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Life After Debt - Literature, Legacies and Legislation - Bank & Libor too hard for UK Govt?

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Thursday, 22 November 2012

American industrialist and pioneer of the assembly line process Henry Ford once said, “Speculation is only a word covering the manipulation of prices instead of the supply of goods and services” and with an ever lengthening list of criminal practices assembling on the global doorsteps of our errant bankers, it is easy to believe dubious business initiatives embracing a sales rather than service culture have been the modus operandi by which the banking elite have manipulated their way into a life of excess and affluence.

Yet, after decades of  their exploitation of financial deregulation to secure profits at any price CBI chief John Crickland [1] is keen to point out now is not the time to seek payback for all those who have fallen foul of this relentless reign of economic plundering.  Instead he believes we should focus on how best to prevent this legacy of banking fraudulence from coming home to roost. Not only is he calling for legislation to place time limits on claimants who have been miss sold PPI but he also believes people who have suffered Libor related losses should be legislatively discouraged from bringing cases against the culprits for fear the costs of compensation will be impossible to deliver.

However, seemingly unperturbed by either CBI worries or recent reports that sixty six billion pounds of bank bailout debt [2] is unlikely ever to be repaid, some of the very same individuals who condoned both Libor manipulation and the miss selling of an ever increasing number of financial products are still, with the endorsement of their regulators and the law, misrepresenting their forty billion pound toxic loan books [3] to disguise their losses while enjoying sizable rewards for failure. Furthermore, despite austerity led postponement of UK retirement dates along with reduced pension incomes (current and future) for the majority, these morally challenged individuals are also to have a comfortable share of a combined pension fund amounting to in excess of one hundred and four millionpounds. [4] Fortunately for them a sum of this magnitude will provide individual annuities of several hundred thousand pounds of indexed retirement income per year.

In contrast, all I can show for the past four years of endless communication with a bank which has already been fined 3.5 million pounds for the miss handling of 45% of its complaints, is £500 in compensation from the Financial Ombudsman for their own miss handling of my case and a half page letter from HBOS advising me they are finally about to investigate my miss sold mortgage.

However, if regulators remain adamant it is both difficult and inappropriate to prosecute banksters [5] for their crimes and legislation continues to find ways to favor them above me, in the absence of resorting to getting those responsible round the throat and attempting to throttle the life out of them [6], I suspect it is will prove increasingly necessary for me to tweak my game plan.

To this end I plan to,

  • ·        Contact Hilary Messer of RPW solicitors [7] to explore the benefits of a mortgage miss selling class action
  • ·        Speak to a mortgage miss selling claims firm to discuss both my eligibility and how best to quantify loss


  • ·        Compile a list of fictional characters from the banking world on which to base my book.

Foundling father and third President of the United States Thomas Jefferson once said, “The glow of one warm thought is to me worth more than money” and despite enduring overwhelming frustration and a great deal of heartache at the hands of both the Halifax Bank of Scotland and the Financial Ombudsman Service, I must admit my last thought has left me knowing exactly what President Jefferson he means.

Here's hoping some of my readers may be prepared to help me

dish the dirt!




Links from this story - background reading:







[7] Hilary Messer of RPW solicitors
Hilary Messer of RWP solicitors is waiting for more people to come forward before she brings this proposed class action formally to the attention of HBOS, Barclays and the courts.


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