We're told that funding costs have fallen and this gives them scope to cut rates unilaterally.
What a con, and an insult. That has to be the greatest load of garbage I've heard for some time, and an insult to our intelligence. Bank greed is out of control, and they would seize on lower funding costs to bolster their profits if they could. Anyone who thinks that they will lower their rates because they are being altruistic, is out of their tree.
With Mike Smith pocketing $20 million last year, and the other three seat-warmers getting a mere $10m or so each, are we to believe they have suddenly become model citizens?
Wayne Swan is terrified of them, why else would he not say a word about their rorting and raping, while he attacks the real wealth creators in a cringe-worthy way?
No, the reason for the largesse is that they have to do something to protect their client base.
I think the aspect that infuriates me the most is that, for all the tens of millions they pay themselves, they actually do nothing. If all four MDs went under a bus tomorrow, hardly anyone would notice apart from their families. The NAB in particular continues to lose billions in its UK investments, but just ignores the massive bleeding..
The cry about how strong our banks are is a furphy. The GFC frightened people away from non-bank institutions and in to the perceived safety of government-backed banks. They simply capitalised on people's fear, hiding behind Wayne Swan's skirts.
This latest massive con is such a lie. It would be interesting to see how the fat cats handled a real emergency. My bet is that, based on their management methods to date, they would simply blackmail the government for help, citing the national interest.
