I have waited patiently for comments from the business sector concerning the recent decision by commercial banks to increase their prime lending rates.
Already there are charges for almost every transaction imaginable, while services have deteriorated. For example, despite today's technology, foreign checks still take up to six weeks to be cleared.
Is this simply to allow banks to enjoy cost-free money? Where are our regulators and why do they to turn a blind eye to all this?
The cartel that exists among the banking community eliminates all competition, depriving consumers of choices. This is not just immoral but should be illegal under the Anti-Trust legislation.
Internationally, the spread between lending and deposit rates is as low as three per cent and bank profits are still very high. What this says about our banks is that they are either incompetent or they are bent on ripping us off.
Ernie Weston