it seems I may have touched a raw nerve, and I'm sorry that your experience with the bank has been unpleasant. Contrary to your assertion, banks do not play "a special role in society". They do play several important roles in the financial system as a whole, one of which is to provide clients with capital which may be accompanied by financial advice. Ultimately, however, the banks act unambiguously in their own interest. Have you not read Adam Smith? The butcher doesn't bring his meat to the market to feed the world - he does so so that he can make a profit and feed his family. By acting in his own interests, he unwittingly provides a service not only to the farmer, but the consumer as well. It's the "invisible hand" at work. In this respect at least, the banks are no different, and it's up to individuals to properly inform themselves of risks before acting on any bank advice.
Ah yes, the RC - I remember it well. A witness sobs uncontrollably because the bank increased his credit limit..WTF, gimme a break! Another breaks down in the witness box because the bank gave her a loan to buy 5 investment properties which went sour. I guess if she had made a killing from her property investments, she would have simply put the profit in her pocket and congratulated herself on how smart she had been...WTF, gimme me a break! This is also true of those who choose to make a quick buck in casinos, and it is in this context that my comments about "ridiculous nonsense" ought to be read.
As you have pointed out, there is no doubt that banks have behaved contemptibly in the past, and they have deservedly been penalised for it. They have accepted responsibilty, improved their business practices, and now it's time to move on. Often, you will hear on this forum, the mantra "DYOR". Let us all look after our own interests, taking care not to confuse self-interest with selfishness; and always remember: "never ask a barber if you need a haircut".
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