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RBS 'drove small businesses to the wall'

30 replies

DoctorTwo · 28/11/2013 09:16

According to Lawrence Tomlinson in a report sent to Vince Cable. This is pretty horrific, especially when you consider that SMEs are essential to the economy, probably more so than massive tax avoiding multi-nationals.

OP posts:
Hehehee · 02/12/2013 09:27

Ah property developers. It was impossible not to make money from house building for a long time which gave many people the idea that they were good at running this type of business. The good developers knew that the bubble had to burst eventually and took steps to protect their businesses from that happening. It was not a surprise and had been expected for several years. The developers who had strong businesses and business acumen (rather than lots of property) had been liquidising assets and reducing landbanks for at least 3 years (I was working in property at the time) I'm afraid it was only the greedy ones who kept ploughing everything back into more property without any consolidation.

I worked for RBS for 25 years and was in a senior position when I left. If this behaviour was endemic I would have seen it on a daily basis (and been involved in it?). I never did. I have to assume that neither did the 1000s of staff who have since been sacked and have reasonable grounds to bear a grudge - as we have never heard anything of them.

There were occasions when individual colleagues were up to no good - they went to prison

SirC. Cos Hse info says nothing about cashflow or the quality of assets. You can't tell from published info how strong a company is, it is perfectly possible for it to paint a picture of a strong company when it's nothing of the sort.

SirChenjin · 02/12/2013 12:37

Nope, not property developers in the case of DH's clients. Not sure if you read my last post, but without going into details, DH is well aware of his clients detailed financial circumstances. RBS shafted them.

edamsavestheday · 02/12/2013 13:06

Hehehee - seriously, you think you can argue that everything's fine and dandy at RBS? How about money laundering at HBOS, is that just a minor matter too? LIBOR? PPI? Endowments? If nothing dodgy was going on, why are banks having to compensate people - out of the goodness of their heart? That's astonishing complacency.

The only reason I never had PPI was that I worked for a consumer watchdog and knew it was dodgy. I had to resist attempts to sell it every time I bought a relevant product. Most people didn't know any better, or were even tricked into it by not having it pointed out to them.

I'm also aware of one salesperson forging my MIL's signature on a credit application. A confused lady in her 70s. This shyster sat in her home, unknown to us, and convinced her to have unnecessary work done AND take out a credit agreement. One that she wasn't qualified for - I saw the form and not only was it forged, it said overtly that you had to be in employment. She had been a pensioner for more than a decade. Her DOB was on the form, FFS.

The bank's finance department had the cheek to chase her for the money, sending a series of threatening letters. The salesperson was in the wrong but the bank was just as bad, knowingly defrauding a vulnerable elderly lady.

DoctorTwo · 03/12/2013 13:34

Closer to the truth than is comfortable. :o

OP posts:
SirChenjin · 03/12/2013 20:32

Grin Doctor

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