It is disconcerting, to say the least, to see major financial institutions like Lehmans in the USA collapsing like a pack of cards. This was the fourth largest bank in America and yet they had fouled up so badly that they are now bankrupt. Who could possibly be that incompetent? Who could make such poor decisions that they could lose their employer billions of dollars? How can a bank's internal checks be so poor that nobody picks up on the danger?
Remember that guy Nick Leason who brought down his bank because he was not monitored properly? Remember Northern Rock who are costing the public millions? What the hell is going on with our High St banks and building societies?
I ask the question because I received a statement this morning in the post from good old Abbey National! Remember my posts months ago when I recorded that I had opened a current account with them but after their blatant lies my wife and I decided to close the account and revert to the NatWest! Remember when I blogged that the first thing they do is 'lend' you £1000 so that they can charge you interest because they do not inform give your income providers that you have changed accounts?
Well I have written to them, I have telephoned them and I have physically visited the branch with my wife so that we can close this account. We stood at the counter and signed all the forms and were assured that this account had now been closed. Today we received a statement telling us that we are still being charged on an account that is now defunct! It is incomprehensible that we cannot close this account. These banks are so criminally inefficient that it is hardly surprising thaT that they are collapsing all over the place.
Greed has replaced good business practice. Two years ago they were throwing money at anyone who would sign for a credit card and now they won't support the most honest of applicants for financial assistance. Consequently the Housing Market is on the point of collapse because very few people can negotiate a mortgage.
Now this is why most of the electorate have lost faith in government. They have allowed nonsense to supercede prudence. They have allowed the financial institutions to cheat the public at every opportunity. They promise us everything and when they gamble our money away on the Stock Exchange they respond with a shoulder shrug! Whoops! Sorry folks we can't fulfill our promises but tough shit because nobody can make us pay you what we owe you! It is happening everywhere and there is no legislation which will force them to be accountable for their folly.
If Good old Gordon had any balls at all he would bring them into line now but hell that is why we all loathe him. He is a coward who could not face anyone down. He built his reputation on allowing the Bank of England to control interest rates and look what is happening. The rates are rising almost uncontrollably.
Until we get some common sense at national levels I wonder what I personally can do? Do I take out legal action against a multinational corporation (licensed to cheat the public) over a couple of quid that I do not owe them or do I let it build until it is a serious amount? Can anyone advise me?
There is only one message - DO NOT TRUST ANY OF THE HIGH STREET BANKS!