“Pots and Kettles”

It is not often that I read the Financial Times, nor do I expect the pink pages to express concerns about older people, but the 20th August edition had two headlines that attracted my interest:-

“Square Mile fears reputation damage as fraudsters use prestigious addresses”

This was a front page headline about the increasing number of scams aimed at conning, mainly older people, into fake investment schemes in things like diamonds, wine and overseas land.  They use City of London addresses to give credibility to their enticements.  Rich returns are promised to unwary investors.

Pensioners seeking to make better returns on their pension pots were estimated to have lost at least £1.7 billion in 2014.

Of course there would not be so much pressure to take such risks with their money if there were better returns on savings.  Also how much of a reputation for trust does the city still have with pensioners after the banking scandals, mis-selling huge bonus payments and excessive salaries in the financial sector in recent years?

The irony of this situation is lost on the sharp suited millionaires driving around in their flash cars.  Hidden behind the mirror glass offices of the City of London.  Robbers no longer wear balaclavas and carry swag bags over their shoulders.  Now they are often indistinguishable from the city businessmen.

Continued in next post………………….

 

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One Response to “Pots and Kettles”

  1. i have just watched the Michael Douglas Film Wall Street, based I suspect on the financial markets crash of 2011 and the demise of ‘Leman Brothers Bank’. I just hope things have changed, and this society of ours and the individuals within it, have a little more moral fibre and social; conscious: rather than to Leverage ‘DEbt’.
    In the past as citezens we had to plough, sow, weed, reap and harvest, any excess that was not required for day to day living, was invested in the future to buy more seed, and so invest in next years harvest, both as individuals, a society and a nation. The bible refers to ‘USEARY’ Where the temple money men exchange money for money without a social reason, of basic survival.
    WE have to rely and depend on our politicians, and leaders and of our society, bankers ect? to have integrirty and act with honesty. This is a two way street and we as individuals cannot throw stones if we do not behave with these virtues ourselves, our society , nation? is but a reflection of ourselves

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