Published: Friday, December 23, 2016
On this festive occasion, I wish you all season’s greetings. It’s hard to believe that even as recently as my youth, (don’t dare say a thing!) Christmas Day was not a holiday in Scotland. Factories and shops were open as normal. Christmas was strictly for the children. Of course, New Year’s Day wasn’t a holiday in England and Wales but eventually so many took the day off that it became a holiday, almost by popular acclaim. The whole of Burns Pet Nutrition except the Farm Shop and pet shops will be closed until the New Year but I of course have loads of homework to keep me occupied in between catching up on watching old films.
Today’s big story is that Deutsche Bank and Credit Suisse have been fined $7.2 billion and $2.48 billion for mis-selling mortgages in the lead up to the credit crunch of 2008. A quick search shows that Deutsche bank has had fines of £4.7 million for mis-reporting, £6.3 million for mis-handling shares, $258 million for violating US sanctions, £840k for irresponsible lending, $2.5 billion in the US and £227 million in the UK for interest rate manipulation. This is just a quick snapshot of the failings of banking, the industry in which successive British governments have placed so much store. As far as I am aware, practically no-one has been held to account for these scandals.
Merry Christmas and Happy New Year.
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