LegalEagleStar

… a kind of Legal Column

Posts Tagged ‘Bankers

My Money is safe in the Bank. Of course, sure it’s as safe as houses ! Eh, sorry ?

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Banking District

Banking District (Photo credit: bsterling)

I have been asked to comment on the relationship between Customer and Banker. This arose from several conversations on Twitter where I have been criticised for attacking the morality, or lack thereof, of the Banks and their use of customers monies. I have been asked to point out the crimes which the Bankers have committed. I have struggled with this issue. I am not a Criminal Lawyer, my expertise being in Personal Injuries, Divorce and Real Estate Law. I personally believe that our Government, among others have subjugated the rights of the Citizen to those of the wealthy Elites and their Bankers. In paying off  Bondholders, believed to be other Bankers and their kin, the Irish Government have decimated our economy resulting is terrible austerity imposed upon our  Citizens. There is something wrong here. People are being ripped off, no other way to put it, by Bankers, now referred to as Banksters, because that is what they are, gangsters who have used the money deposited with them in whatever  manner they so wish. They gamble with your money. Now, the Citizen is continually bailing out these same Banks. Our Government has chosen to stand firmly on the side of these banksters against the interests of the Citizen.

OK, so what is the legal position in all this. Sure isn’t our own money safe in the Bank ? Well, not really. Because once you hand your hard-earned money across the counter to the Bank, it is their money, not yours. The relationship is best described in a case brought before the English House of Lords (their highest Appeals Court) in the case of  Foley v Hill. The Appellant in 1829 opened a bank account with the respondents, who were  bankers.  Further deposits were added  in
1830 and in 1831 interest was still added. In 1838 the Appellant brought proceedings against the Respondent Bankers seeking recovery of both the principle and interest.

In his Judgment the Lord Chancellor Cottenham said…

” Money, when paid into a bank, ceases altogether to be the money of the principal; it is by then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it. The money paid into a banker’s is money known by the principal to be placed there for the purpose of being under the control of the banker; it is then the banker’s money; he is known to deal with it as his own; he makes what profit of it he can, which profit he retains to himself, paying back only the principal, according to the custom of bankers in some places, or the principal and a small rate of interest, according to the custom of bankers in other places. The money placed in custody of a banker is, to all intents and purposes, the money of the banker, to do with it as he pleases; he is guilty of no breach of trust in employing it; he is not answerable to the principal if he puts it into jeopardy, if he engages in a hazardous speculation; he is not bound to keep it or deal with it as the property of his principal; but he is, of course, answerable for the amount, because he has contracted, having received that money, to repay to the principal, when demanded, a sum equivalent to that paid into his hands.

That has been the subject of discussion in various cases, and that has been established to be the relative situation of banker and customer. That being established to be the relative situations of banker and customer, the banker is not an agent or factor, but he is a debtor. ”

So legally, when you deposit your money in a Bank, the Bank becomes the legal owner of your money and you become a Creditor of the Bank. In the event of the Bank becoming insolvent you take your place at the end of the queue after Secured Creditors. Should any monies be left after such payments have been made you will most likely receive maybe a cent in the Euro…if you’re lucky.

Surely the Government will secure my money for me? What about the Bank Guarantee? Well, in Ireland the State at present, will guarantee your money up to the tune of Euro 100,000. No doubt they can change this on a whim. As can be seen from the attempted confiscation of money from people’s accounts in Cyprus recently, any funds over 100,000 could be lost. Don’t be fooled by the amount of the guarantee. In many cases Citizens have received compensation for their injuries and have deposited the money in Banks to look after their disability for the many years to come. Some old people have saved up their whole lives so they would not be a burden on their families. People sell their homes and place the funds in a Bank while searching for somewhere else. In business, transactions take place where funds are obtained to secure a deal, purchase items etc. At any time those funds are not regarded as yours by the Bank but are being used by the Bank as they please. As we’ve seen so many times, The Banks are treated as too Big to Fail and as a result our National Sovereignty has been lost and it seems we are eternally indebted to them. Of course when Debt Forgiveness is mentioned for the Citizen this is dismissed out of hand. Divide and Conquer is deployed as a tactic. Sure I paid off my debt so why can’t he? Please, wake up before we’re all securely lodged in a debtors prison with no means of escape.

LegaleagleStar , Tuesday , 4th. June , 2013

Foley v Hill and Others , 1848 ,  Clerk’s Reports, House of Lords 1847-66 Pages 28 and Pages 36-37.

Written by LegalEagleStar

June 4, 2013 at 9:21 pm

Referendum in Ireland, 31st.May 2012, the End of the Journey

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English: James Larkin Statue and The Monument ...

