Tuesday, September 28, 2010

Bank protest fail

Nice try, boys...

I saw this in the print edition of The Telegraph, but there doesn't seem to be an online version—as such, I am forced to use The Mail's version of the story.
When Cameron Hope tried to get a loan to help his business grow he felt as if he were talking to a brick wall.

In fact, he became so angry with the banks’ refusal to lend that he decided to give them a taste of their own medicine.
...

In an action likely to strike a chord with businesses unable to secure loans across the country, Mr Hope and other protesters built an 8ft by 4ft wall of breeze blocks outside the entrance of [a bank branch] in Westbourne, Bournemouth, Dorset.

He was joined by other local business owners who have had trouble getting loans. They plastered the wall with placards proclaiming ‘Robbed by the banks we own’ and ‘Make the banks lend’.

"Robbed by the banks we own"—that's a powerful phrase, eh? A rallying cry for all those ordinary people who have been forced to bail out these greedy bankers and now find that these bastards are failing to lend at anything other than exorbitant rates—if at all.

It's a bit of a pity, therefore, that the bank that Mr Hope bricked up was a branch of Barclays—one of the few banks that the taxpayer did not, in fact, bail out...

11 comments:

PJH said...

And they certainly didn't benefit from the other banks being bailed out either...

Mark M said...

"And they certainly didn't benefit from the other banks being bailed out either"

I can't stand that response. The idea is that somehow Barclays should be thankful to the government for throwing loads of money at its competitors. If Barlcays benefited indirectly from the bail-outs then so be it, but that's hardly their fault and I certainly wouldn't expect any favours from them. Otherwise we might as well expect favours from every business, because the government provides healthcare for every employee - thus saving companies on private healthcare costs.

The fact is the recession was as much a cock-up of government as it was of banks, and the only reason they spent all our money was to try to save their skin. Disgustingly, it seems to have worked.

Ian E said...

I'd love to know how refusal to offer a loan can be equated to being robbed! If I go down the high street and ask some gent for a loan and he refuses, can I, perhaps, go to the police and claim that I have been mugged?

Anonymous said...

One can understand a bank not lending money to such an obvious moron.

Anonymous said...

Interestingly it wasn't even Barclays that refused this man a loan, it was NatWest but the police were hanging around NatWest so he chickened out and went for Barclays.

Steven_L said...

Barclays benefitted directly from the Credit Guarantee Scheme which effectively allows them to use the UK AAA rating to refinance their short and medium term debts.

So they were bailed out, because if the banks with funding gaps had not been able to refinance them then first the shareholders and then the bond holders would have had to take the hit (which is what should have happened).

Far from 'saving the world' Gordon and Shriti merely saved the bondholders. No wonder good bansk like HSBC want to up sticks.

Anonymous said...

It would seem that regulations coming out of Basl make lending to small businesses very unattractive and lending to government and big companies very rewarding.

No suprises there then.

http://subprimeregulations.blogspot.com/

Infoholic UK said...

Yeah, those bankers got off really lightly. Another 500 jobs going at RBS this week, bringing the total to 27,000 in the last two years...

Blue Eyes said...

Barclays was not even the bank that turned the bloke down, it was NatWest if I recall the version of the story I read. I also **love** the sense of entitlement in this story. Why **should** someone lend you money on terms that suit you? It's a contract, a deal, a slice of business.

I despair. Britain used to be such an enterprising nation.

Stephen said...

I despair. Britain used to be such an enterprising nation

Perhaps it would be again if it banks that would lend to businesses.

Stephen said...

Yeah, those bankers got off really lightly. Another 500 jobs going at RBS this week, bringing the total to 27,000 in the last two years...

And we are supposed to feel sorry for the thieving fucks?