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Lobo loans


Ash4781b

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1 hour ago, Ash4781b said:

https://www.bbc.co.uk/news/uk-england-leeds-47088844

Seven councils in England are suing Barclays over bank loans worth more than £500m they claim they were fraudulently sold.”

Wow these loans seem complicated. Presumably would need some kind of options model and the rest ?

Joel Benjamin, from campaign group UK Debt Resistance, has described the loans as "toxic".

He said the organisation was "heartened to see local councils filing legal action against Barclays related to lobo loans, which has resulted in hundreds of millions of pounds being skimmed from struggling town hall budgets".

Councils, esp citipy ones size o Laaaayds are not little old ladies.

They have a large number of very high paid financial staff.

The best way to avoid budgets being skimmed is for the council to cap pay at 50k and stick to simpler, easier to understand debt.

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11 minutes ago, spygirl said:

Joel Benjamin, from campaign group UK Debt Resistance, has described the loans as "toxic".

He said the organisation was "heartened to see local councils filing legal action against Barclays related to lobo loans, which has resulted in hundreds of millions of pounds being skimmed from struggling town hall budgets".

Councils, esp citipy ones size o Laaaayds are not little old ladies.

They have a large number of very high paid financial staff.

The best way to avoid budgets being skimmed is for the council to cap pay at 50k and stick to simpler, easier to understand debt.

Can we take legal action against the incompetent finance folk at our local councils?

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12 minutes ago, Harley said:

Can we take legal action against the incompetent finance folk at our local councils?

This.

 

Any council CFO adopting any financial product more complex than a term deposit needs jailing.  That is NOT their area of risk.

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reformed nice guy
31 minutes ago, Harley said:

Can we take legal action against the incompetent finance folk at our local councils?

Hold on to your horses..... you might be on to something. From another life I know a thing or two around this.

There is the "Wednesbury Principle" which means that if a decision is made that would not be considered reasonable, or within the competency of those making the decision, then the councillors making it can be held liable by court for acting beyond their remit. If they were given advice by incompetent advisors within the council then they would have to prove that within court. Dont know what would happen to the people giving advice though.

I suppose it will come down to interpretations of "acting within their competency" and/or "bad faith".

Perhaps this is why they are going after the banks? Passing the buck?

 

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