The Phaserl


Australia’s Shadow Banking Sector is Collapsing

by Nick Hubble, Daily

Plenty of amusing stories are making the rounds today. Like the bond salesman who fooled Royal Bank of Scotland into thinking he had access to wealthy clients. After touring their trading floors and meeting clients and executives, it turned out the oddly named KK Ho wasn’t a bond salesman after all. Just an employee facing an imminent layoff.

A false flashy business card and name dropping is all it takes to fool a bank these days. It’s not much of a surprise though. The bankers do work for the government, with RBS 81% government owned.

The funniest part is that Ho’s story only emerged because of a court case brought by a former RBS trader. He alleges he was wrongfully dismissed for manipulating internal pricing systems. (Bankers are only supposed to manipulate external prices.)

Read More @

Help us spread the ANTIDOTE to corporate propaganda.

Please follow SGT Report on Twitter & help share the message.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>