claim

Don Quijones wrote:
The latest allegations of fraud could turn out to be the tip of a very large and dangerous iceberg, Fraser warns. If the practice of forging signatures was as widespread as the whistle-blowers contend, there’s a risk, albeit small, that a court will decree all contracts between RBS and its customers null and void, which could tip the lender over the edge. Such an outcome may seem preposterous, but so too was the notion that a high street bank would systematically forge its customers’ signatures. Until today.

Arguably the biggest tragedy in all of this, besides all the small businesses wiped out by the bankers’ greed, is that the worse the RBS saga gets, the more expensive it becomes for British taxpayers, almost none of whom had anything to do with the bank’s fraudulent practices. Some taxpayers were even victims of the fraud yet still have to help fund the bank’s continued survival, which is getting more and more costly as time goes on.


How many of these *ankers been charged with fraud? 0
Until the CEO and board members are charged, tried and then jailed for financial malfeasance this will continue.
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adam2
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PostPosted: Thu Apr 26, 2018 6:58 pm    Post subject: Reply with quote

Not looking good at TSB.
A software upgrade has gone very badly wrong with significant numbers of customers unable to access their own money. Some have reportedly been able to access other peoples money.

This looks like a botched IT project and NOT any underlying insolvency. It however one of the worst recent bank IT failures, and some commentators suggest that the long term survival of TSB is at risk due to customers leaving them over this failure.

Reports here http://www.bbc.co.uk/news/business-43904267

It is not often that a senior figure in a bank says "we are on our knees" !

A basic bank account is a useful thing to have, but I would urge having accounts with more than one bank.
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raspberry-blower



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PostPosted: Fri Apr 27, 2018 4:47 pm    Post subject: Reply with quote

Yves Smith at Naked Capitalism has posted up an article by an IT professional who describes the TSB fiasco rather succinctly:

Naked Capitalism: TSB are using their own customers to alpha test their new platform

Quote:
Postscript: After I had checked this post in for Yves to edit and schedule, I made a final attempt at logging in to TSB’s Internet Banking Service before turning in for the evening at around 9:15 PM UK time just on the chance my mysterious test transaction had appeared. The site was even flakier than it had been earlier in the day. When I did finally manage to log in after numerous attempts, all my account statement would show was –

An error has occurred

We’re sorry, but we’re experiencing some technical issues with the service. Please call us on 0345 835 3846. If you’re calling from abroad you can call us on +44 203 284 1581. Lines are open 24 hours a day, 7 days a week

010

This is now day 6. With no end in sight.


Nearly a week and no fix to this on the horizon.
This has all the hallmarks of a company in disarray. A bombastic "Alpha-male" CEO going ahead onto an untried as it hasn't been properly written yet IT platform. Doing it all in one hit rather than a phased migration and no recourse to halt the migration in case of glitches. No back-up plan.
Where the hell has risk management gone?

This is an unmitigated disaster and one that will prove highly damaging - perhaps even fatally so - for TSB
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johnhemming2



Joined: 30 Jun 2015
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PostPosted: Fri Apr 27, 2018 5:06 pm    Post subject: Reply with quote

raspberry-blower wrote:
Doing it all in one hit rather than a phased migration and no recourse to halt the migration in case of glitches. No back-up plan.

This what I never really understand about situations like TSB. Doing a phased migration is always something to do with a large implementation.
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cubes



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PostPosted: Fri Apr 27, 2018 9:31 pm    Post subject: Reply with quote

Apparently all in one go is cheaper. Now they've drafted in IBM to help things can only go from very bad to even worse.
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