I wanted to post on this and still may do, but Gerald Warner has beat me to it and he has a much larger readership! I for one, had a 'vested interest' in this ruling as I get charged £60 a month for my overdraft and I get £60 a week. I heard on the radio yesterday that the Bank of England secretly gave RBS and Lloyds another massive bailout this year and didn't tell anyone...The banks get 'financial help' and we get shafted by the banks. Crackin'!
Courtesy of The Telegraph
Thank you, Supreme Court: now our votes are on offer to the party that will crucify the banks.
'So, now we know. The highest court in the land thinks it is perfectly equitable and moral for banks routinely to charge customers £35 for a transaction that costs them £2.50. It believes an automatic charge of £12 for inadvertently going 10p over the agreed overdraft limit – followed by daily penal charges – is how British institutions should do business.
It has benevolently nodded through every exaction, penalty and shameless scam that the fertile minds of the barrow boys in pinstriped threads can devise. I don’t know about you, but I preferred them in the days when they wore tricorne hats with masks that made them look panda-eyed and shouted “Stand and deliver!”
This is the landmark ruling of the Supreme Court of the United Kingdom at the climax of its long 56-day history as the ultimate arbiter of justice in Britain. It is true that its ruling contradicted the views of the High Court, the Appeal Court and every seven-year-old who could recite the Ten Commandments, but never forget it was a technical ruling. So let’s hear no unsporting and uninformed complaints from ignorant laymen, just because they have been robbed of a few thousand pounds. Once again, the sophisticated interpretation has triumphed.
And the sophisticates are out in force to applaud this triumph of sophisticated technicality over outdated financial morality. Never forget, they tell us, that there are eight times as many bank customers who have never gone into the red as there are of those feckless borrowers. You know the kind of undisciplined prodigals I mean: small businessmen trying to keep afloat in a sea of government red tape, buffeted by a recession, burning midnight oil, acquiring ulcers while their wives succumb to heart conditions; family men trying to keep the show on the road – that type of distasteful shyster whose conduct is so keenly reprehended by sober-suited bank managers...'
[For full article click here]