Upcoming Events

International | Crime and Justice

no events match your query!

User Preferences

  • Language - en | ga
  • text size >>
  • make this your indymedia front page make this your indymedia front page

Blog Feeds

forward

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link KENNY MAGIC TRICKS 08:39 Thu Sep 18, 2014

offsite link Global Finance, Money and Power: Lecture Two - The Development of Money and Banking 06:19 Thu Sep 18, 2014

offsite link Global Finance, Money and Power: Lecture One - The Nature of Money and Credit 10:21 Thu Sep 11, 2014

offsite link MANDATE TRADE UNION TRAINING - IRELAND AND FINANCE (SEP 2014) 08:58 Tue Sep 09, 2014

offsite link I SEE THE CLICHÉ CHICKENS ARE BACK AGAIN TED 10:02 Sat Aug 30, 2014

Dublin Opinion >>

Irish Left Review
Joined up thinking for the Irish Left

offsite link Wittgenstein in Exile Thu Sep 18, 2014 18:04 | Seán Sheehan

offsite link China?s Economic Growth in the Light of the Findings of Modern Western Economic ... Wed Sep 17, 2014 12:24 | John Ross

offsite link Appreciating Facts Tue Sep 16, 2014 13:48 | Michael Taft

offsite link The September Socialist Voice Out Now Tue Sep 16, 2014 13:36 | Irish Left Review

offsite link The Rising Tide ? LookLeft 19 in Shops Now Fri Sep 12, 2014 17:17 | Irish Left Review

Irish Left Review >>

Human Rights in Ireland
www.humanrights.ie

offsite link Understanding Children?s Rights: A Training Programme on Children?s Rights and Effective Internati... Mon Sep 22, 2014 17:44 | Edel Quinn

offsite link Conference on EU Counter-Terrorism, Dublin, 13 October Sat Sep 20, 2014 10:36 | Fiona de Londras

offsite link Rooney on Hassan v UK: ?symbiotic approaches?, ?subsequent practices? and amicus curiae Fri Sep 19, 2014 11:13 | GuestPost

offsite link Ireland to ratify complaints mechanism under UN Convention on the Rights of the Child. Thu Sep 18, 2014 13:51 | Edel Quinn

offsite link Invitation to Tender: ECHR Act & ECFR in Irish Courts Thu Sep 18, 2014 10:14 | GuestPost

Human Rights in Ireland >>

NAMA Wine Lake

offsite link Farewell from NWL Sun May 19, 2013 14:00 | namawinelake

offsite link Happy 70th Birthday, Michael Sun May 19, 2013 14:00 | namawinelake

offsite link Of the Week? Sat May 18, 2013 00:02 | namawinelake

offsite link Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of E... Fri May 17, 2013 14:23 | namawinelake

offsite link Gayle Killilea Dunne asks to be added as notice party in Sean Dunne?s bankruptcy Fri May 17, 2013 12:30 | namawinelake

NAMA Wine Lake >>

Royal Bank Of Scotland -owners of Ulster Bank - Engaged In The Systematic Theft Of Business Customers’ Assets

category international | crime and justice | other press author Monday November 25, 2013 23:55author by T Report this post to the editors

Max Keiser on the “financial terrorism” of Royal Bank of Scotland

The headlines have recently reported that the Royal Bank of Scotland owners of Ulster Bank in Ireland carried out widespread fraud and engaged in forcing customers who were repaying their debt and otherwise healthy, into going out of business and this allowed the bank to pick up their assets namely their properties at a fraction of the true costs. They carried out this financial terrorism mostly against small firms who were too small to defend themselves.

In a blog by journalist Ian Fraser linked from the report that Max Keiser carries on this on his website, Ian writes:


Max Keiser is clearly over-the-top but he reflects the outrage that many feel today at the behaviour of the taxpayer-rescued bank RBS — which has today been confirmed to have been engaged in the systematic theft of business customers’ assets and other forms of outrageous skulduggery. The malpractice, which remains endemic inside the bank’s commercial and corporate lending, global restructuring group and West Register property arm (I have been covering this charlatanism since December 2010) is gaining wider exposure thanks to the efforts of the Leeds-based entrepreneur and overall IoD ‘director of the year 2012′ Lawrence Tomlinson.

In a report published today for the business secretary Vince Cable, Tomlinson makes clear that RBS routinely “distresses” otherwise profitable, stable and creditworthy businesses by “manufacturing defaults” in order to tip them into its recovery and restructuring division, GRG, and then to allow its West Register property arm to effectively steal their commercial property assets. In a policy statement in May 2009 the bank said GRG/West Register had an “appetite” for particular categories of property assets including “offices, retail and industrial premises, pubs, hotels, nursing homes, car dealerships and hospitals”.


What we have here is the financial giants instead of helping the base of the economy, are cannibalizing it. Surely the whole purpose of a bank is to help small businesses. And we can be sure if one bank is doing this, then it is likely a lot of the other banks are too.

It seems that this fraud went undetected because many of the people running these small business firstly didn't have the resources to find the bank, nor did they have the power, contacts and might to force the government, media or regulators to take any notice. A functioning system of checks and balances would have stopped this very early on, but it is clear the checks and balance system has long been made ineffective through corporate takeover.

http://www.maxkeiser.com/2013/11/a-brazen-act-of-financ...land/

http://www.ianfraser.org/max-keiser-on-the-financial-te...land/

Related Link: http://www.maxkeiser.com/2013/11/a-brazen-act-of-financ...land/
author by fredpublication date Thu Nov 28, 2013 13:47Report this post to the editors

Banks can create money out of nothing to give out in loans. The fractional reserve system allows them to do this. Ratios of up to 100:1 between loans:deposits were common up until recently. But clearly they can't just make up a load of money for themselves then buy property with it. So they give out this "funny money" that they just conjured up in loans then repossess the real hard assets the borrower bought with the loans when the borrower becomes distressed. This sort of behaviour is often referred to as "leveraged buyout" when done by one corporation taking over the assets of another.

They score when the loans are given out through front loaded bankster bonuses. Then they score again when they get to repossess the hard assets, which they can sell off cheap to insiders, speculate on, or rent out into the rentier economy and parasite off the labours of the working class who actually do productive work.

So, they make up the money you borrow, then end up with your actual house, and all without doing any actual productive work. Nice business model!

If I wanted to design a scheme whereby I eventually could own all the assets in an economy without doing any actual productive work, it would be along these lines.

"Give me control of a nation's money and I care not who makes it's laws"
— Mayer Amschel Bauer Rothschild

 
© 2001-2014 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy