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Mr Duran’s Borrowings
Up until 2008 banks in the developed world were in the mood to lend money. They generally did not ask too many questions and wanted to grow quickly and make a great deal of money for the bankers who ran them and also as an afterthought for their shareholders.
In Spain Mr Enric Duran managed to borrow more than €492,000 from 39 different banks and whatever he may have told them as to his reasons for borrowing the money, as soon as he got it he spent it or gave it away to such things as financing conferences against capitalism and providing equipment for a radical TV channel. Mr Duran has been charged in Spain, presumably for fraud and not wishing to serve an eight year prison sentence he is now in hiding. He does not recognise the Spanish Courts or legal system; unfortunately for him the Courts in Spain do recognise Mr Duran and will lock him up when they catch him.
Mr Duran’s case is an example (there are others) of the way in which banks were quite prepared to load up people with loans, rather like the pay day loan companies of today. These are not edifying spectacles to behold. However, the banks went further than the payday loan companies would ever do. The Payday loan companies may from time to time lend to someone who does not have a pay day, but the banks designed and sold devices to defraud and cheat their customers, most of whom trusted their bank managers.
In the United Kingdom they devised Personal Protection Insurance, and sold it to many people who would never be qualified to make a claim. They also sold interest rate hedging contracts to small businesses (the large ones were too clever and too distrustful to buy these products), and as a result have beggared many small businesses, and closed others down, having taken from them what it took several generations to build. In many cases the bankers told the small businesses that interest rates would rise through the roof, while inviting them to bet with the bank that interest rates would rise while the bank betted that the rates would fall.
Despite these fraudulent activities not a single bank or banker has been prosecuted in the United Kingdom for this fraud. Mr Duran however is being prosecuted and remains in hiding.
Filed under: climate change Tagged: banks bankingm bank fraud, borrowing money, enric duran, interest rate hedging products, payday loans, PPI 
Source: http://robertkyriakides.wordpress.com/2014/04/23/mr-durans-borrowings/
