08 Dec '11, 11am

Occupy protests: a four step guide to bypassing high-street banks - News - The Ecologist

Occupy protests: a four step guide to bypassing high-street banks - News - The Ecologist

There are many reasons to be disillusioned with conventional banks. Take tar-sands for example, financed by consortiums of commercial banks lending money through direct loans, and investment banks facilitating bond issuance. Unconventional oils rely heavily on conventional finance, and indeed, major UK banks are often more than happy to lend to huge corporates regardless of their environmental and human rights records. Major banks claim to serve the needs of small and medium sized enterprises (SMEs), but the financial crisis has demonstrated that most of their lending goes into speculative investment, creating bubbles in property and commodity prices, creating economic instability and negatively impacting poorer countries. Through these activities senior bankers have earned huge sums underwritten by taxpayer funded bailouts, and then, to top it all, have avoided paying tax...

Full article: http://www.theecologist.org/News/news_analysis/1159570/oc...

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