August27
I was half way through watching EastEnders and suddenly decided that I hate watching that program and wanted to turn over so I handed the remote to my daughter who turned it onto Dispatches on channel 4.
This weeks show was called
Dispatches: How The Banks Never Lose
The program focused on the banks and more importantly the huge commission payouts given to Investment Bankers…
One million pounds…..
let me just write that again…..
One million pounds…..
And you won’t believe the payouts the CEOs receive because their £975,000 or more yearly salary isn’t enough.
And in times of recession and credit crunches like we are experiencing now how do they make up the shortfall from the income that has come in (because the risks these investment bankers have taken don’t always pay off) and the huge number of “bonuses” they need to pay out?
They take a little interest off saving accounts, they add a little more to bank charges and they put a little on the interest rate. So while the investment bankers are buying a porsche with cash we are losing money on our savings and paying more on our mortgage.
Here’s a video I found on another Dispatches program that focused on Banks and how they bet your money. It explains the risk the banks took to make short term profits in the USA and how Europe and the UK decided to take their own piece of the pie!
As always its the general consumer that pays for this mess – that’s you and I – but there is an alternative in the shape of credit unions.
If you want to know what a credit union is here’ something from Wikipedia – CREDIT UNION
Credit unions are a great alternative. Run and managed by members they are usually cheaper to borrow from and charge less than banks plus they have a community development value system attached to them.
I’m looking to see if there is one in West London. Here’s a list I found from doing a search
| A. |
– www.lscu.org.uk – +44 20 3256 0000 – more
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| B. |
– www.hackneycreditunion.co.uk – +44 20 89866868 – more
|
| C. |
– www.yusufcicek.com – +44 20 7033 3666 – more
|
| D. |
– maps.google.com – +44 20 72777477 – more
|
| E. |
– maps.google.com – +44 20 84964826 – more
|
| F. |
– www.autologbookloans.co.uk – +44 845 322 0011 – more
|
| G. |
– maps.google.com – +44 20 85399746 – more
|
| H. |
– maps.google.com – +44 20 8800 4822 – more
|
| I. |
– www.lewishampluscu.co.uk – +44 20 87784738 – more
|
| J. |
– www.creditunion.co.uk – +44 20 77870770 – more |
Of course if you are feeling the credit pinch (and I know I am) then changing to a credit union wont really help you right now. Instead its important to assess what help you need and get it because its been predicted that we may have another 12 months of this!
What makes me angry is the fact that these investment bankers get to keep their commissions even if they took a risk on something that went bad. They keep their million and we get more added on to our mortgage. The worst of it is now that house prices are low they can use their million pound bonus to buy up property (because now is the best time to invest) and wait for that property to increase in value so they make more money.
It was the banks greed that has caused this current credit crunch….. Its just incredible! Six figure incomes and bonuses for causing the credit crunch…. I definitely didn’t choose the right career!
You can watch the rest of the videos here
http://www.youtube.com/watch?v=-EnxVnxGI44&feature=related