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Started by guigal on Feb 13, 2020 3:03:05 PM
Stop big money perks for the privileged

Boris gets a free holiday from a mysterious donor. Royals get money for being royal. Down with the capitalist version of democracy.

The Duchess of York was paid almost £300,000 from a firm chaired by Dr Hon, as well as a £72,000-a-year retainer for her non-executive directorship of his film investment company in Hong Kong.

Last night Dr Hon, 47, said her main role in the directorship was 'to introduce a few people to me in Hong Kong'.

https://www.dailymail.co.uk/news/article-7342503/Queens-granddaughter-paid-advise-introduce-contacts-Hong-Kong-businessman.html

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Agaliarept - 13 Feb 2020 15:12:02 (#1 of 72)

Boris gets a free holiday from a mysterious donor. Royals get money for being royal. Down with the capitalist version of democracy.

Couldn't agree more. Why do those with the most money need the most free stuff?

Also while we're at it can we stop giving the best borrowing rates to those with the most money? How on earth does it make sense to charge those with less, more?

guigal - 13 Feb 2020 15:14:59 (#2 of 72)

best borrowing rates to those with the most money

Big loans on easy terms. That's another elite perk.

TRaney - 13 Feb 2020 15:15:20 (#3 of 72)

Down with the capitalist version of democracy.

What have free perks and royal families got to do with capitalism??

Bonusy - 13 Feb 2020 15:19:40 (#4 of 72)

How on earth does it make sense to charge those with less, more?

The loan is a bigger risk. If William Hill offered 2:1 odds on Norwich beating Liverpool, not many people are going to bother taking it up. OTOH, 20:1, sure, that's a decent bet

Gotout - 13 Feb 2020 15:21:34 (#5 of 72)

- 10 points, I thought it was a Jester thread.

guigal - 13 Feb 2020 15:24:04 (#6 of 72)

You'll notice that it's a 'loan' and not a loan.

In April 2017, before taking up her directorship, the Duchess was paid £200,000 from an offshore bank for 'marketing and promotion'. Three months later, she was granted a £90,000 'loan' from Gate Ventures. (link in lead post).

Agaliarept - 13 Feb 2020 15:24:56 (#7 of 72)

The loan is a bigger risk.

No I get why they do it.

I'm just questioning whether the rates needs to be so extreme. Also who knows, if borrowing was made easier for lower income people, maybe some us could stop being lower income people.

guigal - 13 Feb 2020 15:45:25 (#8 of 72)

This 'loan' sounds like a payment, so classified for purposes of delivering the maximum amount.

On top of director fees, she (the Duchess of York) was paid £200,000 for 'marketing and promotion' from an offshore bank in St Vincent and the Grenadines in 2017 ...Three months later, she received a £90,000 'loan', signed off by Dr Hon, to help one of her fledgling companies. ...

When it was granted – to be paid back from her director fees – the Duchess replied in a gushing email to Mr Morrow saying he was an angel. (link in lead post.

FrankieTeardrop - 13 Feb 2020 15:53:45 (#9 of 72)

Also who knows, if borrowing was made easier for lower income people, maybe some us could stop being lower income people.


Possibly - what would be the mechanism?

Agaliarept - 13 Feb 2020 15:57:42 (#10 of 72)

Possibly - what would be the mechanism?

Not really thought it through, just that borrowing on low income is a stressful business and doesn't really help how it should.

Bonusy - 13 Feb 2020 16:06:45 (#11 of 72)

Borrowing on a low income is sticking a small band-aid on an open wound, it's not the solution to the problem. A more even distribution of wealth between ownership and workers would be the solution there, along with a wider provision of state housing to control one of the more fundamental costs someone on low-income will face

Agaliarept - 13 Feb 2020 16:08:34 (#12 of 72)

A more even distribution of wealth between ownership and workers would be the solution there

Yeah I'd agree there but that's not what the thread was asking. It was just an example of where being rich gets you a perk.

TRaney - 13 Feb 2020 16:10:00 (#13 of 72)

A better credit rating isn’t a perk

FleurDuMal - 13 Feb 2020 16:10:02 (#14 of 72)

Rich people tend to be very mean with money. When MrFleur was a kid, he had a paper round. He said the people from the council houses were very generous with their tips at Christmas, whereas the people from the big, expensive houses didn't give him anything.

Agaliarept - 13 Feb 2020 16:12:40 (#15 of 72)

A better credit rating isn’t a perk

The credit rating only relates to your borrowing rate because that is what the banks have set. If you could only have a high borrowing rate of 5% (for example) a 'poorer' credit rating would get you that.

Borrowing at hundreds (or thousands) of percent should be illegal.

FrankieTeardrop - 13 Feb 2020 16:13:19 (#16 of 72)

Borrowing at hundreds (or thousands) of percent should be illegal.


Assuming it were - how would the people who presently can only borrow at this rate get a loan?

Agaliarept - 13 Feb 2020 16:15:54 (#17 of 72)

how would the people who presently can only borrow at this rate get a loan?

Not following you. Are you suggesting without these extortionate rates that loan companies/ banks couldn't operate?

FrankieTeardrop - 13 Feb 2020 16:17:03 (#18 of 72)

Not following you.


You've got someone who needs a loan. Due to their financial circumstances/history, the only people prepared to do this are those who will charge those high rates. You ban the high rates - the borrower still needs a loan - where do they get it from?

Agaliarept - 13 Feb 2020 16:18:59 (#19 of 72)

You ban the high rates - the borrower still needs a loan - where do they get it from?

The loan companies just have to lend at a more reasonable rate.

Are you suggesting without the current extortionate rates, the loan companies would cease to operate?

FrankieTeardrop - 13 Feb 2020 16:22:08 (#20 of 72)

The loan companies just have to lend at a more reasonable rate


What do you mean by "have to"? It is their choice.

Are you suggesting without the current extortionate rates, the loan companies would cease to operate?


I'm not suggesting anything - I'm asking where those who can only borrow at these rates will get their loans from should such a ban be implemented.

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