☰
d2jsp
Rules
Help
Forum Gold FAQ
Live Streams
Photo Gallery
Hourly Raffle
Ladder Slasher
Log In
Register
Log In
Register
Account Recovery
Resend Validation Email
d2jsp Forums
>
Off-Topic
>
General Chat
>
Political & Religious Debate
> What Would An American Banking Inquest Show?
1
2
3
7
Next
Add Reply
New Topic
New Poll
Views: 1088
Replies: 64
Track Topic
Plaguefear
Member
Posts: 48,749
Joined: Jun 19 2006
Gold
:
356.93
#1
Apr 18 2018 10:21pm
Here in australia we are having a royal commission (basically the highest level of investigation possible) into the banking sector and day by day more and more evidence of widespread crime and corruption is coming out.
https://www.theguardian.com/australia-news/2018/mar/13/banking-royal-commission-credit-card-horror-stories-reveal-lifelines-that-help-you-sink
https://www.theguardian.com/australia-news/2018/apr/16/banking-royal-commission-told-90-of-financial-advisers-ignored-clients-best-interests
Some reading there.
Banks were charging dead people for financial advice, charging for financial advice they were not giving and when they did give advice 90% was found to be in the banks interests and against the customers.
One bank was found out to have committed 53,000 acts of money laundering.
One bank gave a few hundred thousand people the ability to over draw their accounts with interest without telling them or even seeing if they had the capability to repay it.
Would be interesting to see what would show up in a similar inquiry in other western nations.
duffman316
Member
Posts: 77,514
Joined: Nov 30 2008
Gold
:
500.00
#2
Apr 18 2018 10:46pm
insert hundreds of mises links about how every shady evil thing businesses do is the fault of the government and people are free to choose banks that don't screw them over if they don't like the one they're with
Plaguefear
Member
Posts: 48,749
Joined: Jun 19 2006
Gold
:
356.93
#3
Apr 18 2018 10:48pm
Quote (duffman316 @ Apr 19 2018 03:46pm)
insert hundreds of mises links about how every shady evil thing businesses do is the fault of the government and people are free to choose banks that don't screw them over if they don't like the one they're with
Will be ignoring that post for sure
But yeah every day this RC turns up something new, its like christmas but when you open the box you get kicked in the nuts.
EndlessSky
Member
Posts: 33,452
Joined: Oct 9 2008
Gold
:
2,617.52
#4
Apr 18 2018 10:49pm
Yea, this is already illegal. What is your point
Plaguefear
Member
Posts: 48,749
Joined: Jun 19 2006
Gold
:
356.93
#5
Apr 18 2018 10:51pm
Quote (EndlessSky @ Apr 19 2018 03:49pm)
Yea, this is already illegal. What is your point
I thought i was quite clear, do i need to simplify it?
Thor123422
Member
Posts: 64,656
Joined: Oct 25 2006
Gold
:
260.11
#6
Apr 18 2018 10:52pm
Quote (EndlessSky @ Apr 18 2018 10:49pm)
Yea, this is already illegal. What is your point
It highlights the incorrectness of a fundamental free-market assumption, the symmetry of information.
EndlessSky
Member
Posts: 33,452
Joined: Oct 9 2008
Gold
:
2,617.52
#7
Apr 18 2018 10:58pm
Quote (Thor123422 @ Apr 19 2018 12:52am)
It highlights the incorrectness of a fundamental free-market assumption, the symmetry of information.
Crime isn't legal in a free market
Plaguefear
Member
Posts: 48,749
Joined: Jun 19 2006
Gold
:
356.93
#8
Apr 18 2018 10:59pm
Quote (EndlessSky @ Apr 19 2018 03:58pm)
Crime isn't legal in a free market
And yet it is widespread despite having far more scrutiny here than almost anywhere else..
http://www.abc.net.au/news/2018-04-19/cba-charged-fees-to-customers-who-had-died-commission-hears/9675922
This one is great.
This post was edited by Plaguefear on Apr 18 2018 11:03pm
Thor123422
Member
Posts: 64,656
Joined: Oct 25 2006
Gold
:
260.11
#9
Apr 18 2018 11:04pm
Quote (EndlessSky @ Apr 18 2018 10:58pm)
Crime isn't legal in a free market
In a free market this wouldn't be a crime. Who needs consumer protection against fraudulent financial advice? The free market will fix bad managers.
Plaguefear
Member
Posts: 48,749
Joined: Jun 19 2006
Gold
:
356.93
#10
Apr 18 2018 11:07pm
Quote (Thor123422 @ Apr 19 2018 04:04pm)
In a free market this wouldn't be a crime. Who needs consumer protection against fraudulent financial advice? The free market will fix bad managers.
Yeah we would just guess which ones are doing something underhanded and not use them.
Go Back To
Political & Religious Debate
Topic List
1
2
3
7
Next
Add Reply
New Topic
New Poll
© 2003-2024 d2jsp
Contact