Banks- Too big too live
james36armstrong at hotmail.com
Tue Dec 21 11:44:24 GMT 2010
AVIVA, TOO BIG TO LIVE?
Aviva are in their third century
of maturity as a company.
They are fund mangers of £200bn
They have 25million customers
Widely known as the biggest UK
insurance company one of their main sources of income is fund managing.
Their dismembered parents were ,
Norwich Union, Commercial Union, General
Accident , NB&M, and Provident Insurance
companies (among others)
They also operate in USA,
South Africa, Poland,
Each of these canibalised parent companies was a financial
giant amongst financial giants.
This is an example of one among thousands of organisations which has been privileged with
artificial person hood, (and human rights)
Consider your position when preparing to trust earnings, car, life and your pension to them.
You attained adulthood less than 50 years ago. Norwich Union founded in 1797 – now 220 yr
‘They’ are 40,000 people, you
They are qualified, specialized,
dedicated financial experts…. and you?
Your average income is £26,000,
the funds they manage are £200billion.
You have never been fined
£1.25million. Aviva were fined £1.25m by FSA
, in 2007.
Aviva now are proposed as
partners of the government in “build to let” house provision.
The present unqualified , unspecialist
and distracted Minister has been in the
post for six months.
Government does not take
individuals into partnership.
Individuals are reeling from the
malign effects of fund managers (shadow bankers) .
Governments ensure banks and shadow banks
survive. Individuals foot the bill for
The formula is dysfunctional.
Norwich Union was incorporated
in 1797 .
In 1997 NU demutualised and was
listed on the Stock Exchange and later merged with CU and GA.
The action of incorporation in
1797 did not envisage creating a financial monopoly or for the future, one of such size and power as to
Without addressing corporations’ monopoly of markets now , and considering
their future growth, further financial
disasters of even greater magnitude are bound to occur.
Another consequence of such
unforeseen growth is the loss of
influence , in contrast with corporations , of individuals with government –
the decline of democracy .
Corporations now dwarf
The political importance now, is
that corporations are bigger than government.
And government is being made
smaller as services are privatised - as offerings to corporations.
Yet democratic government is ‘of
the people’ – to protect people against predatory interest groups
The solution is urgently to set a variable termination date on each incorporated company.
It has been widely stated that
banks are too big too fail.
We suggest , unchecked, corporations are
too big too live. JA
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