Max Keiser report in Ep. 980 that RBS has ripped off 16000 of its small business customers by stripping assets. Our financial system must surely collapse if small business can no longer trust banks to help them expand their business. We have already have the Commonwealth bank under investigation for doing similar operations in WA. Maybe it is indeed time to have a Royal Commission here in Australia on Banking before it is too late. I don't think this will happen while we have a PM who has connections with a super bank! Wait I thought that the blue team were for small business? Well it seems like the jury is still out on that one. Most blue team supporters want less regulations for the banking industry but are the banks too greedy to self regulate for the benefit of all Australian people? What is your view? Regards Errol 43
Banks and government are on the same team. It's already been flagged that a full investigation into banks doesn't have support of government. Supposing that banks self-regulate - who would be checking that they truly are ? I'm not optimistic.
Yes, demand change or don't use their products. The big banks have said sorry before parliament, but confirmed of no consequences yet from scandals that have arisen (financial planning, small business loans). No staff sacked or visible incentive/penalties changed to avoid repeating those scams.
This is nothing new. Back in the early 90s, a small high tech company I worked for was driven under by a bank that simply decided to rebalance its lending profile away from SMEs. We were viable and really getting traction, but when we secured our first big sale and the deposit arrived, the back took it to pay down our loan and we couldn't build the instruments that had been ordered. No warning, no negotiation and they simply referred us to the small print in our loan agreement.
