PPI2 May 2019 11:41
Richard
I am with you mate, My take on it as a very long term investor is , back in the early days of PPI claims the banks were not settling claims fast enough (because they were investigating them properly) so Lloyds got hit with, I think, a £400 million fine. They soon learned (as they were meant to) that it was cheaper and easier to crack on and settle the hooky claims than pay the fine.Claims management companies made hay while the soon shone as you would expect and took their cut which is substantial (and paid taxes)
The government knew that when the rot set in on the banks the exchequer was going to lose one of its biggest sources of revenue (the banks) for quite some time, so he bailed them out but with a few rules and deals, he came up with the PPI Scenario to put billions back into the economy via the unworthy who would fritter it away quickly , the premise to the bankers was "get it done and no one goes to jail". They have had 10 years of it , never been seen before anywhere is the world, the Americans mirrored the bail out thought out by Brown and Darling and Obama even gave them credit for it in one of his speeches, but he did not go after the banks in the same way , hence they recovered much quicker (its not the American way)
The Car companies falsified emissions data in a huge fraud that made the market for diesel cars boom to billions of Euro / GBP but got fined only a few of hundred million, "go figure" as the yanks say, Brown even promoted Diesel as cleaner than petrol to help things along , then taxed them accordingly, now we are told the opposite (as if we did'nt know) and they will be phased out to be replaced by electric (helping their sales no doubt) and they in turn will pay taxes as will the consumer, not to mention the new industry of making the charging the batteries which will be huge (and they will pay their taxes)
Gets to be a theme does it not ? we are being manipulated and the only good news is that Lloyd turn ends in August this year and we can only benefit from that (unless "they" know different)
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