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Bank Manager Finally Speaks Out: agrees that banks "may be" routinely committing fraud!

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A very well informed, university educated Bank Manager, agrees to take questions from some equally well informed truthers...       


He also goes onto explain the root causes of the ‘credit crunch’ and agrees that banks may be routinely committing fraud...


The Bank Manager (BM), wishes to remain anonymous, along with his bank, for reasons which will become obvious.


Where does money come from?

BM : If we reverse all the way back, where did banking start? It started basically as the Italians funding the crusades, that’s where banking comes from. What happened, you started to get these emerging classes from the industrialised nations found they had extra wealth additional wealth, what do they do they take it to the goldsmiths, the silver merchant, and the silver merchants says I’ve got £100 there, they’ve only taken out £10, so what am I going to do with the extra money that’s sat there.

Well Mrs Smith down the road needs an extension on her house so I’ll loan her that, so that is basically ‘the sponge’, that’s the fundamentals of our business and that’s kind of how it works and then you’ve got all the icing on top which is all the additional stuff all the insurance and investments, however the reality is  we over expose ourselves as organisations,  we take massive risks,  so we will have a scenario where at the end of the month, we get a lot of deposits coming into our accounts as people are getting paid, talking tens of billions of pounds flooding into our coffers, most of that isn’t on deposit and it’s going to leave quite quickly, so for a period our books are looking very healthy, we’ll be lending a lot of money on that, however, when all that money flows back out which it will, where do we get out money from? Because all of a sudden we’ve run out and that’s what the LIBOR (London InterBank Offered Rate) is.

That’s  where we go and other financial institutions;  we trade, ‘cos we need money back in our coffers immediately and that’s what it is effectively, you’re just trading money all the time

BM :  If the banking system stopped lending to each other the system would collapse because the money isn’t there.


JW : So effectively you’re creating money on a computer keyboard?

BM : Yeah- It’s not real money-Yeah

And we can bundle lending and we can create risk products and they can be sold on and sold on again and we can effectively be buying back into debt we have sold on three times over!


And we can be exposed and buying into our debt twice and that’s one of the major causes of the credit crunch.


BM : This is the problem with banks too big to fail, the second you bail out an organisation that has overexposed itself to such an extent, the whole capitalist system is pointless, it just falls apart, you undermine it; I would class myself as a neo-liberal, in so far as let them fail, let ‘em fail; because that’s the only way you’ll get the industry to self regulate, the problem is the governments, organisations, regulators they’re too scared to regulate as they should do and they never will, they won’t be able to regulate effectively so; you have to be able to allow an industry in an open capitalist market to self regulate, but why would you self regulate when you know you can’t fail?


TS : We can see you understand how everything works and you don’t live in that closed bubble, working in a banking  system, where they don’t educate you and they don’t see the outside and how it actually works, so tell me working in a bank, working in a system of money, do other people who work there in the banks, or people you know working in the financial institutions,  do they realise, do they know as much as you do? Do they know how the system works and how false is it?

BM : Head office yes, branch network no. It’ll be the same with most banks maybe at senior level, but I would say our bank manager in our city centre branch in xxxxxxxx, wouldn’t have a clue, that’s a senior banking role.


BM : Put it this way, I don’t have a passion for banking, I fell into banking when I left uni and didn’t know, what I was told this amazing vision of going into banking, it was ?? I got the job and two weeks later Lehman Brothers collapsed and I had this revelation kind of what the hell am I getting myself into here.


BM Do you all know what the trigger was for the credit crunch, what triggered it? What exposed it? So America’s funding an expensive war in the Gulf, all of a sudden money’s getting a bit tight, the US  dollar is devaluing, interest rates have been low for quite a long time, so George W Bush decides to hike interest rates up, to get more people investing in the dollar, to bring more money in, great we got fresh money we can continue to fund this incredibly expensive war in the Gulf, however, what happens when you put interest rates up? Is that everyone’s borrowing becomes more expensive and all of a sudden all these subprime mortgages that were floating around where ½% they can afford it, when you’re living on the edge of any subprime lending when interest rates go up almost 5%, woof!, it just took the whole belly out from it, people started defaulting and that’s what unravelled everything; and that was the trigger point.


