Reading David
Moyal’s fate after his bank, a subsidiary of the People’s United Bank in the
United States, had withdrawn its funding for his business’ equipment I could not
help but think how unfair banks have become.
David Moyal
is an owner of Color-Web, a printing company. He ordered new machinery from
Mitsubishi Lithographic Presses (MLP). However, when regulators and
shareholders pressured banks to clean up their act, many small business who
received financing they erased from their papers by withdrawing their financing.
Moyal’s case
had him lose hundreds of thousands of dollars for equipment and had to lay off
some employees because of the losses.
I couldn’t
help but empathise with him. Banks in the UK have done the same. We’re actually
facing the biggest financial scandal in history, and yet banks have the nerve
to use regulatory provisions and even reduce the refund of consumers by
forgetting to refund penalties incurred because of the policy.
In the end,
regardless of how flowery the words of financial leaders are in the world, they
are still companies looking to gain profit. But they will still gang up on you
in the end. Moyal is still fighting his case against a bank who had kept a
secret deal with the MLP, who had returned his bank’s down payment, but still
demanded it from him.
