How Banks Are Fleecing Us

How Banks Are Fleecing Us

Taxpayers are rightfully angrier than ever before about the state of the U.S. economy and the government’s handling of the financial crisis; perhaps even more so than the Colonists at the original Tea Party. According to the Central Bank and data collected across the eurozone by other national central banks and the ECB, Irish borrowers across the spectrum are being charged some of the Fleeced by banks highest interest rates — often the highest interest rates — in the eurozone.

If this side of the banking system’s high-handedness isn’t enough, look at the practices of banks who, in their aim to grow profits despite rising bad loans and low recoveries, have fleeced small depositors with charges that have changed frequently and arbitrarily.

With interest rate swaps, in particular, one of the big problems was that there’s all sorts of risks that were embedded in the deals, and in the paperwork there’s all these disclosures that say these risks exist, but when the banks actually pitched the deals the pitch said not to worry about those risks.

In this scenario the family has always been targeted as the basic cell of society through which revenue circulated, to the delight of the scoundrels who keep creating new needs and pocketing the residue from work earnings to be deposited again in banks.

If you actually have the city of Los Angeles take a hard line that says, We won’t do business with any banks that don’t abide by this set of rules or that don’t put the interests of taxpayers first,” then they can actually change the way Wall Street deals with them.