CITY A.M. CONFIRMS: banks act as vampires sucking life blood from companies to bankrupt them

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14 02 02 Vampire banksHere’s the link to City A.M.’s article Vampire banks versus zombie firms

RBS is acting like a “vampire,” sucking the cash out of troubled firms as soon as it becomes available, Lawrence Tomlinson told MPs this afternoon.

Tomlinson caused a storm last year when he published a report into the treatment of small firms by the bank, arguing it took businesses with strong balance sheets and squeezed them hard, ultimately taking their assets and making money for the bank.

He gathered the evidence from 200 firms at the time and more than 1000 since, in his role as the Department of Business, Innovation and Skills’ entrepreneur in residence.

He met MPs of the Treasury Select Committee to give more details on the claims that RBS’s Global Restructuring Group (GRG) is engineering firms into financial distress. The video is here.

“When your business was moved into the GRG by whatever fashion, you were given perhaps a doubling of the bank’s interest rate margin and lots and lots of fees,” Tomlinson told the Treasury Select Committee.

“The business becomes strangled. It is frustrating to hear talk on ‘zombie firms’. I liken them more to a vampire business – they are kept in the GRG and as soon as they get any cash to invest and grow, it is taken out of them. I have seen firms face charges and fees that are set exactly at the amount that the firms have made.” More

Your Chance to Complain to the Commission on Banking Standards!

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The Palace of Westminster seen from east. Vict...

The Palace of Westminster seen from east. (Photo credit: Wikipedia)

Andrew Tyrie MP is not only the Chairman of the Treasury Select Committee, but also now of the Commission on Banking Standards. In French, I would say ‘ça tombe bien’: ‘it falls well’.

I don’t have to distinguish between the lack of Enforcement of the Bank of England Act 1694 and the dishonesty of our money system as the CAUSE and their EFFECTS: white collar crimes and their victims, or as Maurice Kirk puts it: blanket immunity to civil servants and professions who seriously break the law.

Please, do consider making your complaint. I know it seems hardly worth doing. I know “they” pay only lip service and your contribution will only make history by being published. But let’s do it anyway, just to satisfy our own conscience:
“You’ve gotta dance like there’s nobody watching,
Love like you’ll never be hurt,
Sing like there’s nobody listening,
And live like it’s heaven on earth.”

Here’s the link and the full text:

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Invitation to all concerned sufferers of the banks and lawyers and courts

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To all concerned sufferers of the banks and lawyers and courts (all these and more are interlinked, it is the lawyers who find dubious means for the banks to circumvent the laws), our battle bus is visiting London on Monday, Tuesday and Wednesday this week. More

New petition on the block: Public Inquiry into wrongdoing and ethics of bankers

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Addressed at HM Treasury, this petition says:

We the undersigned call for an independent, judicial public enquiry into fraud, wrongdoing and ethics of British banks, their management and their staff, and the role of the British Bankers Association. The terms of reference of this inquiry should also include the manipulation of interest rates on about £225 trillion of assets. The inquiry must have full powers to compel witnesses to appear on oath, and to obtain all forms of evidence.

If  it gets 100,000 signatures, it will lead to a debate in Parliament. It was initiated by Ann Pettifor who is very well versed in the subject. More

Forced into receivership by the RBS Bank

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Wales Online entitles this story Property tycoon ‘heartbroken’ by empire’s collapse.

But the key issue is: “Most of RT Properties’ portfolio has now been bought by the property arm of RBS itself” – a journalistic way of describing white collar crime, or “legalised stealing”, for no solicitor will fight a bank that always has deeper pockets…

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