Those were the words used by consumer organisations to describe today's Supreme Court ruling which found against the Office of Fair Trading in their court action against the banks over excessive bank charges. As an advisor with the Citizens Advice Bureau I share the outrage expressed. A third of retail banking income come from excessive charges on overdrafts and loan or mortgage arrears and if the OFT had won the case the banks would have owed their ripped off customers £2.6 billion. I have drafted numerous letters on behalf of clients challenging these charges...£35 a month for an unauthorised overdrafts, literally £'s of charges daily not to mention charges on credit cards when the minimum amount hasn't been paid.
So this is how the system works, the banks lend too much to those that can't afford to pay it back, then they get into worse debt by excessive charges, the banks use the profits to bet with and they lose it, the banks default, we the taxpayers bail them out; the country goes into £175 billion debt, taxes go up! So basically the banks we own continue to rip us off. And what does Gordon "No boom and bust" Brown have to say? Every which way we lose!