The Bank Manager’s dead and we’re no longer ; well I stand up quite frequently in  our board meeting and say we’re not bankers, we’re retails, we’re not bankers. My grandfather was in banking and I sometime talk to him about my day job and he’s alienated, it’s just this alien world, he does not understand what we do.


At senior level you have to consider the stakeholders, you‘ve got regulators as stakeholders, politician stakeholders, you got customers as stakeholders, you’ve got all these stakeholders, but who is the real stakeholder, it’s the shareholders; so at senior level that’s all you care about, because they’re the puppet masters, it’s the same in any large organisation.


 Do you think the monetary system is going to collapse?

 BM Do I think it’s going to collapse? No I don’t think it’s going to collapse, I just think it’s going to be maintained in a state of ruin for decades and decades to come, that’s what I think.

I hope it collapses! That would be a good thing, it needs to collapse.

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  • doyla66
    doyla66 Friday, 07 September 2012

    Great post, Wayne! Get government listening to Steve Keen and we might get a good result. Leave it to the classical economists and we'll have the stinking pile of slow decay and ruin portrayed above.
    I agree, let whatever happen, then deal with reality.
    Government and regulators living in fear of the banking sector having a collective breakdown doesn't solve the problem.
    Keeping banks on the drip doesn't solve the problem and it makes other businesses and sectors resentful, not to mention taxpayers.
    Steve Keen's debt jubilee is a kinder way of letting some banks fall over or be absorbed into other banks if possible.
    Lots of other businesses fall over when consumer sentiment and fashions change and they fail to respond. So give the banks a time frame for the downsizing of their dependency on debt and put them into a 'withdrawal' phase from the concept of government propping them up. Transition allows a large corporation to make the changes necessary to survive. Shock effects like the GFC don't have to occur if the warning signs/KPIs are showing and the right strategies are agreed and implemented. Of course complying with this strategy would be optional in a deregulated system - if banks want to disregard the warning signs and downsize then they can wear the consequences. It takes strong leadership and courage to apply this kind of tough love to corporations, government and citizens alike. Call it a commitment to down debt in the national interest.

  • doyla66
    doyla66 Friday, 07 September 2012


    Good one Wayne. Would this Bank Manager speak to the Commissioners if he was given anonymity? If so let Denise know.

  • doyla66
    doyla66 Friday, 07 September 2012

    Watch This

    I am not sure where Wayne got this, but it is similar to what is on a youtube thingy. Here is a link to the video. It is on a very good Pommie site which I told someone about yesterday. Our English, Irish, Canadian and certainly South African cousins are all in the same boat and doing what they can. The folks in America are also doing a PHENOMINAL job. They have helped discharge US$190 MILLION, yes MILLION in a very short time.
    Here is the link to the bank manager

  • doyla66
    doyla66 Saturday, 08 September 2012

    Hi John & Geoff. Yes Geoff I got it from the same site you mention. It came from a transcript of a recording with a British Bank Manager. BANKS AROUND THE WORLD ARE CORRUPT.

    A Short but true story :
    As a family, we were brought up to think that Banks were the pillar of honesty & decency.
    From what happened to my mother, we learned that the opposite is true.

    A few years ago, my elderly Mum had to put some cash into her local High St. Bank in the UK.
    The amount was around 450 pounds in cash and when she went into the branch to deposit it, she was in such a hurry that when the Bank teller took her money and asked my Mother if she wanted a receipt, my Mum said : "Oh no, - not to worry - I'm in a rush, I trust you" and left without her receipt.
    Well - the money never showed up in her account - someone in the bank had stolen her money.
    She made an official complaint to the bank, the bank supposedly did an internal investigation - the investigation decided the bank was not at fault, & nothing was to be done about it.
    They refused to re-imburse my mother.

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