Banks are Crooks

[Tony Gosling]

>
>From: "james armstrong 
>james36armstrong at hotmail.com [TheLandIsOurs]" <TheLandIsOurs at yahoogroups.com>
>Date: Tue, 23 Apr 2019 11:41:50 +0000
>
>
>
>
>SUMMARY   -   BANKS ARE CROOKS- Their £million fines prove it.
>
>BANKS CREATE the money they lend as mortgages –out of thin air.
>
>BANKS FAIL TO INFORM BORROWERS OF THIS , so they break the law.
>
>This grossly inequitable system of creating 
>money for house purchase creates a cycle of ever rising house prices.
>
>HMG calls this , ‘Growth in the Economy’. SO 
>GOVERNMENT, Bank of England , City of London, 
>and banks have an interest severely stressing house buyers/ renters.
>
>House builders, Persimmon and Wimpey take 
>advantage by  monopolising housing land and cut 
>supply of new houses to take advantage and raise prices.
>
>                   MORTGAGE LENDERS EXPOSED AS CROOKS
>
>What do you call a person who  has incurred 
>fines of £630 million in US and UK?
>
>- but if it’s a corporation permitted by 
>government to hold your savings  and create  its 
>own money  and carry out this bizarre operation 
>multiple times daily as a routine, and without 
>the general knowledge of the borrower   -you 
>call it  a ‘bank’ or  ‘corporation’ or 
>mortgage lender, and if it has  broken the law 
>on a £billion scale,   by the same set of 
>absurd and deficient laws, you can’t call it a 
>criminal and don’t record its name and its 
>non-crime in the Criminal Records Office, and 
>you can’t put it in jail if it offends- again 
>and again and again-nor hang it.
>
>Malicious Corporations need exposing.  Setting a 
>Renewable Termination Date for each existing and 
>new corporation avoids the need for capital punishment.
>
>When they advertise for new 
>customers,  Advertising Standards Authority 
>should require they  list their backlog 
>of  offences  and the scale of their fines. 
>Journalists could do this immediately, BBC 
>should lead the way. (See also court case below. )
>
>
>
>Designed by short sighted humans, corporations 
>with no moral teaching, have matured into out of 
>control giants capable of enslaving humans, 
>subverting morals and justice by exercising 
>power on a scale  not envisaged by their creators.
>
>
>
>-       Unlike mortals’ nominal three score 
>years ,  corporations  have no expiry date, some 
>giants are over two hundred years old.
>
>-       They don’t need a single ‘home’ 
>since they have a national existence  in multiple countries.
>
>-        They buy and sell products  which are 
>outwith the understanding of  most people.  If 
>what they have done is outwith our knowledge and 
>experience  they escape the moral code which the rest of us subscribe to.
>
>-       Do you know what a derivative is? Most 
>of us don’t. Is it  good or bad?
>
>-       Their corporate rewards  are measured in $billions annually
>
>-       Their executives are paid  sometimes in 
>£millions. (Persimmons CEO is a recent example.)
>
>-       They incur in many instances fines of 
>multiple millions, sometimes  in £billions  (and in Euros, dollars )
>
>-       They often  are able to mitigate and 
>avoid taxes by registering in overseas tax 
>havens.  Their international existence  allows 
>for creative accounting  and to register profit 
>making in  the most advantageous tax regime.
>
>-       When they break laws and are fined, 
>these fines are not recorded in  UK’s 
>Criminal  Records Office. A fraud  rewarding 
>them with billions  escapes  recording,. 
>Wheras  an offence of a person such as stealing 
>a bottle of milk in youth is recorded for posterity.
>
>-         They are politically hyper active and 
>institutionalised so destroy democracy.   (The 
>City of London has a representative sitting on 
>the floor of the House of Commons behind the 
>Speaker,  The City’s Remembrancer has a 
>department which sets out authoritative papers 
>to bend legislation to suit  the City.  Their 
>budget is reported at some £52million.   Each 
>Select Committees when considering an issue, 
>receives this scholarly, pro corporate paper.
>
>
>
>Banks in the UK have a privileged 
>position,  They are allowed to  create money. *
>
>But each new  mortgage agreement, is repaid 
>in  real earned money-  A good deal for them – 
>but an injustice for the borrower. TThis sets up 
>in law a system which inevitably pressurises 
>banks and corporations to generate higher value 
>mortgages and this is the institutionalised, 
>hidden driving force causing high and ever rising  house prices.
>
>House builders, funded by the banks, create the 
>conditions  by reducing supply of new houses 
>and  monopolising in their land banks (at  vast 
>prices) scarce designated sites.
>
>Banks lend money (mortgages) for house purchase. 
>The higher the  house price the greater is  the 
>income of interest on the mortgage they created.
>
>  A secondary interest is that banks 
> then  package and rename mortgages 
> ‘derivatives’ – which are now 
> ‘assets’  which can then be traded  to yield £1.3trillion (CML).
>
>A third driver is increasing brand share by 
>competing to sell more and higher mortgages. 
>(This increases a bank’s share price)
>
>Banks, in the act of creating a mortgage  create 
>the money  as a ledger entry So crooked banks 
>create even  more money than B of E,  and its 
>issue is not regulated. Higher  house prices 
>need higher mortgages which is more profitable for banks.
>
>Then banks’ house insurance premiums rise based on the value of the  house.
>
>Banks fund house builders to monopolise land banks and build less houses.
>
>Funding builders’ landbanks is an 
>important  (the most important?) practical cause of
>
>reducing the supply of new houses.  The 
>ODPM  Barker Review of House Supply 
>explains
.  “Builders are primarily rewarded 
>for acccumulating land rather than meeting 
>consumer needs”  ( which means  ‘rather than building much needed houses )
>
>
>
>These banks,  not the   Bank of England create most of our money supply.
>
>They have each  been fined £1million or 
>more.  (Barclays’ $2.4 billion is the largest 
>UK bank fine to date.) Banks creating money at 
>will, put our entire money at risk.
>
>The B of E is a bank.  Its Governor is ex 
>director of  Goldman Sachs, fined $5billion
>
>The UK economy is mainly predicated  on selling mortgage based assets.
>
>The Treasury game plan of ‘growth in the 
>economy’ is dependent on inflation, 
>particularly inflation of  house prices. Gordon 
>Brown wrote 2% inflation into law. Insurance 
>giants’ income from premiums and investments, 
>is predicated on the same  inflationary 
>‘growth’ policy – i.e. rising hhouse prices 
>and artificially restricted supply.
>
>
>
>There is an alternative way of life for UK.
>
>Ending the  run-away growth, age, power , 
>influence and riches of corporations is urgent 
>and necessary for the survival of democracy. It 
>is even more important than  Brexit, or the housing crisis.
>
>Measures to mitigate climate change are more 
>urgent. Corporations searching for profits  cut 
>down rain forests, promote carbon fuels and process harmful palm oil.
>
>Acting now to control corporations is a major 
>step in  reducing climate change.
>
>ONE SUGGESTED INITIATIVE for a lawyer defending a repossession case -
>
>Exposing the injustice of  a defaulting 
>mortgagor repaying in earnings a loan of 
>‘created’ money. Bank lenders neglect the 
>statutory duty of setting out these terms.
>
>The  inequality of power between the parties is enormous and inequitable.
>
>J A
>
>·      Banks no longer act as intermediaries 
>between savers and borrowers.  In fact, ‘When 
>a bank makes a loan (to a mortgagor) it credits 
>their bank account with a bank deposit the size 
>of the mortgage.  At that moment new money is 
>crated’. see Michael McLeay,  Bank of England.
>
>The entire rational role of the  mortgage is negated by this simple fact.
>
>
>
>The New Economics Foundation has suggested that 
>this system of mortgage finance has further 
>consequences for borrowers: N E F  describe a 
>‘house price credit-feedback cycle’ in which 
>the creation of money for the purchase of 
>existing property and land, inflates 
>prices.   The supply of bank credit can be seen 
>to create its own increased demand 
.assuming a fixed supply of land.’
>
>
>
>
>
>                         FINES ON UK BANKS AND ON OTHERS
>
>
>
>  LARGEST U.K. MORTGAGE 
> LENDERS,  FINED     FUNDS          C.E.O.          SALARY
>
>
>
>Lloyds Halifax B o 
>S   group                          1  $350m 
>£35bn             Horta Osorio           £7m
>
> 
>2  £117m  , by F C A  for failing to handle 1.2m PPI claims properly
>
>HMG bail out of HboS cost taxpayers 
>£45bn      also .Two HBoS managers convicted of 
>scamming off £245million
>
>Nationwide  BS 
>                £1m        27bn            Graham Beal              £2m
>
>                           “threatening the 
> stability of the  British banking system” 

