A banking system in Cyprus working outside of the EU with its tax haven and virtual non-money laundering checks and balances. Now when that all goes Pete Tong as it has who should bear the cost of this? Why should the EU protect this type of system and quite rightly has put the burden on the bank and its customers, you could argue that accounts <100,000euros have been very fortunate.
Banking is all about confidence, and poor confidence can destroy a seemingly healthy bank, and did you notice that the EU stated that this would be the future model for all bank bailouts only for the FTSE/DOW to drop and then the EU retracts the statement to take the pressure off the markets, its all ********. It pisses me off that there is virtually no transparency to make educated decisions on where to put your cash. Recent statement that UK banks need and extra 30-40billion bailouts over the next year(ish cant remember exact number) but no actual details on what banks? why? cause there will be a run on them.......
The banks are basically crooks in ties and never forget that, NINJA mortgages, Libor rate fixing, PPE etc etc etc everything that they can do to manipulate the market to make them more cash. Bob Diamond just about sums them up, and having watched his interview with the treasury select committee though it was about as unprofessional as it gets and glad he has f*cked off back to the states.
The only answer I see is to separate the investment from the retail which has been muted about, and if you have your money in a savings account then it is not at risk or used for bugger all else by the banks, and you accept the low interest. I have a feeling that the banks are not even in a position to go down this route as they have not got enough spare cash to do this at the moment with all their old, current and potential future toxic **** on their books.
This is not over.........................
Banking is all about confidence, and poor confidence can destroy a seemingly healthy bank, and did you notice that the EU stated that this would be the future model for all bank bailouts only for the FTSE/DOW to drop and then the EU retracts the statement to take the pressure off the markets, its all ********. It pisses me off that there is virtually no transparency to make educated decisions on where to put your cash. Recent statement that UK banks need and extra 30-40billion bailouts over the next year(ish cant remember exact number) but no actual details on what banks? why? cause there will be a run on them.......
The banks are basically crooks in ties and never forget that, NINJA mortgages, Libor rate fixing, PPE etc etc etc everything that they can do to manipulate the market to make them more cash. Bob Diamond just about sums them up, and having watched his interview with the treasury select committee though it was about as unprofessional as it gets and glad he has f*cked off back to the states.
The only answer I see is to separate the investment from the retail which has been muted about, and if you have your money in a savings account then it is not at risk or used for bugger all else by the banks, and you accept the low interest. I have a feeling that the banks are not even in a position to go down this route as they have not got enough spare cash to do this at the moment with all their old, current and potential future toxic **** on their books.
This is not over.........................
