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.