In our pick-a-pocket series it is not our intention to claim that the directors of large enterprises such as the Nationwide Building Society have committed crimes for which they could be prosecuted by the state. Describing these praetorian parasites as "thieves" or "corrupt" is a moral and political characterization not a legal description. These directors have quite legally used their position to enrich themselves.
The Nationwide directors are not criminals any more than house flipping, duck home building, expense claiming MPs broke the rules. The shameless executives are all (possibly) operating within the rules set by the British state. When publique refers to the directors of the Nationwide Building Society and other financial institutions as "corrupt". We assert that the directors of the Nationwide Building Society are morally "corrupt". Not that they have crossed boundries set by the British state. Rather we seek to highlight how the British state is complicit in the corruption and aggrandizement of the UK’s financial elite.
In the same way that Starbucks, Topshop and Fred Goodwin's Boots PLC are morally corrupt for avoiding paying tax in the UK by registering their headquarters as Swiss PO Boxes etc. These corrupt organizations have not broken any UK laws, in fact the British state has colluded in their tax avoidance.
Similarly the British state has colluded in the nationwide corruption of self-aggrandizing financial executives.
Update 12th Dec 2012 :-
- 40 days after being informed by desperate customers that new internet banking security measures were preventing customers from accessing their money, the Nationwide Building Society finally offered to courier the new security device to customers trapped abroad.
- The Nationwide has quietly dropped the requirement for customers to be in possession of the new security device (personal card reader) in order to pay their Nationwide Credit Cards from their Nationwide bank accounts.
- Nationwide customers are still forced to use the security device if they want to register new telephone number with the Nationwide.
- The man responsible for the fiasco: Nationwide's head of operations Tony Prestedge, the bungler from Barclays, is still in post and still coining in £40,000 a week Want To Know More?
- The security device that executive forced on Nationwide customers has a serious security flaw. Want To Know More?
- Nationwide executives have spent thousands of their members money trying to silence criticism of their overpaid inadequacy and force this site offline Want To Know More?
Nationwide Internet Banking Shambles - nationwide failure - nationwide corruption exposed
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11th Sep 2012 -
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The internet banking failure at the Nationwide Building Society, first reported on the 11th
of September, that left customers unable to pay their bills was finally
addressed after more than a month.
For 40 days the bonus hungry bosses of the bank did nothing to resolve the problems they created. The directors of the "proud to be different" Nationwide Building Society showed itself to be no different from those of any other British bank - bonus hungry bosses with nothing but contempt for the ordinary people forced to entrust their hard earned money into their greedy hands.
The director responsible for this particular fiasco Anthony Prestedge is still in his job and still pocketing £8,000 a day.
Nationwide Building Society - Another Corrupt Bank?
Ordinary people, if they want to live in the modern world, are forced to put their money into banks. It doesn't matter if the bank is owned by shareholders or the members they are all controlled by a small group of self-serving individuals.
All British banks, your money and probably your home is in the hands of a select incestuous gang of filchers.
Paying bills and transfering money are the most basic requirements a customer would have of a bank. That for 40 days the management of the Nationwide left it's customers unable transfer cash or pay bills is indicitive of a mangement culture primarily focused on it's own remuneration and secondly on very short term profitability. The director with a short tenure doesn't care that a customer can't transfer money and can't make bill payments. As after all the customer the can't take their money out of the bank. And if in the long term the bank looses a few customers, it doesn't matter to him. He will be long gone with his bonus intact
Scam. The Nationwide Building Society was one of the many banks operating in the UK that mis-sold Personal Protection Insurance (PPI). Let's just be clear what that means: It was a scam to bully and bribe ordinary people into buying insurance that they could never claim. The Nationwide used PPI selling to rip-off it's own members. For a while the Nationwide showed a very healthy balance sheet. On the basis of this healthy balance sheet the bosses of the Nationwide paid themselves ever increasing salaries and bonuses.
