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Google fine goggles the mind

In a week were we have water restrictions in drought-ridden California, tragic news over the suicide research for the German co-pilot and Twitter and YouTube were made inaccessible in Turkey as part of a radical government crackdown on social media. Desperate times indeed. In business news Royal Dutch shell purchases rival GB group for around 70 Billion dollars. And the wall street journal reports that E.U regulators are planning to file charges against Google for abusing its market position. If proven Google could be hit with a 10 percent fine which would amount to 6 billion dollars for last year alone. Now I know there may be little sympathy among my loan calculator friends for the online giant and I have to admit I don't exactly have sympathy in spades for them either. Would we do need to consider are those employed directly and indirectly and the impact such a fine could have on them.

Simple finance doesn't apply

It has always been the same with massive corporate entities. They start off with products usually superior or niche in manner; grab the world by storm with their value, imagination and cutting edge thinking and then after the initial growth comes the greed. The market place battles, the tussles for dominance and finally regulation. Now no one thinks Google will be deterred by the current threats but one thing is certain this may be an opportunity for its competitors to finally get their share of the pie. Only time will tell.

Simple finance, financial penalties round up

Simple finance fact 1. Clydesdale bank were given a penalty of 20.6M

Simple finance fact 2. Merrill Lynch fined 13.2M for incorrect reporting of transactions

Simple finance fact 3. Moorhouse fined 159K for failures in its telephone marketing and sales for commercial add ons.

Simple finance fact 4. Deutsche bank fined 227M for failings with regards to Libor and EUROIBOR and for misleading regulators.

Until next time my loan calculator chums,

Take care from all at simple finance.

Reference

http://www.fca.org.uk/news/list

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Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk