A matter of to what degree I suspect. Contributors to the R4 prog said that not only were people mis-sold PPI, but claims were turned down wherever possible, because there was so little money left to support the policy, it all being commission. A conributor who'd had a PPI company said he had been able to make a good profit on 10%, and offer a better policy.

I was just speaking to a mates mother in law who went bankrupt three or four years ago after her business went pop. Afterwards she got a bank account at Barclays and said that as of about a year ago they've started offering her credit cards. Madness.

The frequent recurrence of these disgraceful episodes of dishonesty in banking suggests to me that the controls that exist in banking are totally ineffective and not fit for purpose. Hence this post.

When I suggested a moratorium on this post not ling ago, over a three month period, to review the recurrence of such criminal acts I thought that there would be more and more of these discoveries over the next three months. I did expect another "event" AKA obvious crookery, to arise in banking and hit the headlines on the financial press within a matter of weeks. Purely because I think the while sector is lacking control and therefore chances will be, and are being grabbed.

I think many of the supporter and defenders of banking on PH and elsewhere are experienced financial men who understand the technicalities of the subject very well. The incisive questioning and detailed opposition to the criticisms of banking and the banking sector demonstrates their ability.

However I cannot find a way to explain to these technocrats, that the whole banking sector has lost touch with reality in business. Hence my comment that a 90*% commission level cannot be afforded in genuinely profitable business but is the mainstay of fraudsters, attracted immediate criticism that there was no reason why 90% commission was not ordinary business. I think not.

I am sure that these individuals genuinely believe that this is reality. That is where the banking sector has lost its contact with reality. No service industry can afford such commission levels and make a profit.

I have grave doubts that the banking sector will return to profitability. It certainly will not with major failings, misselling, computer system failures and frauds in banking that are being revealed time after time after time. The next three months will give an opportunity to review the incidence of such events. I do think that more risks and gambles will be discovered.

Do you eben know what this 'disgraceful' action is?

Doing business with Iranian customers.

Ooooh, how dishonest.

Who the fvck gives the US the right to tell a bank who they can and cannot do business with.

We let the US extradite UK citizens without evidence and it looks like they can tell companies who they can do business with too.

THAT is what I call disgraceful.

The subjects you choose to comment upon on PH are your choice. This thread is about the lack of control in the banking sector.

Presumably you cannot think of any comment to make in response to my post on yet another banking disgrace, revealed today, contained therein.

In consequence, you wish to criticise my style in preference to addressing the content. That is also your choice. I would prefer a debate on the total lack of control in the banking sector. Hence my post.

http://www.bbc.co.uk/news/business-19155577

There are almost too many examples of dishonesty to quote, but...

"Among the violations of the law, the bank is accused of:

falsifying business records
failing to maintain accurate books and records
failing to report misconduct to the regulator in a timely manner
evading Federal sanctions"

Loads of banks do business or did in Iran, even when it was not really acceptable in the US. It is one of the reasons that many banks have branches out there (ME etc) so that they can do things outside of US Jurisdictions and oversight. Doesnt mean what they are doing is dodgy. Lots of entities in the region wont do business with American banks and prefer European or Far Eastern entities.

Give it up mate, its obvious you are out of your depth.

That is precisely my view. From the way this is developing I can see Standard Chartered being closed down. Rightly so if half of the reported misfeance turns out to be true.

If this fraud has been deliberately hidden and fraudulently covered up for ten tears, then a multi billion conspiracy has run undetected in this bank for ten years. Which clearly confirms that there is no effective control over banking.

Scandal yes, but not of this order. $250bn. Just think about that. Two hundred and fifty billion dollars.