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OFT bank charges investigation derailed by Supreme Court ruling

Another bailout for the greedy banks by those worried about the value of their personal shareholdings....what a disgrace. Banks borrow money (from the public) at rates as little as 0%....can the public borrow at these rates, or anywhere close to them? No. Banks make plenty of money by lending to the public at interest rates as high as 20% or more. The banks have been creaming off this country's wealth for their shareholders for years, yet the public is currently underwriting them. This is ridiculous, and a national scandal. The government needs to end this cosy relationship with the banks and provide a proper, state run bank which lends to the public and small businesses at affordable interest rates, and isn't run on a profit basis. That might actually lead to some wealth creation in the country, and less incidences of financial hardship for poor individuals whose situation is being made worse by punitive and excessive charges on top of the already high overdraft interest rates they are paying.

25-Nov-2009

12:14 pm