Peter Reynolds

The life and times of Peter Reynolds

Posts Tagged ‘OFT

Who Is The Unfairest Of Them All?

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Amidst the roar of gunfire from the deliberate, calculated massacre by evil Israeli stormtroopers and the tragedy of a crazed lunatic in Cumbria, there is yet another political scandal that cannot be allowed to pass.

Overpaid, Incompetent And Unfair

John Fingleton, Chief Executive of the Office Of Fair Trading, the man who let the British banks off the £40 billion they stole from British consumers, turns out to be the highest paid civil servant in the country.  See here.  This is the most unfair trading of all and makes a mockery of any concept of “fairness”.

He is responsible for the disastrous failure to protect British consumers from the greedy banker robbers who plundered their accounts with outrageous and illegal charges.  He led the badly organised legal challenge to the banks thievery which the Supreme Court turned away as misdirected.  The Supreme Court then invited the OFT to revert to them on a different basis but for reasons that have never been properly explained, Fingleton just gave up.  See here for the full story.

This man is not only unfair but incompetent.  No one is responsible for more unfair treatment of British consumers than he.  It is a scandal that he is even still in his job let alone paid at such an exorbitant rate.

OFT – Incompetence, Conspiracy, Paper Tiger Or All Three?

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I’m one of the lucky ones.  I recovered over £2000 of illegal penalty charges from the Nationwide and HSBC a couple of years back before the High Court stayed all the claims.  I had the great pleasure of walking into HSBC’s Kilburn branch with a judgment stamped by the Bow County Court (local to its Canary Wharf headquarters).  I demanded my money there and then and created a right hiatus in the branch!  I didn’t get it then but I did the following day in crisp £50 notes.

Den Of Thieves

It goes without saying that the banks are all, without exception, cheats, thieves, liars and lowlife scoundrels.  That’s why millions of people were relying on the Office Of Fair Trading to stand up for them.  The OFT’s decision now to drop their action against the banks is a national disgrace of monstrous proportions.  Although we cannot be sure of exactly who is behind this scandal, the fact that dishonesty, corruption and theft are at the root of it is manifest and crystal clear.

The banks were making around £7 billion a year in charges, most of which were for unauthorised overdrafts.  Claimants would have been able to claim for six years of charges so the banks have been let off a £40 billion hook.  Never have the British people been so let down by those who are supposed to protect them.

The High Court first made the extraordinary decision that these charges were not penalty charges.  This is nonsense.  HSBC actually described many of their charges to me as “card misuse” – so is that a penalty or not?.  Of course they were and as such were illegal and unenforceable at law.  When the banks debited your account like this they were committing theft and they’ve got away with it scot free.

It has now been well established that the actual cost to the banks of these transactions were less than £2 each when they were charging their customers up to £40 a time.

It must be truly astonishing to any right minded person that the OFT has backed down.  Even in the last Supreme Court judgement the OFT was given a clear hint, more like an invitation, that it should revert to the Court on a different basis.  So what possible reason can there be for abandoning the claim?

There can be no doubt that this decision is improper.  I wonder why it was announced on 22nd December when the entire country was at the peak of its pre-Christmas mass hysteria?

Two Faced Coward

John Fingleton, the OFT’s chief executive, should resign immediately.  He is either corrupt or weak.  He certainly has no integrity because whatever pressure or bribery has been put upon him he should have fought to his last breath to stop this massive crime by the banker robbers.

We cannot rely on these paper tigers of consumer protection.  We certainly cannot rely on government.  It is doubtful that our self-serving, whipped and bullied MPs will do anything meaningful.   It seems the only option now may be molotov cocktails through the door of every bank premises throughout the country.   How else are we supposed to protect ourselves when we are so badly let down?

We live in an entirely monetised society.  It is impossible to function without a bank account.  Therefore, the banker robbers must be regulated virtually to death.  Their policies and profits must be ruthlessly controlled.  Their crimes must not be overlooked but punished severely with massive multi-billion pound fines for the institutions and long prison sentences for the responsible executives.

