Financial fuckery thread

[hirley0]

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|___________________________|  DOW [url=http://chart.finance.yahoo.com/z?s=%5eDJI&t=2y&q=l&l=on&z=l&a=m26-12-9&lang=en-US&region=US] [color=blue]2y[/color] [/url][url=http://chart.finance.yahoo.com/z?s=%5eDJI&t=6m&q=l&l=on&z=l&c=SPY&a=ss&lang=en-US&region=US][color=blue]6m[/color] [/url][url=http://chart.finance.yahoo.com/z?s=%5eDJI&t=3m&q=c&l=on&z=l&p=m10&a=w14&lang=en-US&region=US] [color=blue]3m[/color][/url][url=http://www.curtrenz.com/] [color=blue]3mC[/color] [/url][url=http://chart.finance.yahoo.com/z?s=%5eDJI&t=5d&q=l&l=on&z=l&a=r14&lang=en-US&region=US][color=blue]5d[/color] [/url][url=http://app.quotemedia.com/quotetools/getChart?webmasterId=500&&symbol=DJI&chscale=1d&chtype=FinancialCandleStick&chwid=709&chhig=350&chpccol=ff0000&chfrmon=false&chton=false&chpcon=true][color=blue] 1d[/color][/url]
[img height=110 width=220]http://chart.finance.yahoo.com/z?s=%5eDJI&t=5d&q=c&l=on&z=l&a=r14&lang=en-US&region=US[/img]    [img height=100]http://chart.finance.yahoo.com/t?s=%5eDJI&lang=en-US&region=US[/img]

|___________________________|  DAX  [url=http://chart.finance.yahoo.com/z?s=%5eGDAXI&t=2y&q=l&l=on&z=l&a=m26-12-9&lang=en-US&region=US] 2y[/url][url=http://chart.finance.yahoo.com/z?s=%5eGDAXI&t=6m&q=l&l=on&z=l&c=SPY&a=ss&lang=en-US&region=US] 6m[/url][url=http://chart.finance.yahoo.com/z?s=%5eGDAXI&t=3m&q=c&l=on&z=l&p=m10&a=w14&lang=en-US&region=US] 3m[/url][url=http://chart.finance.yahoo.com/z?s=%5eGDAXI&t=5d&q=c&l=on&z=l&a=r14&lang=en-US&region=US] 5d[/url][url=http://chart.finance.yahoo.com/t?s=%5eGDAXI&lang=en-US&region=US&width=300&height=180] 1d[/url]
[img height=110 width=220]http://chart.finance.yahoo.com/z?s=%5eGDAXI&t=5d&q=c&l=on&z=l&a=r14&lang=en-US&region=US[/img]  [img height=100 width=240]http://chart.finance.yahoo.com/t?s=%5eGDAXI&lang=en-US&region=US[/img]

|___________________________|  N/SP [url=http://chart.finance.yahoo.com/z?s=%5eN225&t=2y&q=l&l=on&z=l&c=SPY&a=m26-12-9&lang=en-US&region=US]2y[/url][url=http://chart.finance.yahoo.com/z?s=%5eN225&t=6m&q=l&l=on&z=l&c=SPY&a=ss&lang=en-US&region=US] 6m[/url][url=http://chart.finance.yahoo.com/z?s=%5eN225&t=3m&q=l&l=on&z=l&c=SPY&a=v&p=m10&lang=en-US&region=US] 3m[/url][url=http://chart.finance.yahoo.com/z?s=%5eN225&t=3m&q=c&l=on&z=l&p=m10&a=w14&lang=en-US&region=US] 3m[/url][url=http://chart.finance.yahoo.com/z?s=%5eN225&t=5d&q=l&l=on&z=l&c=SPY&a=r14&lang=en-US&region=US] 5d[/url][url=http://www.nikkei.co.jp/gifdata/nk_chart_L.gif] 1d[/url]
[img height=110 width=220]http://chart.finance.yahoo.com/z?s=%5eN225&t=5d&q=c&l=on&z=l&c=SPY&a=r14&lang=en-US&region=US[/img]   [img height=100 width=180]http://chart.finance.yahoo.com/t?s=%5eN225&lang=en-US&region=US[/img]

[url=http://chart.finance.yahoo.com/z?s=EWZ&t=2y&q=l&l=on&z=l&c=%5EGSPC&a=v&p=s&lang=en-US&region=US]EWZ[/url]



[hirley0]

DOW ag|/.KGC | 2y 6m 3m 3mC 5d 1d  Q5/S&P

[hirley0]

Brazil EWZ Bovespa | B/V5d  B/V6m | VRX5d  bmrn1m

6/7  VRX 87.5 Jun 22, 2013  4.6 -3.4=+       1.2   
     BMRN 60.0 Jun 22, 2013  2.65-2.5=+.15*2= .3

[Junkenstein]

http://www.bbc.co.uk/news/business-22840878

Odd angle here on payday loan (Wage Slavery 2- Electric Boogaloo) firms:

The NUS is urging colleges and universities to ban adverts by these companies.

"Students are struggling to make ends meet, and this is having a real impact on their wellbeing and their education," said Pete Mercer, from the NUS.

"It is great that these institutions have already joined our campaign, and I hope that others will soon follow suit."

But Russell Hamblin-Boone, chief executive of the CFA, said the campaign was misjudged.

