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peterjbayfield

Listed below are comments made by peterjbayfield between Saturday, 6th September 2008 and Monday, 8th September 2008.

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Fannie, Freddie, Cheshire and Derbyshire 08:53am on 08 Sep 2008 Are all those banking executives responsible for their organisations' disastrous leanding policies going to be allowed to keep their massive bonus? Of course they are.

Until it hurts their own pockets and they stop receiving obscene bonuses related to profit and made to pay for bad decisions; the merry-go-round will continue and be guaranteed by the biggest bank in the world- the actual money in each person's pocket.
'Another 18 months of crunch' 10:59am on 06 Sep 2008 Like you Gendad I have a friend who knows something of what goes on in banks.

I believe that bank staff at high street banks have huge pressure put on them to sell and something of what you learned from your friend can occur with staff who may act irresponsibly. That is a minor contribution to our current plight. Bank staff have to operate the policy of their bank. It is the policy makers at board level within these organisations that drive a lending strategy that is foolhardy. Many people who can't pay their loans back are people who have been allowed to self certify their incomes. In other words they write down what their income is and sign it and the bank will simply believe you (on your head be it it would seem). With lending strategies that have seen lending at 6 times income on an interest only basis and, until recently, fat returns on property investment, the temptations to go for what banks offer has been too strong for some.
'Another 18 months of crunch' 09:28am on 06 Sep 2008 yourfriendforlife says it plainly.

Poor lending decisions are the core root of these troubles. We can't run our lives without money. The banking system has a monopoly on using and handling our money and they have been irresponsible with it. Mr Hornby and other chief executives have presised over this lending frenzy and should be replaced with wiser people.

Banks are now extending their weekend hours; not to manage your or my money but to try to sell to us or lend us money while we shop.

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