@ArturNadol7566@StevieB09074258 The same HSBC who got a measly fine in 2015 for knowingly helping mass murdering Mexican drug cartels launder their money.
HALF A MILLION PEOPLE WERE DEFRAUDED
Imagine you are behind on your store card payments. You are already struggling. Then the bank quietly adds an extra charge on top of what you owe. Not because it costs them that much. Just because .. they can. And because they think nobody is watching.
Someone was watching.
Nicholas Wilson was a debt recovery lawyer. He goes by Mr Ethical @nw_nicholas on X. His old boss meant it as an insult. In 2003 he noticed that @HSBC subsidiary HFC Bank was adding an illegal 16.4% charge onto the debts of people who were already in financial trouble.
Store cards from John Lewis, Currys, B&Q, Dixons, PC World. Ordinary people. Struggling people. Being quietly robbed.
He told his boss it was illegal. His boss started calling him "Mr Ethical" as a joke. Then they sacked him.
He reported it to the regulators. @TheFCA ignored him for years.
When a researcher separately wrote to both HSBC and the FCA asking about the fraud...
... both wrote back with responses in the exact same wording, same punctuation, same paragraphs. The bank and the regulator were sharing the same script.
FCA's own independent Complaints Commissioner eventually investigated. He called it the worst case of regulatory failure he had ever dealt with.
FCA's response was to appoint Ruth Kelly, an HSBC director, and Baroness Hogg from John Lewis, onto its own board. The two people they were supposed to be investigating were now sitting inside the regulator.
You actually cannot make this up.
After 13 years of Wilson refusing to go away, HSBC quietly agreed to pay some money back. FCA announced 6,700 victims.
Wilson says the real number is closer to 500,000. HSBC has now set aside £223 million for repayments. No fine. No criminal charges. No one went to prison. No one was even publicly named.
Wilson has spent the last 20 years unemployable. Blacklisted. Living on state benefits. Fighting to keep his home. Someone even anonymously reported him to the DWP for benefit fraud while the actual billion pound fraud went unpunished.
The bank that robbed half a million people kept its licence.
The man who caught them lost everything.
Source: @guardian | @BBC | @PrivateEyeNews | @SundayMirror | @realmediauk | nicholaswilson com | @nw_nicholas and others.
@Warner_Jimenez@business Come to the UK, supposedly the 6th richest country into the world. We have very few UK born doctors and if you can find a doctor at all (good luck), they will almost certainly be from another country, not trained here. Cuba doesn't do this. It provides where capitalism destroys.
@Warner_Jimenez@business Come to the UK, supposedly the 6th richest country into the world. We have very few UK born doctors and if you can find a doctor at all (good luck), they will almost certainly be from another country, not trained here. Cuba doesn't do this. It provides where capitalism destroys.
@NancyMPiloto@business Right. Cuba isn't the problem. Its just helping people where it can due to lack of solutions within other nations, including the US.
@grandmaster_z@business And who participates in this supposed 'slavery'
Cuban doctors treated US firefighters after 9/11. Are the US complicit im slavery then?
@LatamSmallArms@business 'Cuban government indentured servants'
The US capitalist ruling class indenture every US citizen who isn't a member the 1% ruling class (317m?) You either do a low pay job or bullshit job or you fly Epstein class. Sit down.
@Jackiew80333500@Shambles151 If true this gives Zach some real credibility. Surprised he would stick his neck out this far but equally surprised this should ever have been controversial. War crimes are the worst crimes.
@opfalcons51@courtbullion@wbmosler@YourAnonCentral Every nation can claim to be doing well by increasing exports. Every nation can be said to be collapsing as it becomes increasingly dependent on creating exports.
Which is it?
@opfalcons51@wbmosler@YourAnonCentral Except, where else will people get their toys from? The pool of cheap exports is drying up not because of currency wars but due to limited access to declining real resources globally. Something the US continues to dominate because they have the biggest guns, not just currency.
It can't be repeated enough:
Believing federal taxes are used to finance spending leads to fear-driven politics, misinformed policy, unnecessary austerity, rising inequality, economic stagnation, and poor inflation management.
All based on a false household budget analogy.
@Kleexplosions@Alan1148480@Rothmus Capitalism has been around for for at least 3000 years. Economic exploitation through debt, maybe 5000. Coins actually BC are the affirmation of capitalism as ancient culture. Don't you think the Romans were capitalists? Yet not 4 maj human history stretching 100,000s + yrs