Depositors Cry Foul Over Questaionable Banking Sector Tactics
In October 2016, I had written a post about how I let an opportunity to buy HDFC Bank in the middle of 2006 pass by, and why I have never come to regret that decision (the stock has turned into a 10-bagger since then!). All of this is leading to a loss of financial independence — The masters of manipulation — the money changers — have rigged the system from every angle and continue to Fleeced by banks loot all of us. We would be wise to learn about the history of money and banking in our economy, which is a compendium of booms and busts orchestrated by private banks.
If banks set the Libor rate artificially low, then they could pay the cities and states that entered financial contracts with them less than they were entitled to. Such shortfalls are traditionally made up by the taxpayers or through cuts in services.
Mr Sibanda could not reveal the names of affected companies and implicated banks but said after the recalculation of interest rates on borrowed loans, their council has approached the Bankers Association of Zimbabwe, which has not disputed the borrowers concerns.
Typically, what this means is that cities and states regularly have to borrow money and often the pitch from banks is, Here’s a way you can borrow for less!” or Here’s a way you can save some money!” That’s typically how it’s framed, as an exciting new product that can save you money.
A new report issued by Special Inspector General Neil Barofsky now reveals that government officials, notably then-New York Fed President and current Treasury Secretary Timothy Geithner, grievously damaged the nation and capitulated to the very banks they should have been supervising.