Capitalist Corruption

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Evil has a middle name

Ev “Westpac” Il

“Westpac will increase its variable mortgage rates to counter rising funding costs that are threatening the bank's profit margins”
 
RupieDupie said:
Evil has a middle name

Ev “Westpac” Il

“Westpac will increase its variable mortgage rates to counter rising funding costs that are threatening the bank's profit margins”
Click to expand...

Here’s an interview with Westpac’s CEO*

CEO - “Back in the day we used to try to hide all our wheeling and dealings because... you know? We thought we had to abide by a code of conduct, that there were laws and conditions. We thought the watchdogs could pull us up. It’s only been recent that we’ve found out the watchdogs can’t touch us, the government (sic) is ineffectual, and the royal commission is a joke. So now we’re just doing the same thing in plain sight”

Journalist - “What about your customers... and their feelings?”

CEO - “Bwah ha ha ha ha ha ha ha ha ha ha ha... (half an hour later) ha ha ha! Aaaah, don’t make me laugh. Why would we care about those jerks for? They can suffer in their jocks, it must suck to be them.”

*Interview created by me
 
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RupieDupie said:
Here’s an interview with Westpac’s CEO*

CEO - “Back in the day we used to try to hide all our wheeling and dealings because... you know? We thought we had to abide by a code of conduct, that there were laws and conditions. We thought the watchdogs could pull us up. It’s only been recent that we’ve found out the watchdogs can’t touch us, the government (sic) is ineffectual, and the royal commission is a joke. So now we’re just doing the same thing in plain sight”

Journalist - “What about your customers... and their feelings?”

CEO - “Bwah ha ha ha ha ha ha ha ha ha ha ha... (half an hour later) ha ha ha! Aaaah, don’t make me laugh. Why would we care about those jerks for? They can suffer in their jocks, it must suck to be them.”

*Interview created by me
Click to expand...

Journalist* - "So... these profit margins that you are trying to preserve, how did you get these?"

CEO - "Through years and years of market manipulation and other nefarious activity"

Journalist - "But now you want to legitimise this illegal activity by just arbitrarily increasing interest rates"

CEO - "Yeah, but it's not like Australians can do anything about it? Big banks (like all of Australia's big business) are known as a monopoly for a reason. Australians can only cry and whine, and put all our evil deeds on the front page of The Australian newspaper, but the reality is, nobody cares or is going to actually do anything about it. We can pretty much do whatever we want without consequence."

*Interview still created by me
 

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RupieDupie said:
Journalist* - "So... these profit margins that you are trying to preserve, how did you get these?"

CEO - "Through years and years of market manipulation and other nefarious activity"

Journalist - "But now you want to legitimise this illegal activity by just arbitrarily increasing interest rates"

CEO - "Yeah, but it's not like Australians can do anything about it? Big banks (like all of Australia's big business) are known as a monopoly for a reason. Australians can only cry and whine, and put all our evil deeds on the front page of The Australian newspaper, but the reality is, nobody cares or is going to actually do anything about it. We can pretty much do whatever we want without consequence."

*Interview still created by me
Click to expand...

Next on RupieDupie Actions Speak Louder Than Words News

Arbitrary phone plan price hike - I thought technology is supposed to improve and become cheaper over time? But only in Australia this is not true. Or at least that is what some large monopoly telecommunication companies will have you believe. Let's speak to the CEO and ask them how this dichotomy can exist in modern society - do they think people are idiots?

Journalist* - "Mr CEO, do you think Australians are idiots?"

CEO - "Yes"

Journalist - "Ok..."

*Interview created by me
 
RupieDupie said:
Evil has a middle name

Ev “Westpac” Il

“Westpac will increase its variable mortgage rates to counter rising funding costs that are threatening the bank's profit margins”
Click to expand...
Oh please. Global funding costs have been rising for a while now. Westpac should of increased rates sooner.

There are a lot of reasons to call the banks evil lately. Responding to global financial costs is not one of them.
 
Seeds said:
Oh please. Global funding costs have been rising for a while now. Westpac should of increased rates sooner.

There are a lot of reasons to call the banks evil lately. Responding to global financial costs is not one of them.
Click to expand...

Yeah that must be the reason... it has something to do with a seal taking a dump in the Pacific... rather than Westpac trying to maintain its profit margins (ill gotten profit margin).

