Tuesday, 21 February 2012
Its all Greed to me
Mahatma Ghandi said, "Earth provides enough to satisfy every man's need, but not every man greed" and as I compile yet another letter for the Financial Ombudsman, I cannot help wondering if it will be HBOS’s overvaluation of my house in May 2006 that finally turns my case against them to my advantage. Encouraged by news I may finally have found legal representation, I can only hope my complaint will ultimately reveal the lengths to which HBOS have gone to in an effort to feed their own avarice.
While this week even Russian prime minister Vladimir Putin attributes his country’s economic growth to both its large oil and gas reserves and its wealth “of a talented, creative, well trained and educated people” whom he regards as “an enormous treasure", I am left resisting thoughts that in the UK the our own government along with the Financial Ombudsman’s Service are merely facades for organisations established to mute the cries of the very same talented, creative, well trained and educated British people who are now the fallout victims of a global economic crisis. With both the government and our regulators either powerless or unwilling to intervene, the battle for democracy remains the individuals fight and it rages on through protest against the billionaires and corporations intent on reshaping politics to suit their own interests.
While officials talk of a future which embraces debt haircuts and a return to real values, real assets and real jobs, those of us struggling in the wake of the global economic crisis are faced with no assets, no jobs and government values which only support a desire to remain in office, leaving the perpetrators of widespread irresponsible banking, and in some cases out and out fraud, thinking they deserve a medal if their waive obscene banking bonuses despite falling profits and share prices. As one reporter said, “These vastly pampered moguls really believe they are worth the money, and cannot comprehend why most of the rest of us so passionately hold them in contempt.”
In contrast I, along with the Greeks, wait with renewed trepidation for the impact haircuts, bailouts and austerity measures will deliver to a land which remains without promise and without a reasonable future for many of our children. I can only hope that, not unlike the USA’s Citibank who wrongfully endorsed mortgages in the lead up to the global economic crisis and now “admits, acknowledges, and accepts responsibility” for passing on bad loans, HBOS will also be required to stomp up the money for a short back and sides for me and in so doing free my family from an untenable financial future which is set to last for the rest of my life.
A Native American grandfather talking to his young grandson tells the boy he has two wolves inside of him struggling with each other. The first is the wolf of peace, love and kindness. The other wolf is fear, greed and hatred. "Which wolf will win, grandfather?" asks the young boy. "Which ever one I feed," is the reply.
I am pleased to report both I and Mervyn King, Governor of the Bank of England believe the time has come to stop feeding the greedy wolves because, in the words of Aristotle, “Poverty requires much while avarice requires everything” and we simply can not afford it.