 B of E
>
>Santander 
>£13m        18bn              Ana Botin                £4m
>
>            ---------compare Goldman Sachs 
> capitalization 2015 $861bn  - £688bn)
>
>Barclays 
>$2.4bn       17bn             John Varley              £2m
>
>         ( 

.. wi with three Barclays’ senior 
> employees jailed for Libor rigging)
>
>HSBC 
>$1.9bn       15bn             Stuart Gillies             £7m
>
>       RBS have compensated shareholders 
> £700million for deceiving them, with £m’s more to come
>
>RBS 
>£80m         14bn             Stephen Hester        £1m
>
>         ( total UK Government bailout to banks 
> ,actual and guaranteed,  £464billion This is  passed of as ‘austerity’.)
>
>
>
>                                          OTHER SIGNIFICANT FINES
>
>Goldman Sachs fined  $5.5billion        Morgan 
>Stanley fined  $3.2bn          Bank of 
>Switzerland fined 
>$1bn                     Deutsche bank fined 
>$7.2bn   LATEST BANK FINE   Barclays fined $2m 
>by US Dept of Justice for mis-selling mortgages.
>
>                                                    (30 March 2018)
>
>AUDITORS ALSO FINED – For audit failure, failing 
>to spot overvaluations, hiding sanction-avoidance, altering audit docs.
>
>PWC   FINED     $25m,  
...  DELOITTE  FINED 
>   $139m,   
. KPMG  FINED     $6 m,  .
. ERNST YOUNG Fined £2.75m
>
>...and

. it was the banks who caused th the 
>2009 crash by
 fraudulently selling 
>‘mortgages ™. And Carillion’s oncoming 
>£million failure was not spotted by the auditors.
>
>
>
>James 
>Armstrong 
>April 2019
>
><mailto:james36armstrong at hotmail.com>james36armstrong at hotmail.com
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