But anyway, here are a few things to ponder;

What if the global financial costs continue to rise - will interest rates need to go up to, let's say, 10 percent? The RBA interest rate will be on hold at 1.5% for the forseeable future - as people will not have money to spend until the cost of living comes down - which is not helped by arbitrary increases in interest rates and power. Australia does not seem to be going anywhere - funny how arbitrary increases in cost did not lead to any growth or innovation.

If arbitrary crap happening overseas affects Australian housing mortgage repayments, perhaps we need a better model for providing housing (essential) to Australians. Lending of money / banks obviously cannot deal with this. This is a dumb model. When does the dumb stop and we start to see the smart? Surely with all that market manipulation and illegal activity the banks performed to get their massive amount of profit they would have came up with an innovative way to protect the Australian market (and their own profit margins*)?

*Dumbasses
 
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RupieDupie said:
Yeah that must be the reason... it has something to do with a seal taking a dump in the Pacific... rather than Westpac trying to maintain its profit margins (ill gotten profit margin).

But anyway, here are a few things to ponder;

What if the global financial costs continue to rise - will interest rates need to go up to, let's say, 10 percent? The RBA interest rate will be on hold at 1.5% for the forseeable future - as people will not have money to spend until the cost of living comes down - which is not helped by arbitrary increases in interest rates and power. Australia does not seem to be going anywhere - funny how arbitrary increases in cost did not lead to any growth or innovation.

If arbitrary crap happening overseas affects Australian housing mortgage repayments, perhaps we need a better model for providing housing (essential) to Australians. Lending of money / banks obviously cannot deal with this. This is a dumb model. When does the dumb stop and we start to see the smart? Surely with all that market manipulation and illegal activity the banks performed to get their massive amount of profit they would have came up with an innovative way to protect the Australian market?
Click to expand...

RupieDupie !!! I beg your pardon! I have you know these choices were made by superior members of the affluent old white man race, who work 360 hours per day! Surely their choices and decisions would only ever lead to prosperity and goodness for all... and somehow brown people and welfare recipients were the real issue here! Read the Daily Telegraph and edukate yourself my good man!
 
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RupieDupie said:
Yeah that must be the reason... it has something to do with a seal taking a dump in the Pacific... rather than Westpac trying to maintain its profit margins (ill gotten profit margin).

But anyway, here are a few things to ponder;

What if the global financial costs continue to rise - will interest rates need to go up to, let's say, 10 percent? The RBA interest rate will be on hold at 1.5% for the forseeable future - as people will not have money to spend until the cost of living comes down - which is not helped by arbitrary increases in interest rates and power. Australia does not seem to be going anywhere - funny how arbitrary increases in cost did not lead to any growth or innovation.

If arbitrary crap happening overseas affects Australian housing mortgage repayments, perhaps we need a better model for providing housing (essential) to Australians. Lending of money / banks obviously cannot deal with this. This is a dumb model. When does the dumb stop and we start to see the smart? Surely with all that market manipulation and illegal activity the banks performed to get their massive amount of profit they would have came up with an innovative way to protect the Australian market (and their own profit margins*)?

*Dumbasses
Click to expand...
We need a far better model for how we do housing I agree. The way banks operate in this country has been horrific. However the better model will make borrowing costs per unit price more expensive and apply tougher restrictions on borrowing. This is because risk will be properly accounted for. Interest rates will be higher although interest payments should be lower because prices will be much much lower and more then offset the higher rates.

Before we can implement a new model we need a housing crash to get prices back to fundamental levels. The driver of this housing price crash will be rises in interest rates. It’s the only way it can happen in our political climate. There will be a lot of blood but those who were sensible will be fine. Those who got greedy will not. Those who were dumb and only got in at the end of the cycle will be destroyed.
 
Seeds said:
We need a far better model for how we do housing I agree. The way banks operate in this country has been horrific. However the better model will make borrowing costs per unit price more expensive and apply tougher restrictions on borrowing. This is because risk will be properly accounted for. Interest rates will be higher although interest payments should be lower because prices will be much much lower and more then offset the higher rates.

Before we can implement a new model we need a housing crash to get prices back to fundamental levels. The driver of this housing price crash will be rises in interest rates. It’s the only way it can happen in our political climate. There will be a lot of blood but those who were sensible will be fine. Those who got greedy will not. Those who were dumb and only got in at the end of the cycle will be destroyed.
Click to expand...

