Get a fucking brain for two seconds

So far, in the collapse of “we have a stupid business model and we steal money off idiots” company Farepak, HBOS have been blamed for:

a) foreclosing on the company instead of letting them trade while insolvent;

b) not foreclosing on the company soon enough, and therefore letting them squander the idiots’ money on running cost.

Now, let’s assume, for no reason whatsoever, that people fucktardly enough to stick their savings in a non-FSA regulated institution deserve anything other than bankruptcy (Christ, we don’t have debtors’ prisons anymore, the worst that will happen to any of these idiots is “explaining to their kids that Santa has only brought tangerines and handmade cards”, which happened to me for the first few years of my life anyway because my parents thought that books, pensions and schools were a better investment).

Nonetheless, allowing for human stupidity, HBOS are the last people who should be blamed for Farepak’s collapse, and any stupid cunt who’s considering withdrawing their HBOS account over the scandal should just fuck off. As anyone with half a brain might notice, a) and b) are the opposites of each other; HBOS moved from funding Farepak to foreclosing” when it became apparent that Farepak was no longer a going concern. The latter phrase has a technical meaning, but it’s basically “when any fucker who ought to know notices that the company can’t possibly pay its debts and carry on unless something incredibly unlikely happens”.

HBOS noticed this, and had the company wound up. The company kept on lying that it wouldn’t otherwise have gone under for a while, then admitted that it was screwed. HBOS’s role, in other words, was to make the company be wound up shortly before it was unable to meet its hamper commitments, and therefore save its investors their November and December payments.
I’m not a fan of companies that exploit the stupid and the gullible, which makes me not a fan of Farepak. If you want to save some money, stick it in either an ING account or a National Savings ISA (depending on whether you pay some or no tax, respectively), then buy presents at Christmas. If any cunt asks for your money without a Bank of England guarantee, tell them to fuck off.

This doesn’t mitigate my contempt and hatred for the bastards at Farepak who spent the customers’ money on wages and running costs rather than calling the receivers on themselves. But although I’d be delighted to see the directors sent to jail, don’t blame the bankers (or the auditors) for not doing what it isn’t and shouldn’t be their jobs to do.

6 thoughts on “Get a fucking brain for two seconds

  1. Neil says:

    “If you want to save some money, stick it in either an ING account or a National Savings ISA”

    Or Premium Bonds – shit rate of interest, admittedly, but it’s a laugh and the kids might get a yacht for Christmas.

  2. Ah, winding up limited companies! As I’m finding out, winding up an Ltd. is a very expensive business (in Scotland at least). For a voluntary liquidation (of a company with no assets), I have had quotes ranging from £3k to £6k. Ironically, if I had £3k, I could pay off the debts and simply leave the company non-trading until it was struck off.

    The cheapest way to do it is to get someone to take you to court and thus put the company into involuntary liquidation. This costs more like £1k. Which I aso don’t have, but options are… ahem… limited…

    DK

  3. Jo says:

    Mmmm…how about get a bit of fucking sympathy for two seconds? A bit of fucking humanity? The people who put their money into this scheme were poor, trying to do their best for their families, wouldn’t know or have ever in a million years have even heard of the FSA. They did it because people have been using these kinds of schemes of decades, and they trusted the individuals who came around and took their contributions. No HBOS isn’t to blame, the assholes at Farepak are, but lay off the people who have nothing to spend at all for their families for Christmas this year.

  4. Neil says:

    Would it be okay to slag them off if they were stupid but wealthy?

  5. Andrew says:

    The level of financial literacy in the UK is shocking so it is hardly surprising that a lot of people make really poor decisions. No one with any financial knowledge would touch a company like Farepak as it will clearly never benefit you as a consumer, but it is important to remember that these kind of people know nothing except the sensationalist nonsense fed to them by the media.

    They know that pensions are a rip off and that transferring is always bad. They know that endowments are evil and will result in you not being able to pay off your mortgage. They know that all banks are ripping us off 24/7 and that you should never invest in technology. What they don’t know is why these things are true or what the alternatives are.

    Of course, if you walk into field without checking for bulls then you are more than an innocent bystander and at some point you need to admit it isn’t the farmers fault.

  6. PDF says:

    Andrew is right. Are you right-wing-Andrew-ex-of-Sharpener, or a different Andrew?

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