The Wicked Intent: Why The Economy Is Sub 1% (English Edition)

Interest rate swap misselling was a lot worse than either pension or PPI misselling because the products were actually designed to do damage. With the other two scams, it could be argued that they were selling the right products to the wrong people. However, derivatives or swaps were deployed by banks to expose clients to what they (banks) knew to be increased risk. This book explains the technical basis for the swap detriment - it's like having negative equity, but no house - and that negative equity can break your loan covenants, and have your business at the mercy of the likes of Derek Sach, Fred Goodwin's in house fundraiser. It combines this with the human stories of those who worked hard for decades, only to see the fruits of their hard work dragged away by dishonest insolvency practitioners, lawyers, accountants, and property valuers all of who seemed to manage to stay a fraction inside the law.

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