RIGHT, THAT’S IT

The sight of Bob Diamond coming out of his offices with his red scarf made me see red too, even more than usual. Not content with playing a part in bringing the economy to its knees, and then awarding himself a huge bonus for this massive failure, it now appears that his organisation has been lying and playing games with interest rates in order to make the bank more profitable. I hope they throw the book at them.

Meanwhile, we’ve made up our minds. We’ve been with Barclays for 25 years but I am sick of all these shenanigans and the way that ethics have been trampled on and despised. We’re going to change to ethical banking.  I’m going to look at the Co-op – it has a good write-up, and some of our kids use it and are very satisfied.   http://www.guardian.co.uk/environment/green-living-blog/2012/feb/10/ethical-bank-account

Goodbye, Barclays.  

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24 thoughts on “RIGHT, THAT’S IT

  1. Misspelling (an auto correction :>>) should read misselling.

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    1. Have removed the offending ‘p’ – but as happens so often, I read it for its intended meaning, not as it stood. Our minds have ways of dealing with the nanny spellcheck 😉

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  2. Shimon’s views echo my own thoughts. There have been some less than transparent issues with the Co-Op Bank, none of them, to my knowledge, have been voiced other than in diffuse terms, in particular when the bank was considered as a possible purchaser for elements of Lloyds. I have views on the Co-Op ethics in other sales fields. It is prudent to ask

    a) from where have these, admittedly, diffuse issues been sourced,
    b) the context, and,
    c) why.

    Perverse as it sounds, I prefer an up-front bank organisation that doesn’t pretend to own certain ethics, than one that presents ethics it deems the customer can be seduced by, but does not practice itself on its home ground.

    Another twenty or so banks are said to be about to be examined for their conduct regarding Libor and yet again, more misselling.

    The two words, ethical and banking in modern parlance with all the well known names (I cannot speak ‘of old’, first hand)do not sit comfortably together here, or in the rest of the world.

    All banking and banks will have to be, must be, restructured and correctly supervised by an authority that can be trusted to act in the public interest. That is a hard one, it has to be done.

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    1. I agree. But will it happen? Or will a few cosmetic changes take place, ostensibly to placate us, and nothing change fundamentally?

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      1. The answer has to be wait and see. There are interesting noises about all this on centre stage, rather than off stage and on the sidelines.

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      2. Even so, we’ve reached the point of not wanting to tolerate any more the way Barclays is behaving. It is one thing to be ignorant of their sharp practice: I suspect one would need far more financial understanding and acumen in order to be able to detect this before it reached public attention, than I have. But once it comes to one’s attention, then one has a choice of action, and this is mine. No bank will be ideal, but sometimes the choice is between the lesser of two evils.

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  3. They are a despicable bunch,aren’t they?

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    1. It’s appalling, and not just Barclays – they all seem to have been at it for many years.

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  4. Sadly its not just Barclays that are at fault – thats only the tip of the ice berg as the practise was well known to be widespread

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    1. that’s very true.

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  5. coop has always presented itself as an ethical bank. Can we trust any banks these days? It is a question of the love of money over everything it seems.

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  6. An ethical bank… that sounds very positive. I do hope that you won’t be disappointed. I have serious doubts. I would like to believe it though… It would be like meeting the lion that lies down with the lamn… I hope it works.

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    1. I’ve now added in a link to the Guardian newspaper which has investigated this subject. I’ve also been on the Co-op website, which is very instructive. Better than greedy, corrupted Barclays, anyway!

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  7. Right! The ‘Little Men/Women’ have it withint their power to ‘vote with their feet’….;)x

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    1. It’s the only power we have!!

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      1. Barclays dug in their heels in the ‘Old South Africa’ until the outside world – ordinary folks started leaving Barclays….they then withdrew from SA…and were ONLY allowed back in…after the Big Change…..People Power…:yes: Should be used against other banks as well….(Political Parties in the UK?) 😉

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      2. That’s a very interesting and relevant piece of history. I often wonder what democracy means in practice.

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      3. Democracy ‘In Practice’ is a powerful weapon…not always very welcome to those who parade the corridors of power….;)

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      4. Very true – but even democracy itself can become perverted.

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      5. One needs not look too far from where we are….:roll:

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      6. Very interested to notice that Rowan Williams has been talking about ‘majoritarian tyranny’ in his Magna Carta lecture recently.

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      7. Even ‘majoritarian tyranny’ (whatever it means) can be contrived…:roll:

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      8. ‘universal suffrage alone cannot guarantee lawful or just outcomes in political debate … appalling tyrannies have been introduced by universal plebiscite and maintained by the forms of popular election ‘ in the 20th century. He also says that there’s a risk, with majoritarian tyranny, that the place of minorities (especially whatever minorities are unpopular at any given time) is not secured.

        Even so – and I agree with some of this – it is hard to know what could be put in its place!

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