The Anonymous Widower

The Archbishop In The Wonga

Before you open your mouth, it is always best to check your facts or in the case of Justin Welby, your church’s investments. If he had he’d have found that his target yesterday, was a company they’d indirectly invested in. It’s reported here on the BBC.

A few weeks ago, I wrote about Robert Peston’s views on Wonga. I said this.

Obviously, Wonga did a lot of analysis on their data and this has led them to their success, as they have the right model and technology. Peston says Wonga’s technology is world class.  If banks such as RBS, Northern Rock and Bradford and Bingley had had world-class technology, they might not have gone bust.

I would add to that now. Perhaps, if when you sign any credit agreement or loan, how many would be refused if versions of Wonga’s technology is used. The success of any loan or credit company depends heavily on the quality of its lenders.

But the downside is that there would be a hard-core of people unable to get any form of credit.  No reputable lender, and especially a credit union, would ever touch them.

July 26, 2013 - Posted by | Finance, World | , ,

2 Comments »

  1. Definitely an ironic comical moment when they discovered this, and ABC is getting the rough end of it although it is 99.9% certain he has nothing to do with the investment. CofE has likely been investing in the parent company for years, possibly long pre-Wonga. So ABC, newly in office, wouldnt have had an inkling about it, and it wont have crossed his mind that they were investing in parent company.

    But it does suggest that CofE and other religious and charitable bodies may want to investigate the companies they have been investing in for years to see if they are still as ethical as they were thought to be.

    Comment by Liz P | July 26, 2013 | Reply

    • Big organisations always make mistakes about what they do with their money. How may councils, for example, gave their money to Icelandic banks? Should you invest in some companies like say Vodafone, Tesco, Aviva, Barclays, BP etc. All have been accused at some time of ripping off customers.

      In the end, you get so picky, you just leave it on deposit and get ripped off anyway!

      There are few investments, that you can’t find fault with! In the end you’re probably left with the house you live in!

      Comment by AnonW | July 26, 2013 | Reply


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