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Old Sep 17th 2017, 2:50 pm   #16
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Default Re: 10 year anniversary of Northern Rock run.

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Originally Posted by GeniB View Post
I would have thought that the 'criminality' was clear. That the people at the end of the 'product' they peddled .The people sold the sub prime mortgages ,would be the ones out on their ear when it all failed. They knew it would fail,because they gambled on it. They 'bet' it would happen. If thats not criminal I don't know what is.
Goldman Sachs deliberately lied about the solvency of Greece when they investigated for Deutsche Bank. They sold them a 'pup ' THEN they bet on its failure.. Nice one!

The banks 'colluded ' to fix the Libor rate.

I could go on... In ordinary business you go to jail when you are caught doing any of the above. It comes under every sort of criminal law.. Not so if your a banker.
You say banks cannot be allowed to fail.. Well that thought changed after what they did 10 yrs ago. Now they can,and they have. You have only to look at what happened to Banco Espirito Sancto to know that. I only have to talk to my neighbour to know that they lost hundreds of thousands in that scandal.Forcing them out their home and back to the UK. At least one of B*****s is under house arrest for it. Will he eventually go to jail? hmmmm
It was like pass the parcel, they just hoped the bad debts would not land on their laps. They knew it was a bad idea because they got another institution to take on the risk that they knew was bad.

I am sure some expats gave a damn when the exchange rate tanked 30%, but I doubt if many people outside the US gave a damn when the pound hit $1.40.
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Old Sep 17th 2017, 2:51 pm   #17
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Default Re: 10 year anniversary of Northern Rock run.

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Originally Posted by mrken30 View Post
It was like pass the parcel, they just hoped the bad debts would not land on their laps. They knew it was a bad idea because they got another institution to take on the risk that they knew was bad.

I am sure some expats gave a damn when the exchange rate tanked 30%, but I doubt if many people outside the US gave a damn when the pound hit $1.40.
You got that right
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