Home > Uncategorized > More on the idiot Lord Turner.

More on the idiot Lord Turner.

Peer to peer lenders have rightly hit back hard at Lord Turner who has cemented the impression that too many of those close to the established banking industry have a near autistic lack of self awareness as well a possibly mentally unstable arrogance allied to pure stupidity. A potent mix

The responses from the peer to peer lenders are arguably quite restrained. Heavier language could have been directed at this failed administrator who presided over 2008

For instance

“The losses which will emerge from peer-to-peer lending over the next five to 10 years will make the bankers look like lending geniuses,” Turner told BBC Radio 4’s Today programme this morning, saying he was worried nobody was checking whether individuals and businesses who borrow on P2P platforms will be able to pay back their loans.

Pardon? Who is he to make that judgement? Can this clown be taken seriously when he clearly has had zero contact with the lenders in question? And I can safely say that if he claims to have carried out any research whatsoever he is a liar. I know this from my own contact and brokering

I have previously stated some minor doubts I have about the nature of the ptp lending platform in general but his comments are best answered by the very lenders themselves.

Jane Dumeresque, chief executive of Folk2Folk, another P2P lender, made a similar point, saying: “To lump all P2Ps together and suggest they take a laissez-faire approach to risk is grossly inaccurate and revealing of Lord Turner’s lack of understanding of the broad nature of the P2P sector.

“There are a number of very different providers operating in the P2P arena and we would encourage customers to do their research and make sure they understand the difference between them.”

Meanwhile, Christian Faes, co-founder & chief executive of LendInvest, a P2P marketplace for property lending and investing, hit back at Turner on his own record, saying: “I don’t think we can trust the person who presided over the worst financial meltdown in history to tell us who are or aren’t lending geniuses.

 

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