A warning to the gullible 4/12/11
Sirs,
I relate the following account of financial deception as a warning to others
A number of years ago I was persuaded to invest a sum of money in a business which at the time was experiencing financial difficulties. I was assured this was purely a temporary setback and that my money was quite safe.
More recently I began to wonder why I wasn't seeing a return on my investment, and so approached the company directors for an explanation.They informed me the business was now thriving and were about to sell the company following approaches from several interested parties .' Good news,' said I, 'so I'll get my money back with a tidy little profit, as you promised '
It doesn't quite work out like that' said the directors ' Since your initial investment
we've made some changes to the business and split the company into two by separating
the loss-
These conditions were not mentioned in your business plan at the time of my investment. Surely if you sell the discounted profitable trading operations now, that will magnify my future losses' I remonstrated
Tough luck Mr Macdonald you gave us your money no questions asked. We couldn't possibly have burdened the buyer with the risk of sustaining any losses.We public school chaps look after our own kind '
'I don't like this deal and want my money back'.
The directors laughed mockingly ' That's completely out of the question Mr Macdonald, in fact we may yet require more money from you to cover any future losses.You may remember that you allowed us access to your bank account details. Now if you'll excuse us, we are rather busy at the moment calculating our fees and share of the company bonus plan , Goodbye Mr Macdonald
'What a sucker ! ' I hear you say with a collective sigh . 'Serves Mr Macdonald right for being conned so easily into parting with his money without reading the small print. Unlike him,we would have had the good sense not to have got involved with or invested a penny in a company engaged in such blatant financial extortion' .
I regret to inform you that you are already involved and invested in that very same company. It's called 'Northern Rock ' and like RBS was one of the banks you bought into as a tax paying citizen at the height of the banking crises.You have now inherited steadily increasing losses from bankers who were richly rewarded for producing this toxic financial waste...
The banking bailout chickens are starting to come home to roost. And besides your
letter writer, you also dear reader are numbered in that long procession of returning
poultry.So how does it feel to have been duped, stuffed and plucked by unscrupulous,double-
Iain M Macdonald
Miavaig
Uig
Isle of Lewis
PS. This letter refers to an alleged meeting between a shareholding tax payer and the board of Northern Rock to explain their decision to hive off the profitable trading operations to billionaire Sir Richard Branson's Virgin business empire, while dumping the bank's bad debts and liabilities ( estimated at £15 billion ) onto the ordinary tax payer .
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