"It is concerning that the NUS is denying choices to its members, who are all educated and intelligent people, without fully understanding either the short-term lending industry or the way young people are managing their finances in 2013," he said.

"Payday loans are extremely flexible, but that does not make them right for everybody. To get a loan from a reputable and responsible short-term lender you need both regular and disposable income."

This meant it was not the correct choice for many students, he said.

"We fully support the desire of the NUS to protect its students and any efforts to drive out rogue lenders, but this campaign against advertising on campus will do little to tackle bad lending practice, and discredits the whole industry unjustifiably," he added.

Students say no adverts, half the piece is pretty much an advert for payday loans. There's one line of quote from a student, and a good 3 paragrapghs from this 3 letter agency.

Who are the CFA?

Well, wikipedia gave me this:

http://en.wikipedia.org/wiki/Special:Search?search=Consumer+Finance+Association+&go=Go

And going for CFA got nothing either.

Hmm. Well let's find their webpage.

http://www.cfa-uk.co.uk/about/the-cfa/our-role.html

Our role
The CFA is the principal trade association representing the interests of major short-term lending businesses operating in the UK. The CFA is setting the standards for payday lenders by driving industry improvements and best practice and through proactively participating in consultations and research about the industry.


Sounds like a lobby group of some sort to me.

This isn't even beginning to touch on the general predatory nature of this shit in general, and the probability of such an association is to generally allow it's members to hide behind a veneer of respectability. Who are the members?

http://www.cfa-uk.co.uk/about/cfa-members.html

Less than a dozen fairly prominent payday loan firms and pawnbrokers. All of whom have considerable ammounts of negative tales kicking around in relation to them.

Welcome to the new way. Hock your shit to get to the next meal and think its right for you! Then buy some more expensive shit on credit to hock later. Or Terrorists.

[Junkenstein]

By the by,
http://www.cfa-uk.co.uk/information-centre/industry-briefings/current-briefings/young-people-and-their-finances.html

Students
When they reach further and higher education, the average annual income of a typical student is around £7,000, 46% of which is derived from student loans. With money tight, 49% of students say that they have taken on a full or part time job in the last academic year, with 43% of them saying they did so to support themselves through university and help make ends meet.

Yeah. Those students all get turned away at the door. Don't hate the moneylenders.

[Cain]

Yes, the CFA is the "professional" trade body of the payday loan business.

Professional in scare quotes because it's not exactly clear how professional companies who target under 18s, the mentally ill and those who are intoxicated when signing the agreement forms really are.

[Junkenstein]

This mainy caught my eye as the "towns" around this way have most of those shops in each. I'm certain you could find a branch of any of those members within 25 miles of where I'm sitting now, tops.

There's also the thing of businesses like this thriving in economic times like this. Gives them a certain incentive to keep things like this for as long as possible. In the meantime get as many as possible into the cycle of just spending 5/10/20/50... more prior to each payday with forever extending options and renewals. Getting them at University is pretty much a loan sharks wet dream. Still young enough for a clean-ish credit score which I'm pretty certain will make up 80%+ of the decision. A shit credit rating won't exclude you, you'll just have an APR similar to your phone number.

[Anna Mae Bollocks]

My former neighbor's kid got a payday loan and couldn't pay it on time. He was terrified because he got a phone call at work from a guy saying he had to come up with the full amount plus a shitload of interest before his "court date" in two days. It was over $1000, about double what he originally borrowed.

I asked him if he'd gotten a court summons. Nope. I googled the guys phone number and a bunch of stuff came up about how it was a bullshit extortion racket.

He called the payday loan place and they said they didn't even have it anymore, they sent it to "collections".

He never paid it, but I wonder how many people fall for that

[P3nT4gR4m]

I thought payday loans companies were charitable organisations, giving you free money, which you don't have to give back. Did I do it wrong again?

[Doktor Howl]

I thought payday loans companies were charitable organisations, giving you free money, which you don't have to give back. Did I do it wrong again?

There's a slight difference between a "loan" and "usury".

[Anna Mae Bollocks]

I thought payday loans companies were charitable organisations, giving you free money, which you don't have to give back. Did I do it wrong again?

There's a slight difference between a "loan" and "usury".

This.

He'd have paid the loan back to the place he got it from, in time, with some interest. He was working at Whataburger, that's the reason he was late in the first place - he didn't HAVE any extra money half the time.

Paying a (supposedly) outside agency that wants double the amount, makes insanely false threats and is likely to just pocket the money anyway rather than applying it to the debt is another ball of wax.

[Mesozoic Mister Nigel]

Aren't deregulation and the free market great?!

[Doktor Howl]

Aren't deregulation and the free market great?!

Sure, if you're the human equivalent of a tape worm.   

[Anna Mae Bollocks]

What happens once they're bled the poor to death? */rhetorical*

[Junkenstein]

Behold, two terrible casualties of the banking crisis.

http://www.bbc.co.uk/news/business-22865297

Mr Crosby's knighthood is the second casualty of the banking crisis. Fred Goodwin, the former chief executive of Royal Bank of Scotland, was stripped of his knighthood in 2012 after leading the bank to near-collapse in 2008, and an eventual multi-billion pound government bailout.

I really am glad that whole thing only cost two knighthoods. It could have fucked the world or something.