Now that the Nationwide and the other banks have been found out. They have to pay back the customers they ripped off. But are the directors resposible going to repay their ill-earned bonuses to the Nationwide members? Of course not. They got away with it.
Shameless The reason given by Graham Beale, Tony Prestedge and the other Nationwide directors for still being paid huge increases even though the banks profits are going down is this: the current profits would have been higher if it wasn't for the PPI liablilty. Shameless
Free Foreigh Cash Withdrawl Scam (FFCWS)
Up untill two years ago the Nationwide paid out millions of their members money to run cross-media advertisements with the aim of attracting new customers. The Nationwide particularly targetted potential customers who use ATMs abroad. The adverts made a unique selling point of the fact that the "on
your side" Nationwide would not charge their customers to take out their own money from cash machines when they are abroad.
Of course once the Nationwide had attracted a big batch of new foreign travelling customers. They then shamelessly dropped their commitment to free foriegn cash withdrawls.
Now the Nationwide charge 7 euros each time a customer withdraws their own money elsewhere in the EU. The FFCWS was a perfectly legal scam (just read the small print).
Not surpsingly many of the people duped into switching to the Nationwide by the false advertising will try and find another bank to switch to, but not before all those millions of €7 charges have created a healthy looking balance sheet. And on the basis of this healthy balance sheet the directors will pay themselves
ever increasing salaries and bonuses. The profit from the FFCWS is entirely short-term, in the long term it will have a negative effect on the Nationwide as the wealtheir customers transfer out, but
in the mean time the executives responsible will have got away with it. They won't have to repay their bonuses, not even if every Nationwide customer left and joined the Co-operative bank.
Want To Know More?
Clearly it is very segment of customers duped by the FFCWS who have suffered the most by the disorganised introduction of personal card readers for internet banking. As ofcourse anyone abroad without a card reader when they were made obligatory was left stranded.
The incompitent introduction of the personal card reader was not just bad for the customers affected it was bad for those planning to benefit from the FFCWS. The bosses of the Nationwide when they planned the FFCWS will have predicted an atrition rate of alienated customers and corresponding drop in profits. It is to their advantage that this atrition rate be as slow as possible. Which posses the question why did they rush into introducing a security measure in such a way that it would increase the atrition rate of alienated customers.
It is tempting to think that it is simply because the director responsible, Tony Prestedge, could not lift his head out of the trough long enough to make sure the device was introduced properly.
One thing is for sure the personal card reader was not introduced to enhance security. The device is if anything a security liablility. Want To Know More?
The clue to why the implementation of the personal card reader was rushed out is in the man responsible It is a Bob Diamond protégé that left customers unable to pay their bills.
The millionaire responsible for the fiasco, Head of Operations Tony Prestedge, previously earned a fortune at Barclays Banks.
Barclays are the other bank to have rushed out personal card readers, PINsentry as their version is called, is not a real security enhancement but a stepping stone to introducing smart phones as the primary payment method.
The Ongoing Internet Banking Fiasco at the Nationwide Building Society left customers unable to access their
own money. Whilst members of the Nationwide - the bank that claims to be "On Your Side" - couldn't pay their bills, couldn't transfer money and couldn't even pay off their Nationwide Credit Cards bills - the bankers creaming it at the top of the Nationwide, paid themselves more than £200,000 in before they looked at the problems they had created.
The Nationwide directors, of course, weren't so slow in spending Nationwide members money on expensive lawyers sent out to silence criticism that was penned in this article.
It does not require a two million pounds a year income for any orgainsation or individual to think of several ways that the Nationwide Building Society could pro-actively have fixed the problem they created and prevented the real suffering and inconvience they have caused. It certainly shouldn't have taken 40 days.
The real financial scandal is the very existence of the bankers themselves. These wankers pay themselves 20 times more than the best hospital consultant. The Nationwide financial elite pays themselves in one year twice what an ordinary bank employee earns in a life time. That British bankers
value themselves as being worth the lives of 100 ordinary working people is the financial scandal of modern British capitalism. For them the ordinary people who need to use the banks that they control and need to work in the banks that they control are just suckers and plebs to be fleeced dry.
