The Musings Of An Opinionated Sod [Help Me Grow!]


Just Call Me Nostradaumus …
August 9, 2012, 6:12 am
Filed under: Comment

Two years ago I wrote a post about Standard Chartered bank.

In it, I called into question their whole ‘Here For Good’ positioning – not because they were a bank, but because their communication just asked a bunch of philosophical questions rather than talking about any single thing they did that was actually ‘for good’.

At the end of the post, I said they were more likely to ‘be here for their own good’ than others.

Well, if reports from the US are to be believed, I was right.

Is it a surprise?

Not really … it’s more a surprise that a financial institution wasn’t suspected of bending the rules for so long.

I particularly like how the media have decided [allegedly] dealing with Iran is worse that systematically destroying the lives of millions of people around the World with false promises and hidden fee mortgage offers.

Of course, it’s not entirely their fault – every shareholder and account holder that demands ever increasing dividends or interest have to shoulder some of the blame, but still, it’s not all bad news for Standard Chartered’s senior execs … after all, in the financial industry, what they’ve done is probably viewed as ‘heroic’ so they can probably expect to receive a massive end of year bonus as an industry thank you.

The World’s gone mad. Or should I say, madder.


29 Comments so far
Leave a comment

Saying a bank is full of money sucking, lying, thieving wankers doesn’t make you Nostradamus, it makes you a little bit more sane than I ever gave you credit for.

Comment by DH

Unfortunately, that’s a very fair point. Bugger.

Comment by Rob

And your point about dealing with Iran being worse than fucking over families is a good one. Seems Standard Chartered’s charter is the usual anti robin hood bank “standard”; fuck over the poor to feed the rich.

Did you like the robin hood reference? Consider it your christmas present.

Comment by DH

Yes I did and yes I will. Let’s face it, that’s more than you’ve ever given me previously!

Comment by Rob

What is this “interest” that you speak of? I’ve never seen, heard or been offered it in all my decades of dealing with banks. If you know where I could get some, I’d be very grateful if you could point me in the right direction.
If the allegations against Standard Chartered are true, I hope their trading licence is revoked. Too many financial organisations view fines as nothing more than a cost of operation, leaving them free to abuse society again and again and again. A petty thief would not be given such lenient terms and neither should a bank.

Comment by George

You don’t get interest when you buy the banks.

Comment by John

He’s not that wealthy John. Yet.

Comment by Rob

Lost opportunities.

Comment by Lee Hill

Oh yes. Oh yes, yes, yes, yes.

Comment by Rob

Quite.

Comment by George

Have you seen the documentary, ‘The Inside Job’?

Apart from it being utterly brilliant, there’s a frightening bit where he goes through all the fines the banks have paid for things they’ve done wrong – though part of the condition of payment is to not be seen as accepting blame. It’s like someone accepting they have to spend 20 years in jail as long as they don’t get called guilty for murdering a child.

That said, the lawyers of the banks aren’t stupid because they know the label of ‘guilt & theft’ is far worse than any fine … even though the irony is every financial organisation seems to practice business on the same terms.

Comment by Rob

A documentary about criminal acts within major corporations. That’s your version of porn isn’t it Rob.

Comment by DH

HSBC also got in trouble recently for knowingly laundering the proceeds of organised crime on behalf of major drug cartels. They were fined $600 million. Something tells me that if an individual was caught doing this, they would face more than a large fine. Banks are a joke. You can say shareholder greed contributes to their slack standards but with so many bonuses being handed out, I would say their focus is muchore on their own wealth creation than anyone else.

Comment by Pete

I read that – but I thought it was only about $30 million, which is probably a weeks worth of profit or something.

To my response to George, maybe it’s time the governments stopped accepting fines and started going after labels of ‘guilt’ … even though all that would happen is the people behind the schemes move on to other banks for even more cash.

Comment by Rob

Half of the problem is the governing bodies where these banks are registered don’t want to rock the boat because the income they receive from them is so vast, they literally wouldn’t know how to cope without them.

Damned if you do, damned if you don’t.

Comment by Rob

Bankers are wankers. Fact.

Comment by Billy Whizz

You should be running the financial regulation services.

Comment by Rob

This is depressing.

Comment by Age

Are you referring to this post, blog or life?

Comment by Rob

Mainly this post (specifically banks and their grip on all of us) and the fact that Andy is not here😦

Comment by Age

I used to work on Northern Rock, as such I feel I have no credibility in this conversation. Mind you, I don’t in most of them and it didn’t stop me there.

Comment by northern

You have as much cred as the people who work in banks. At least you talk sense and are interesting. Well, if you ignore your Smiths addiction and just focus on your love of Youporn.

In the office.

In a meeting.

With colleagues.

Comment by Rob

A core skill of planning is to be able to make anything interesting. Sometimes it just needs a little extra to make workshop about a second tier fizzy drinks brand exciting.

Comment by northern

Interesting and exciting while not falling into over-important, over-promising marketing wank … which the ego of clients [and agencies] often fail to understand.

Comment by Rob

isn’t it weird that in surveys people still say that they would trust bankers more than others (like politicians, car sales men and ad people)?

Comment by seb

I wouldn’t be surprised if we found the people doing the surveys worked for the banks. That aside, can I say how nice it is to have you commenting on here again Seb.

It’s nice. Really nice.

Comment by Rob

I heard a story once about a guy who never bought car insurance. It cost too much and the fines weren’t that big. So he just drove without it, everytime he got caught he paid the fine and carried on. Was far cheaper to operate illegally than legally.

Banking.

Comment by Rob Mortimer (Not a fake Andy)

pretty sure that’s how Greece and Italy operate across all levels on a daily basis.

Comment by Age

And the prisons are too full to accommodate more criminals. It must feel like utopia for villains.

Comment by Pete




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