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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.
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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
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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.
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Apr 18 2018 10:49pm
Yea, this is already illegal. What is your point
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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?
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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.
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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
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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
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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.
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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.
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