Mr Duran’s Borrowings

Up until 2008 banks in the developed world were in the mood to lend money. They generally did not ask too many questions and wanted to grow quickly and make a great deal of money for the bankers who ran them and also as an afterthought for their shareholders.

In Spain Mr Enric Duran managed to borrow more than €492,000 from 39 different banks and whatever he may have told them as to his reasons for borrowing the money, as soon as he got it he spent it or gave it away to such things as financing conferences against capitalism and providing equipment for a radical TV channel. Mr Duran has been charged in Spain, presumably for fraud and not wishing to serve an eight year prison sentence he is now in hiding. He does not recognise the Spanish Courts or legal system; unfortunately for him the Courts in Spain do recognise Mr Duran and will lock him up when they catch him.

Mr Duran’s case is an example (there are others) of the way in which banks were quite prepared to load up people with loans, rather like the pay day loan companies of today. These are not edifying spectacles to behold. However, the banks went further than the payday loan companies would ever do. The Payday loan companies may from time to time lend to someone who does not have a pay day, but the banks designed and sold devices to defraud and cheat their customers, most of whom trusted their bank managers.

In the United Kingdom they devised Personal Protection Insurance, and sold it to many people who would never be qualified to make a claim. They also sold interest rate hedging contracts to small businesses (the large ones were too clever and too distrustful to buy these products), and as a result have beggared many small businesses, and closed others down, having taken from them what it took several generations to build. In many cases the bankers told the small businesses that interest rates would rise through the roof, while inviting them to bet with the bank that interest rates would rise while the bank betted that the rates would fall.

Despite these fraudulent activities not a single bank or banker has been prosecuted in the United Kingdom for this fraud. Mr Duran however is being prosecuted and remains in hiding.

One Response

  1. In-depth studies, carried out over the last 45 seconds, confirm there is a direct link between the climate and politics.

    Both climate and politics change over time !! A fact confirmed in the afore mentioned in-depth study.

    “Man” is the main cause of all political change, therefore “Man” is the main cause of climate change.

    The climate is seen as a problem if a particular political party is in power, whereas there is no problem at all to be see with the climate if the opposite party is at the helm.

    So, the simplest way to solve any climate problems is to keep that party “who see no problems”, in power.

    Not only will this save the Earth from certain destruction, it will save a lot of money in the national budget as there’ll be no need for climate science committees, reports, analysis, action etc.

    Prior to the 45 second in-depth study, a cartoon was created, which may, or may not, conflict with the theme of the above summary.

    That climate change cartoon is here . . . . . . . .

    http://cartoonmick.wordpress.com/editorial-political/#jp-carousel-775

    Cheers
    Mick

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