'Our experience, resources and contacts allow us to select the most appropriate and attractively valued properties for our funds' - quote from Threadneedle's commercial property investment philosophy.
'Preferred Valuer': CB Richard Ellis Ltd - Threadneedle UK Property Trust Interim Report & Accounts, November 2009
'Barclays aspires to the timeless values of integrity, trust, fairness and openness' - Barclays' Aims & Goals
It is our opinion that the bank appointed CBRE, Threadneedle’s 'preferred valuers', to 'attractively' value our portfolio at £6-8 million less than values given by two alternative independent valuers. CBRE was then appointed as Receiver to sell the portfolio to Threadneedle at a very 'attractive' price.
The bank is a close 'contact' of Threadneedle, having given Threadneedle £330 million of 'resources' in the later part of 2009 to 'invest in properties' on its behalf.
Barclays (Bank) - CBRE (Receiver) - Threadneedle (Purchaser)
It just goes to show, it's not what you know, it's who you know!
it gets worse, surely they can't expect to get away with this? we can't continue to allow this behaviour. During the recession society started to believe that the banks would change the way they behave, take a more ethical approach, how naive we are..........
ReplyDeleteI cant understand how they think that the public will ecept this, it's disgusting, makes me sick to my stomach, well done for fighting so hard you didnt deserve this, it goes against ecerything that our society is supposed to stand for, we cleaned up Parliament with the recent "expenses" scandal, surely now it's time we do the same with the banks.
ReplyDeleteOMG!! YOU SCRATCH MY BACK, ILL SCRATCH YOURS AND TOO HELL WITH WHO WE HURT AND THE LIVES WE DESTROY IN THE PROCESS. I HOPE EVERYONE BOYCOTTS THESE COMPANIES. I MOVING TO THE CO-OPERATIVE FIRST THING MONDAY. WE'VE GOT TO START TAKING A STANCE AGAINST THESE MONSTERS.
ReplyDeleteurban dictionary: bankers:cockney rhyming slang for w*****s.....makes sense.........
ReplyDeletethese guys obviously don't believe in Karma , as if they did they surely wouldn't sleep at night
ReplyDeletesurely this is illegal? and if not it needs to be. We know that we can't trust banks, and need to ensure that laws are introduced to ensure that hardworing innocent members of the public are fully protected.
ReplyDeleteAnother example of dodgy banks. JP Morgan and Chase bank is being sued by a trustee for the Madoff company. The trustee has asked the courts to hear allegations that J P Morgan aided and abetted Madoff’s fraud. Trustee, Irving H. Pickard, has revealed the claim is for $1 billion in fees and $5.4 billion in damages.
ReplyDeleteAnd from yesterday's FT.com:
HSBC had ‘Madoff warnings in 2001’
HSBC continued to act for funds that fed money into Bernard Madoff’s Ponzi scheme in spite of repeated warning from the bank’s own executives and outside auditors about the “baffling” and potentially fraudulent structure of the fund, according to a US lawsuit launched against the global bank. In the $9bn claim against HSBC and other European institutions, the trustee charged with recovering money for Mr Madoff’s victims alleged the warnings began as early as 2001, seven years before the scheme collapsed, revealing one of the biggest frauds in history.
(http://bit.ly/ertpxd)
I wonder what or who else they come up with - it shows power is in numbers and all the victims united in the trustee....let's find people who had similar dealings with Barclay's?!