(13a) BNP Paribas

Today I read in the Flemish newspaper "De Standaard" about an article published a few days ago by the news agency Bloomberg that BNP Paribas is in need of money because it has a shortish in money because of problems in Spain and Italy. So they want to use the money from Belgian and Swiss banks and their savers to pay for their debts in Spain and Italy. Bloomberg's article quote that "BNP’s Belgian consumer-banking network had deposits exceeding loans by 15.5 billion euros at the end of March" and thus the bank wants to use some of the money. BNP Paribas is a French bank and as most of the wealth in Belgium is in Flanders, the Flemish will become much poorer.

And it is unbelievable that so few politicians, the financial control agency as well as the shareholders protest against these plans. Although I do not understand all of it, I do understand it is not a good plan. People saved many years for this money and thought it would be safe and useful when needed. Never would people have expected that money they saved over many years would be used to finance the loses of the casino's (for those who still don't understand: the banks). Money from savings can only partly be used to invest because people may want it back and thus their should always be some money to provide, and the investment should be in something save (something such as buildings until the greed of bankers and ordinary people made house prices inflate and together with the financial crisis caused by financial idiots, many people at this moment can't pay their mortgage and thus banks loose billions of euros, dollars, pounds, ... while people loose their homes).

Last year an investment banker spoke about the wet dream of many investment bankers to get the savings of millions of people within one year. That year is almost over and it seems they may succeed when they continue the plan mentioned by Bloomberg because banks will never be able to pay the money back to savers when the banks use it to fill bottomless pits of debts. A debt should be financed from the inside out: reduce wasteful spending (e.g. bonuses while not limiting services), collect all taxes thus including those from the rich. Debts should only very limited be funded by borrowing because that makes debts bigger as one has to pay interests. Savings should be kept out of the reach of investment bankers who often seem to be not more than idiots who can only invent things no-one, even not the inventor, can understand. But where are the politicians, shareholders and financial control agencies to protect our savings?

In summary, the stupidity of (investment) bankers has no limits anymore and they are allowed to continue their stupidity. When will politicians take control and force the rich to pay their taxes and stop messing around with our money? When will politicians, financial control agencies and shareholders finally intervene (although there are enough politicians who want intervention but others pretend it)? When the bankers threaten with resignation as they do, let them resign and be replaced with people with knowledge of the financial system. Do we have to wait until even politicians, people in financial control agencies and shareholders loose money before they finally intervene and force laws on the banking system and arrest and punish those who do not follow the rules set by society?

Look to Barclays, the CEO finally resigned after a scandal broke out but not before he got is golden goodbye. Of course, it is possible he didn't know what some of his people were doing, but then he should not accept the money. As the scandal is that big, he should resign, as well as those in control agencies. But these people it seems will never learn.


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