Want To Know More?
The nationwide corruption scandal only continues because we let it, the politicos want it and the state protects it.
So what kind of people get to sit on the renumeration comittees and decide company directors pay packets? Why company directors of course. Renumeration is an incestous merry-go-round of you sit on my comittee and I will sit on yours. Who else gets to sit on renumeration comittees. Why Conservative politicians of course
Want To Know More?
Failing Bosses Paid 100 Times More Than Workers Give Themselves A Raise.
Financial services corruption is
nationwide . The directors of the Nationwide appoint a remuneration committee to decide how much the directors of the Nationwide should pay themselves. This year Nationwide directorAnthony Prestedge, was awarded a pay rise 4 times greater than every other employee of the Nationwide. Tony Prestedge is singularly responsible for the internet banking fiasco. So why did the remuneration committee of the Nationwide bump up this failing directors salary. Simple, one good turn deserves another. In exchange the directors of the Nationwide Building Society awarded the members of the remuneration committee a 150% pay rise. The corruption of the Nationwide is the same corruption that can be found in every financial establishment.
Every banker is a Bob Diamond, all bankers are Fred Goodwins. Tony Prestedge and Graham Beale are all members of the same gang of corrupt pickpockets.
Want To Know More?
So how do you get to be a British Banker? Well just like the Pharaohs of the past, bankers like to keep it in the family.
When the archetypal banker Bob Diamond became head of Barclays Bank he used one word to describe the process of getting the job SUCESSION like any king, pharoah or tyrant once he has suceeded the previous pharoah he convinces himself and everyone around him that he is there, filling his boots, by right of succession. Tony Prestedge and every other pretorian banker view us plebs from the pinnacle of the pyramid of corruption. Just like the enslaved egyptian farmers of old forced to build their pharoahs pyramid, we are forced to give over our money to the robber bankers. You have no choice if you don't have a bank account you will be exiled to the margins, no employer will hire you, you will never get credit, you will not go to university, you will never see the world, you will live from hand to mouth. Once you have a bank account you can get a student loan and a proper tax paying job, and then bankers and their pretorian guard (the state) will have you building pyramids for them just like they do for everyone they can vaguely through the tinted glass on the top floor.
Children laugh at the story of the Roman emperor who wanted to send an army across a sea. But failed to arrange for any proper ships to transport the army. So to cover his incompitence the Roman Emperor ordered his minion to attack the sea. It is ridiculous, and children laugh, but Caligula was real and realy on the pinnacle of a Pyramid. Just like the clueless banker of today who introduces and unusable banking system. Or the clueless banker amazed to see that desperately poor people will pay ridiculously high rates of interest to borrow money to buy a ridiculously overpriced home, convinces himself that loans lent to desperately poor people are the alchemists gold of modern finance. One day, maybe, children will look back and laugh at the Horrible History of the British banker, the Caligulas of Capitalism.
The internet banking scandal at the Nationwide Building Society, will not be the last
nationwide banking scandal. All banks, even the member "owned" building societies are corrupt and incompetent. Banking corruption is nationwide,
it is not only British banks that are corrupt banking corruption is world wide.
Bankers run a corrupt monopoly that infests every strand of society.
Now Read Just a Bunch of Bankers
Now Read Morons Managing Your Money
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description: Customers of the "On Your Side" Nationwide Building Society are suffering misery and hardship due to The Nationwide Internet Banking Shambles. Whilst the two million pounds a year bankers Graham Beale and Tony Prestedge and the rest of the financial elite who caused the fiasco at the Nationwide have done nothing to resolve the mess that they caused, except pocket more of their "members" money. Nationwide Free Foreigh Cash Withdrawl Scam. Every thing the bankers do is a financial scandal
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