In my last post (http://thenextrecession.wordpress.com/2013/10/22/from-coop-to-cop-out-from-stewardship-to-casino-banking/), I explained the demise of the UK’s Coop Bank from a bank that aimed to ‘serve the people’ with ‘ethical objectives’ to a failed toxic asset bank, now gobbled up on the cheap by American hedge funds, who coincidentally have now also got the largest equity share of Britain’s publicly-owned postal service, the Royal Mail, privatised at about one-third of its real value. This post now looks at the other end of banking spectrum: what the global universal banks are up to.
Well, despite the huge losses incurred to taxpayers in bailouts and the economy in general from the disastrous, reckless and criminal policies of the global banking system over the last six years, it’s business as usual. As I outlined in a past post (http://thenextrecession.wordpress.com/2013/02/01/the-never-ending-banking-story/), it’s a never-ending story of greed and criminality.
The bank that gained most from the…
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