English: James Larkin Statue and The Monument of Light The Monument of Light is 120m of stainless steel. The Larkin statue was erected in 1981. James Larkin was leader of the general strike in 1913. The building on the left is the General Post Office which was seized on Easter Monday, 1916 by members of the Irish Volunteers and Irish Citizen Army. (Photo credit: Wikipedia)

In a democracy, such as ours, we elect politicians for a term of years to look after the Rights of Citizens and to, as it were, ‘run’ the country in their best interests. That is the theory. The practice has been somewhat different, unfortunately. For years Fianna Fail were the champions of business and in particular, the construction industry. Over time, mainly due to corrupt practices, in my opinion, the interests of the citizen became somewhat overlooked. Fianna Fail became too close to the Bankers and the European Elites and began to strive to promote themselves to be rubbing shoulders with these people who were to become their Masters.

There were meetings, before meetings, if you get my drift and the power shifted to unelected Bankers and Businessmen whose sole concern was profit. The control of the Country was in effect handed over to these people with no regard whatsoever to the interests of the Irish Citizens. We became a land of would-be elites and the policies pursued by Government lost sight of what really mattered. The interests of the citizen took second place and so upon the advice of the Bankers and their fellow travellers decisions were made on another agenda altogether. Dishonestly so, in my opinion.

Fianna Fail were not alone in pursuing their agenda. Both Fine Gael and Labour played their part in this deception. So in effect, all parties in the Dail, who each made their policies clear come election time, had no intention of carrying out their promises once elected. When a Fine Gael/Labour coalition took power, the emphasis shifted in a small way to their own people who took over jobs previously held by Fianna Fail. The construction industry, while primarily Fianna Fail people, lost out to some degree. Fine Gael looked after their more rural supporters in the alternative. That is the way Ireland has been ruled for decades.

So, come the proposal to join in with Europe and the European Economic Community, all of the parties enthusiastically joined forces and urged the Irish Citizen to Vote Yes as it would be good for jobs, among other often repeated slogans. Ireland entered on its European journey and while some disagree, we have certainly developed as a nation to a degree of prosperity as a result. This is probably a good thing as when I was young, the abject poverty of some was shocking. A walk around Dublin’s inner city was an eye-opener. Today a walk around Dublin is a somewhat different experience. The horrible slums have been replaced by modern buildings which by and large, have improved the living conditions of the citizens. So our journey into Europe, encouraged by almost all of the political parties has not been such a bad experience. Yes, but at what cost? We joined an economic community based on open border trade. The citizen worked hard to bring about this change but as time has gone on, those that prospered were primarily the multinationals and the banks. Peoples lives were becoming controlled, not by themselves but by institutions whose agenda was solely based on profit. The trade unions, once a powerful force in looking after the rights and working conditions of their members, began to take up seats on the boards of companies. There was an age of new industrial relations. No longer had you the James Larkin types running the unions. They were a training ground for future politicians who slowly but surely positioned themselves into positions of power.

From an e economic union we have been steamrolled into the European Community. Sovereignty, while once a powerful emotive term is now a dirty word. We are, after Maastricht, on the slippery slope to what we didn’t vote for i.e. The United States of Europe. When did that happen? Well, over time the Irish Citizen have voted for a little change here, a little change there and now it is past the time to turn back. Still the three major political parties are singing from the same hymn sheet. Vote Yes for Jobs, is still their mantra. Yes, there is now a slight change in the makeup of the Dail. Independents and Sinn Fein have emerged onto the scene but as yet cannot exercise any real power in their arguments. Their time will be another day, somewhat into the future. By then it’ll be too late to undo the wrongs perpetrated on the citizens of Ireland by unscrupulous individuals, both elected but in the main unelected, who have imposed dreadful austerity on the citizen in pursuit of their own selfish agenda.

On Thursday the Citizen has the opportunity to Vote. That is their right. But is it just an exercise in democracy for the sake of it, or is it an opportunity to try to stop the runaway train which is delivering us to a destination that we know not where? The United States of Europe is upon us. It will be a brave man or woman who stands on the line to try to stop this train. Sadly, it appears we cannot stop this train regardless of where it’s true destination lies.

As I’ve stated in a previous Blog, I encourage all citizens to exercise their right to vote. Sadly it may be the only chance you have for some time as in the last General Election the citizen voted for change which has clearly been denied them. The present Fine Gael/Labour Coalition has continued to implement the same policies as Fianna Fail despite the citizens mainly anti-Fianna Fail Vote. I believe it was not a vote for Fine Gael and Labour but primarily anti-Fianna Fail , a point which seems to be lost on current Government politicians. The importance of steering us into the United States of Europe now takes on a greater urgency as to slow the process now would only allow the Irish Citizen to say No, enough is enough. Now, you couldn’t have the Citizen daring to change direction, could you? No, clearly that would be disastrous to the bankers whose interests we are now told, come first. Bail out the banks, not the citizens. That way you keep the citizen powerless in this New Europe. Irish citizens have lost their individual identity. They are now only citizens of a country called Europe.

LegalEagleStar , Tuesday , 29th. May , 2012

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