Re: Where has the money gone?
 

I'm sure you will all be relieved to know that we don't have this problem in Canada:) What we do have is a Bank Act that regulates how banks behave and a strong Bank of Canada .... :mosher:

Re: Where has the money gone?
 

and that is what was missing over here.
I hope the government has learned its lesson......and is now going to act and form some kind of responsible regulatory body.

Re: Where has the money gone?
 

Would I dare suggest that banks are bent :rolleyes:.

As I said before I don't really know enough detail about the US situation, other than US banks lent to people that they knew would never be able to pay off their mortgage debt and then sold that debt on to another bank. Selling on of debt (especially bad debt) is very common practice - there are several UK companies who buy up debts from financial institutions and then persue the debtors for that debt. They even quite often after the debt becomes statute barred (which of the top of my head I thnik and even without solid proof that the debtor signed a legally enforceable credit agrrement (or have the voice recordings to prove a verbal contract). These companies pray in people who do not know their legal rights regarding credit/loan agreements.

Re: Where has the money gone?
 

It was the banks and big business that helped those in power today to attain power. As such there had to be a trade off/fat reward and I dont mean titles. The money men got what they wanted when the chancellor passed on responsibility on regulation. Now the cowpats are flying it all lands on the govenment. Those with the power in business can pass the buck by saying the govenment opened the stable door so the horse ran for freedom thus dont blame the horse for taking advantage.

Re: Where has the money gone?
 

There was no effective regulation and that is what was missing...now we are saddled with a debt that won't be paid off in my lifetime.

Re: Where has the money gone?
 

It will never be paid it will hang around the necks of us all until we shuffle off this mortal coil. Sadly I doubt they will learn and will consider it a blip and the blinkers will stay on.

Re: Where has the money gone?
 

Spuggie, I am sure you are right.
They ought to hang their heads in shame.

Re: Where has the money gone?
 

That is an illegal practice and surely heads must roll, not only in the loss of pension rights but by bringing criminal charges for wholesale fraud and deception not only in the US but also in the UK if they were a party to the scam. Ignorance is no excuse, or so I am told.
I like your choice of 'roll eyes' I should use it more often.

Re: Where has the money gone?
 

Heads role criminal charges peff I have more chance of being the next US President. They are too well protected by those with power and influence especially if they have profited from these deeds. Ignorence in the banking world gets you away with anything they want.

Roll eyes??? Is there a little man on your shoulder?

Re: Where has the money gone?
 

Not at all.....A tut is better than a wink to a blind man. :rolleyes:

Re: Where has the money gone?
 

interesting article in todays New york Times

http://www.nytimes.com/2009/03/04/bu...l?ref=business

seems some of the bankers who caused the crash by making bad loans are now using all their millions of bonus money to buy up the defaulted loans at knock down prices :eek:


as they used to say in the cowboy movies .......get a rope

Re: Where has the money gone?
 

The dirty scumbags!!!!! Hanging is to good for these people. Get a mob together n wreck what they buy!

Re: Where has the money gone?
 

That is the point I was making...I will pay for the rope. :eek:

Re: Where has the money gone?
 

Money will always look after Money.you n i do not count its that simple.:(

Re: Where has the money gone?
 

I agree, but are we all simple? :confused:....I think not