Tax cuts lead to the richer paying more?

  • Thread starter Deleted member 13294
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sidicks

Banned
Your mate is few quotes up. Blaming it on the US government.


No, that relates to the causes of the credit crisis.

If you don't understand the basics, perhaps you should find a different forum to view...
 

sidicks

Banned
Still waiting for your explanation...

And what? RBS where not forced to pay all their debts off in one go. It was idiotic and down right illegal practices that got the banks into trouble and continues to do so.
 
D

Deleted member 13294

Guest
Perhaps you could admit that if the banks had gone belly up, our entire economy would have been screwed?

Not sure why you are so desperate for Sidicks or anyone else to condemn the banks and bankers. You are reading into posts only what you want, I have yet to see anyone defending wrongdoing in relation to banks.

Now perhaps you would be so good as to explain what illegal things the banks did that got them into trouble? You made the claim, so I think it is only reasonable to ask you to back it up.
 

Sve

Banned
Perhaps you could admit that if the banks had gone belly up, our entire economy would have been screwed?

Not sure why you are so desperate for Sidicks or anyone else to condemn the banks and bankers. You are reading into posts only what you want, I have yet to see anyone defending wrongdoing in relation to banks.

Now perhaps you would be so good as to explain what illegal things the banks did that got them into trouble? You made the claim, so I think it is only reasonable to ask you to back it up.

Rigged LIBOR for a start, how much has it cost them in fines, how much more will it cost them and what is still hiding, fixing the currency rate?
 
D

Deleted member 13294

Guest
So the fines for LIBOR (none of which were imposed before 2012 I believe) were responsible for the 2008 credit crisis?
 
D

Deleted member 13294

Guest
Well, you did say it while trying to explain this comment.

"It was idiotic and down right illegal practices that got the banks into trouble and continues to do so."

So yes, you did say that.

But if that isn't what you meant, which illegal practices are you referring to that got the banks into trouble?
 

Sve

Banned
Well, you did say it while trying to explain this comment.

"It was idiotic and down right illegal practices that got the banks into trouble and continues to do so."

So yes, you did say that.

But if that isn't what you meant, which illegal practices are you referring to that got the banks into trouble?

Why the bold only in the second part, it was the idiotic practices of lending up to 6 times salary, lending to people who had no chance to pay it back that got the banks in trouble. The illegal practices the banks have been taking part in and have been since at least 2007 are now coming home to roost. How many more illegal practices are they going to find out.
 
D

Deleted member 13294

Guest
Perhaps I should have just bolded the and? You said idiotic AND illegal practices.

Which ones got the banks into trouble and caused the credit crunch?

So far you haven't named one.
 

sidicks

Banned
Why the bold only in the second part, it was the idiotic practices of lending up to 6 times salary, lending to people who had no chance to pay it back that got the banks in trouble. The illegal practices the banks have been taking part in and have been since at least 2007 are now coming home to roost. How many more illegal practices are they going to find out.

How many of those mortgages of 6 x salary have defaulted...?

You are referring to practices (plural), what other illegal practices do you mean..?
:hiya:
 
D

Deleted member 13294

Guest
How many of those mortgages of 6 x salary have defaulted...?

You are referring to practices (plural), what other illegal practices do you mean..?
:hiya:

What do you mean 'other'?

Lending 6x multiples is certainly idiotic, but it is not illegal.

I'm still waiting for just one idiotic and illegal practice to be named.

I suspect I'll be waiting for a long time....
 

sidicks

Banned
What do you mean 'other'?

Lending 6x multiples is certainly idiotic, but it is not illegal.

Not necessarily, depending on other factors!

I'm still waiting for just one idiotic and illegal practice to be named.

I suspect I'll be waiting for a long time....

I suspect you are right!!
 

IronGiant

Moderator
Some of us do work for a living.
Fair enough, although when I posted you'd been browsing another area of the forums only 20 minutes earlier :D
 
D

Deleted member 293381

Guest
"It was idiotic and down right illegal practices that got the banks into trouble". As follows:

Five major banks in America have been sued successfully for illegal foreclosure practices.

HSBC fined £640 million for allowing drugs cartels to launder billions of pounds through its branches.

Barclays fined £290 million for rigging LIBOR interest rates. But didn't have to pay a further £573 million fine because they blew the whistle on the Euribor cartel.

RBS fined £391 million for rigging Euribor and Yen Libor.

UBS has paid the largest penalty so far - fined £917 million for manipulating rates.
 

Cliff

Distinguished Member
"It was idiotic and down right illegal practices that got the banks into trouble". As follows:

Five major banks in America have been sued successfully for illegal foreclosure practices.

HSBC fined £640 million for allowing drugs cartels to launder billions of pounds through its branches.

Barclays fined £290 million for rigging LIBOR interest rates. But didn't have to pay a further £573 million fine because they blew the whistle on the Euribor cartel.

RBS fined £391 million for rigging Euribor and Yen Libor.

UBS has paid the largest penalty so far - fined £917 million for manipulating rates.

You can add BN Paribas expected fine $8 -$9 Billion ! And a threat to revoke US dollar transactions.

However- we are not talking about bank trouble that caused the crash and subsequent bail out anymore, are we?
 

IronGiant

Moderator
I think you are missing my point but let's get back on topic shall we? :)
 

Cliff

Distinguished Member
Just a foot note to the BNP Paribas fine.
BNP Paribas 'to pay $9bn over sanctions breach' - Telegraph

Many of the fines imposed on foreign banks have been very political. i.e. they have been accused of breaking US rules, usually to with US sanctions or not doing enough to ensure the money transferred is legitimate and not connected with criminal or anti US activity.

They could be breaking a law in the US but not in the Europe, but because the US owns the Dollar and trading is essential, most banks settle anyway whether the charge is just or not.

Anyway, as I said this has absolutely nothing to do "with the tax payer bailing out the banks". I only mention it because is convenient for the bash the bankers brigade to roll everything into one- for simplicity.:D
 

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