But the reality is a capitalist democracy should work, your homework assignment for tonight is to understand why it doesn’t work. I expect a 200-300 word essay post response

Points will be deducted for
a) supernatural forces
b) brown people
c) wimmen
d) youth eating smashed avocado
e) anything else The Daily Terrorgraph states is the problem

Instant fail for
a) any pleb mentality, such as
i) people not working hard enough
ii) rich people work harder
iii) it was harder back in the olden days

Bonus marks if you state
a) people in power wanting many many munny
b) the hierarchical structure of society promoting sociopaths
c) the people in power are greedy douchebags
d) investors are filthy scum
e) bankers are degenerate thieves
f) the Gubmint only exists to look after their rich buddies
 
RupieDupie said:
But the reality is a capitalist democracy should work, your homework assignment for tonight is to understand why it doesn’t work.
Click to expand...

It works better for more people than any other system that's ever been tried..

Human's aren't perfect, they're greedy and self serving... Yes, even the ones who claim they're socialists.

About time you came to terms with reality.
 
RupieDupie said:
But the reality is a capitalist democracy should work, your homework assignment for tonight is to understand why it doesn’t work. I expect a 200-300 word essay post response

Points will be deducted for
a) supernatural forces
b) brown people
c) wimmen
d) youth eating smashed avocado
e) anything else The Daily Terrorgraph states is the problem

Instant fail for
a) any pleb mentality, such as
i) people not working hard enough
ii) rich people work harder
iii) it was harder back in the olden days

Bonus marks if you state
a) people in power wanting many many munny
b) the hierarchical structure of society promoting sociopaths
c) the people in power are greedy douchebags
d) investors are filthy scum
e) bankers are degenerate thieves
f) the Gubmint only exists to look after their rich buddies
Click to expand...
Poor institutional structure is why it doesn’t work as well as it should. Too much conflict of interest, too much moral hazard, financial donations to political parties being legal, too much political influence of the baby boomer generation. These things are all easily fixed. Problem is the politicians have little incentive to fix them.
 
CatFan79 said:
It works better for more people than any other system that's ever been tried..

Human's aren't perfect, they're greedy and self serving... Yes, even the ones who claim they're socialists.

About time you came to terms with reality.
Click to expand...

Strike 1 for your argument - I’m not stating a capitalist democracy is a bad system, it’s a good system, and should work.
Strike 2 for your argument - I’m pointing out the (reality) reasons it is not working, same as you. And I’m focussed on the perpetrators.
Strike 3 for your argument - I understand reality perfectly, I don’t live in any fantasy land.
 

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Seeds said:
Poor institutional structure is why it doesn’t work as well as it should. Too much conflict of interest, too much moral hazard, financial donations to political parties being legal, too much political influence of the baby boomer generation. These things are all easily fixed. Problem is the politicians have little incentive to fix them.
Click to expand...

We’re not stating anything too different here, and I’m in agreement, this isn’t rocket science, we’re trying to solve an issue here that a Grade 3 student who has recently undergone a frontal lobotomy can solve.

But as you said the people who make the decisions / rules make these in their interests. They are the problem [insert full stop here]
 
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RupieDupie said:
But the reality is a capitalist democracy should work, your homework assignment for tonight is to understand why it doesn’t work. I expect a 200-300 word essay post response

Points will be deducted for
a) supernatural forces
b) brown people
c) wimmen
d) youth eating smashed avocado
e) anything else The Daily Terrorgraph states is the problem

Instant fail for
a) any pleb mentality, such as
i) people not working hard enough
ii) rich people work harder
iii) it was harder back in the olden days

Bonus marks if you state
a) people in power wanting many many munny
b) the hierarchical structure of society promoting sociopaths
c) the people in power are greedy douchebags
d) investors are filthy scum
e) bankers are degenerate thieves
f) the Gubmint only exists to look after their rich buddies
Click to expand...
https://www.theage.com.au/politics/...-paid-university-leaders-20180826-p4zztd.html

The irony

The socialist dictators that preach to all the uni goers the capitalism is a failed concept filled with greed and the perfect world is socialism

Socialism, communism and Marxism has and never worked
 
Tullamarine61 said:
https://www.theage.com.au/politics/...-paid-university-leaders-20180826-p4zztd.html

The irony

The socialist dictators that preach to all the uni goers the capitalism is a failed concept filled with greed and the perfect world is socialism

Socialism, communism and Marxism has and never worked
Click to expand...

This is the issue, under any -ism which even includes -ity’s the people in power seem to need a lot of munny just to get through their days (at the expense of other people). This makes less than zero sense to me. But plebs accept it.

As for your all University Vice Chancellors are socialist dictators... <WTF emoticon>
 
RupieDupie said:
This is the issue, under any -ism which even includes -ity’s the people in power seem to need a lot of munny just to get through their days (at the expense of other people). This makes less than zero sense to me. But plebs accept it.

