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John Burns' Blog

Merry Christmas

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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