Legalised Theft!

Posted: November 9, 2010 in Uncategorized
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Let’s face it. The big four main Australian banks have really been copping it of late. A senior industry representative (unfortunately I cannot now locate the reference for just which of the Big Four Thieves he was representing) has claimed this is just populist bank-bashing. In other words, there isn’t really anything in it.

What a load of crap.

I am an ex-banker. It has been years since I got out but even back then they were rapacious in their fee-gouging and things have gotten considerably worse.

The BFT have decided that they need to back off a bit. They have announced intentions to remove a fee. But exactly what fee are they proposing to do without? Answer: the fee for early mortgage loan exit. This is supposed to be a reduction on the impost on Australians who are already paying ludicrous levels of bank fees. What’s more, this is somehow supposed to increase competition in the industry. What utter A-grade crap!

Oh give me a frigging break. Just how many people are charged that particular fee? What proportion of their overall fee base does this actually represent? Infinitesimal, that’s what.

This is a nothing response. The Big Four Thieves will continue to gouge the Australian public to the tune of multi-billion dollar profits. It is basically legalised theft.

When the banking industry was de-regulated, the intention was not to create an oligopoly that seemingly answers to nobody other than shareholders, and what shareholders are going to be complaining about their dividends from multi-billion dollar profits? Other industries had regulation forced on them. When will our government act in the interests of all Australians and introduce appropriate regulation to make the banks act in an economically and socially responsible manner?

And that’s my rant.

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