The Whole Truth

A book on the evil Bank Interest Rate Swap Misselling in the UK, which destroyed or harmed many of their customers. Probably introduced by Bob Diamond of Barclays (although RBS was indulging in similar foul practices earlier), banks force sold products to business borrowers which THEY KNOW RENDERED THE BORROWER LESS SOLVENT. This was done recklessly and with the wicked intent of smashing up those businesses, via their GRG-type "assistance" sections, which were ostensibly set up to assist weakened businesses, but were in reality breakup units, fuelled by the psychopaths who led banking prior to 2008. As loans are shown on bank balance sheets as an asset, these banks degraded their own asset bases at the same time, in exchange for cash, which they used to pay fat commissions, and fund further high-risk expansion. Come the crash, and the enormous bailouts, the Treasury was the major taskmaster, scourging these banks to raise funds by any means possible, using the terminology "toxic loans" and " bad bank" to justify destroying many honest and successful businessmens' lifetime work. Despite a effective regulatory ban on any serious levels of compensation for their behaviour, some succeeded in achieving some level of compensation, but at the expense of powerful gagging orders, applied "Harvey Weinstein" style by the banks' hotshot lawyers. Once word of this got around, business owners realised that this was a no-win game - and stopped borrowing. This delivered us the longest recession in living memory, as wiser businesses deferred their projects to brighter and more honest times. Hence the flatlining economy, with Bank of England interest rates below 1% for a record ten years, despite Governor Mark Carney's promises that "all will pick up soon" - national anger - and a Brexit vote. This book explains the technical basis for the swap detriment - it's like having negative equity, but no house - and that negative equity can break your loan covenants, and have your business at the mercy of the likes of Derek Sach, Fred Goodwin's in house fundraiser. It combines this with the human stories of those who worked hard for decades, only to see the fruits of their hard work dragged away by dishonest insolvency practitioners, lawyers, accountants and property valuers - all of who seemed to manage to stay a fraction inside the law. If you are a small to medium sized business - please read this book before making any borrowing decisions. It should save you its price many times over - and it may save your business - and possibly your life!