Big four banks caught out over fake costs
more here
http://news.domain.com.au/domain/ho...nks-caught-out-over-costs-20101118-17yq9.html
more here
http://news.domain.com.au/domain/ho...nks-caught-out-over-costs-20101118-17yq9.html
Big four banks caught out over costs
- Thread starter BV
- Start date
They reached max market share they want and are now consolidating their position. Classic theory is that this will allow competitors to challenge them. If they keep jacking up rates and having too restrictive credit policies it will eventually happen not sure where from though!
In banks defence I read the other day that cba's profit is equavilent to 1c in every $1 lent out. Pretty skinny margin if true!
In banks defence I read the other day that cba's profit is equavilent to 1c in every $1 lent out. Pretty skinny margin if true!
They are classic.
Next they'll tell us that they can't afford to pay the wages of their overpaid CEO's.......
The government should butt out, they've done enough damage already with price inflating policies, watch credit dry up if they get their way.
What a laugh trying to blame it on the banks, who should be allowed to set rates however they need to. If customers don't like it they can fix like many already have, move the mortgage, sell, or don't borrow at their margins of serviceability.
What a laugh trying to blame it on the banks, who should be allowed to set rates however they need to. If customers don't like it they can fix like many already have, move the mortgage, sell, or don't borrow at their margins of serviceability.
Joe
No way man, I'd like to see greater competition in the banking sector and I'd like to see it now.
Our banks are in a very privileged position and are currently milking the cow dry so to speak.
IMO their obligation to their customer is just as big if not greater to the obligation they have to their share holders.
Yet they abuse their position and always find reasons to justify the unjustifiable.
This needs to end.
Except that it's all other people's money.
Give me some money and I'll be happy to lend it to someone else for only a 1% (net) cut.
Agreed. The average moron does not have a clue. Its all about me, me, me.
Suck it up people and take some responsibility for your actions. Sorry but no one can tell me there is no competition in the market. How many lenders are there in the aussie market? 30? 40?
I agree,at least at the Casino you know the rules,and if you can count above the 5 fingers on your hands then you can calculate the odds,the
problem now is the Big4 make the rules and if you don't like it change Banks,but once you break down the numbers on who controls what then the only people that will win is the Shareholders,pure and simple..
Hi Simo
Gotta say, after 11 short years in the finance biz, the fed gov ( on all 3 sides) doesnt want this.......................
Personal responseability is a big NO NO
ta
rolf
And you seem to forget the other partner in the business, the Australian public don't they pick up 30%, soon to be reduced to 29%, ah so more for those shareholders (I wonder who they are' a group of secret people with dark glasses who watch people with mortagages).
That's always seems to be the problem,some investors have a built tendency to think that they know a little more then they actually do,
and that's why the people that help others navigate
uncertainty know even less then them..The average Joe doesn't see choice or free market in the loan system. They are driven by years of idoctrination that a) they must own a home and b) they should choose a four pillar bank for the loan.
The four pillars gained logo value simple by regulation keeping them seperate, and the four pillar cliche created thus.
That mixed with complicated loan policy and expensive early exit fees (not sure if that is the correct term, but I mean swapping debt to another bank/CC) leaves the average Joe dealing with a collective monopoly.
The term collective monopoly, hmm, interesting contradiction.
The four pillars gained logo value simple by regulation keeping them seperate, and the four pillar cliche created thus.
That mixed with complicated loan policy and expensive early exit fees (not sure if that is the correct term, but I mean swapping debt to another bank/CC) leaves the average Joe dealing with a collective monopoly.
The term collective monopoly, hmm, interesting contradiction.
Monopoly
Duopoly
Oligopoly
Ok u asked for it
TriplePoly
The financial Services review committee mascot
ta
rolf
