New Banking Act – Now They’re Like Doctors, They Bury Their Mistakes!

February 21, 2009

The new Banking Act – which is really an extension to temporary laws introduced in the wake of the collapse of Northern Rock – is about to come into force.

The Bank of England will be allowed to give ‘hidden support’ to banks that are in financial trouble. This effectively allows the bank of England to ignore Freedom of Information laws so that they can protect troubled banks from negative market speculation. But secrecy can only be detrimental to people who have their savings in a troubled bank.

The Banking Act promises that if a bank collapses  savers will receive compensation within a week. What this law is really saying to savers is that bankers and politicians know some banks will collapse during the recession, but we’re not going to tell you if your at risk just in case you’re inclined to take your money away – which really wouldn’t be a bad idea. Fuck usury – it’s time to return to Banco De Mattress!


2 Responses to “New Banking Act – Now They’re Like Doctors, They Bury Their Mistakes!”

  1. RBC Bank President Gordon Nixon – Salary $11.73 Million


    I’m a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.

    There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
    Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
    Only problem is the loans officer was a replacement who wasn’t familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

    Phone or e-mail:
    RBC President, Gordon Nixon, Toronto (416)974-6415
    RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
    RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail
    RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
    RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail
    RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail
    RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail
    RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail
    Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail

    “Fighting the Royal Bank of Canada (RBC Bank) one customer at a time”

  2. Dave E said

    secret squirrel time

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