Banker Robbers Supreme At The Court Of Contempt

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In an outrageous and disgraceful judgment the supreme court (no more capital “S” or “C” from me) has protected our corrupt banking institutions from the Office Of Fair Trading.  See the full story here.

Stupid Old Fools

The supreme court had the opportunity in one of its first judgments to set itself on the side of the people and justice.  Instead it has shown itself to be on the side of the establishment, the banker robbers and the executive.  If only this would herald the arrival of the tumbrils and guillotine into the streets of London.  Then the bankers and the judges would understand the meaning of injustice as their headless bodies lie in the street and others twitch and dangle from the gallows.

The OFT has been shown to be as toothless and useless as the Data Protection Act and the Information Commissioner.  These institutions are established merely as a sop to public opinion.  The establishment, the banker robbers and the executive have  no interest in justice for the people, only in lining their own pockets and protecting their own interests.  They can lend each other £60 billion or more in secret, deceive the public interest, yet they will not overturn the gross injustice and blatant thievery that are bank charges.

The bankers and the judges molested and buggered each other at Eton and Harrow.  They molested and buggered each other at Oxbridge.  Now incapable, except for a little self-molestation, they are buggering us.  Watch them get away with it as they duck, dive, lie, cheat and bribe their way out of trouble.  It may be difficult to prove the brown envelopes changing hands but what is happening in these judges’ offshore accounts?  We hold you all in the deepest contempt!

Next will come the supreme court overturning Sir Christopher Kelly’s proposal for the reform of MPs’ expenses.  Coming up on the inside is the Iraq Inquiry which will almost certainly see Tony Blair off the hook for lying to Parliament and the people.

It may be difficult to contemplate revolution in the modern age but in 1789 Paris and 1917 Moscow that was their modern age.  The establishment needs to understand that its conduct is unacceptable, that with the gift of the internet and communications technology, the people have far more power. You are walking a tightrope towards your own destruction.

Behaving Like Mad Geordie Crackheads

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So is this to be pattern that our rescue of the w**ker bankers will follow?

Northern Rock is now owned by you and me.  Not by Gordon, Alistair and their cronies but by British taxpayers.  Do we want them throwing people out of their homes onto the streets so that we then have to pick up the bill for re-housing and supporting them?

Now that the “new” management has got its greedy hands back on the tiller they’re heading straight for deep water where they can pillage, plunder and overfish yet again.

I say get rid of all the w**ker bankers and put some real business people in charge.  We don’t want the “experience” of those that have mismanaged banks already.  We want new blood, fresh ideas, people who know the reality of business, not the fantasy world of banking.

I hope and pray that our rescue of these organisations will prove successful based on root and branch reform of the way they do business.  We don’t want a few token sacrifices.  We want all the dead and rotten wood cut out.

Let’s remember that these scoundrels still owe most of us many thousands of pounds in illegal bank charges they have stolen from us.  Perhaps as much as £50 billion over the last six years.  The sooner the OFT gets its finger out and resolves this outstanding matter the better.

The Banks, The OFT, Avarice and Evil

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At last, some straight talking from the OFT about the way the Banks treat consumers.  As if we didn’t know it already but there is no excuse for the way these evil institutions have been allowed to operate and there can be no more compromise or filibuster about the consequences for them. They behave as if they are above the law.  They conduct themselves in ways which in any other context would be defined as theft and fraud.  Whilst they throw people out of their homes, deny legitimate business the means to operate, they let their cocaine-fuelled gamblers take ludicrous risks on ridiculous schemes and all the time present themselves as the backbone of our financial system.

Christ’s rage in the temple is the precise analogy.   It is time that we saw some of these silver haired, grey suited monsters in jail.  Their depth of corruption and manipulation and creation of misery has no comparison.  Right now the financial squeeze we are all suffering is entirely down to the incompetence of the banks in making lending decisions based only on the greed of individuals conspiring to create multi-million pound bonuses for themselves.  They deny honest, hard-working people the means to progress or recover but there is no consequence for themselves when things go wrong.

Let us pray that the OFT follows through on this properly and brings to heel these out of control, rabid dogs.

Written by Peter Reynolds

July 16, 2008 at 7:51 am

Posted in Politics

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