As for your all University Vice Chancellors are socialist dictators... <WTF emoticon>
Click to expand...
Lol anyone who criticises a capitalism and speaks of socialism or any other form of it has NFI of what they are on about and history of all of the failed attempts of it!
The university’s are preaching it and it all comes from the top
https://www.heraldsun.com.au/news/o...s/news-story/726e64b6e32525ed7728de6cbab11a9e

Do a google search for more please
It’s been known the left have riddled University’s with their wacky views for years
 
Tullamarine61 said:
Lol anyone who criticises a capitalism and speaks of socialism or any other form of it has NFI of what they are on about and history of all of the failed attempts of it!
The university’s are preaching it and it all comes from the top
https://www.heraldsun.com.au/news/o...s/news-story/726e64b6e32525ed7728de6cbab11a9e

Do a google search for more please
It’s been known the left have riddled University’s with their wacky views for years
Click to expand...

Who is criticising capitalism...? I’m criticising the corruption of capitalism.

I think your 2014 Andrew Bolt article is all the evidence I need of your argument.
 
Watchdog - "Grrrrrr! Grrrrrr! I'm going to git you Westpac! You rotten filthy varmint!"
Westpac - "Here you go boy, have some munny..."
Watchdog - <wag wag wag>
Westpac - "Who's a good boy? You're a good boy. Sit! Rollover! Beg!"

"A landmark case against Westpac alleging it broke responsible lending laws was adjourned for several hours this morning, amid discussions over a potential settlement with the corporate watchdog.

The Australian Securities and Investments Commission's (ASIC) case alleging Westpac acted irresponsibly, because it did not adequately determine whether customers could afford mortgages, had been due to commence in Sydney on Monday morning, but it was adjourned until 2.15 pm.

Neither ASIC nor Westpac would comment on the case on Monday, but it is understood the two sides are in talks about potentially settling the matter."
 
Oops, Westpac got off lightly with a small fine, which will pale in comparison when it reaps the reward of an out of cycle interest rate rise. The corporate watch dog was kept happy because it got many many munny. The treasurer is happy because this many many munny gets passed onto him (IMU), so he can give it to a little-known coral reef group run by former power company executives, or back to the bank in the form of an Innovation grant.

But Westpac customers are going to get screwed over by the bank when they have to pay off the bank's fine. First off they were shafted by their filthy mortgage scheme and now they will be shafted once more when they have to pay for the fine. Another zero consequence handed down to the criminals of Australia.

A loss of financial license by the bank would be a much better penalty.

#We want Australia back
 
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Hands up if you got fooled by the ANZ and CBA aka The “we got away with nefarious and malicious activity and there’s nothing you can do about it” Big Four Banks, calling their out of cycle interest rate hike a “difficult” decision?

I’m getting the feeling the people in power think that Australian IQs are about 10.

#We Want Australia Back
 
RupieDupie said:
Hands up if you got fooled by the ANZ and CBA aka The “we got away with nefarious and malicious activity and there’s nothing you can do about it” Big Four Banks, calling their out of cycle interest rate hike a “difficult” decision?

I’m getting the feeling the people in power think that Australian IQs are about 10.

#We Want Australia Back
Click to expand...

Interest rates will be going higher, borrowers should have expected it to eventually happen. The RBA stuffed up with its last two rate cuts when it should have remained on hold.
 
Bombermania said:
Interest rates will be going higher, borrowers should have expected it to eventually happen. The RBA stuffed up with its last two rate cuts when it should have remained on hold.
Click to expand...

They’re doing it to maintain their profit margins, you know what I’m saying? The profit margins they got through market manipulation et al.

The banks stuffed up through greed, that’s why we’re in a dead-end economy. Where’s the growth going to come from by making people pay even more to the banks?
 
The Coup said:
We have a thread for union corruption (ongoing, still no arrests made) so I thought it would be nice to get a thread going where we document all the "brilliant" and "succesful" capitalists who are either int he process of losing everything due to incompetence, or gained what they have by deception, or are just generally a massive drain on society due to the way they leverage politicians to assist them in gaining more wealth.

Fresh off the press for today:

http://www.salon.com/2014/11/11/i_c...tleblower_and_matt_taibbi_sound_off_on_msnbc/

Could have avoided GFC but... you know, money.
Click to expand...
Trump.
The inbred who voted for him deserve him, hopefully they survive him.
End thread.
 
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