Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/703/13652

From The Socialist newspaper, 1 February 2012

Bankers bonus scandal - Fight this profit-mad system

Sarah Sachs-Eldridge
We are the 99% - Take the wealth off the 1% - Socialist Party placard, photo Paul Mattsson

pic Paul Mattsson   (Click to enlarge)

The recent 'Hesteria' has been revealing. The Tories, majority funded by the City, went on about 'fairness' and bankers' bonuses but failed to challenge RBS boss Stephen Hester's 1 million bung.

The huge anger about Hester's bonus was reflected in the over 80,000 signatures collected in 48 hours demanding its non-payment. In the end Hester rescued a flailing Cameron by saying he wouldn't take the cash. Undoubtedly, securing his less well-advertised 3.3 million payment figured in his calculations.

The reality is that Hester is not unique in being offered a multi-million bonus. Barclay's Bob 'no more remorse' Diamond is in line for 10 million! And obscene pay does not just exist in banking - average FTSE executive pay is 4.2 million.

Would-be pension thief and Unilever chief exec Paul Polman receives 3.5 million a year, including 300,000 into his own pension. Last year, the man who earns 285 times more than his workers, said: "What I want is a sustainable and equitable capitalism."

"Pious baloney!" Although this is reactionary US Republican Newt Gingrich's phrase, it does sums up the politicians' current fashion for fulminating on inequality while, in reality, carrying through the impoverishment of millions.

Why this fixation? While planning no deviation from staggeringly savage austerity, the bosses and politicians fear our rage. The tip of the enormous iceberg of this rage made itself known in 2011 in the ever-expanding Occupy movement but especially in massive general strikes.

They fear these movements will pose a threat to their profit system and hope that showing some concern will stave off the oncoming challenges. But they're wrong.

Labour leader Ed Miliband's talk of 'good' and 'bad' capitalism is baloney - capitalism is a system based on exploitation and profiteering. The TUC has revealed that workers have lost an unbelievable 1.3 trillion in wages over the last 30 years as the bosses grab an ever greater share of the wealth in profits.

We need to build a mass movement to fight for genuine socialist nationalisation of the entire banking system and the big corporations, putting the levers of the economy in our hands - not those of the super-rich. That has to be part of a democratic plan, coordinated with workers internationally.

If you agree, join us.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 1 February 2012:


Socialist Party news and analysis

Bankers bonus scandal - Fight this profit-mad system

Trade unionists and socialists prepare for May elections

What is the point of Labour MPs?

Dead end in Davos

Them & Us


Socialist Party reports and campaigns

Don't let the racist EDL divide us

Disabled protesters demand scrapping of 'welfare' bill

Haringey takes action against academies

Coventry: Re-elect Dave Nellist


Socialist Party youth and students

NUS: name the day for student walkout

Save Derbyshire youth services!

Only one in six 'vacancies' real

Tough conditions for agency workers

South East Wales youth plan new campaigns


International socialist news and analysis

EU summit - no capitalist solutions to the spiralling eurozone crisis

Interview: the Tunisian revolution one year on


Socialist Party workplace news

Pensions battle: Unions must campaign for coordinated strike action in March

London Docklands transport workers win Olympics deal

Unison pensions cowardice

Remploy workers fight privatisation

Jet tanker drivers continue strike action

Workplace news in brief


The Socialist - readers' comments

Debate: Should socialists support the HS2 rail line?

Are the Greens a real alternative?

Smacking not the answer

Obituary: Gwenda Beishon


 

Home   |   The Socialist 1 February 2012   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Bankers:

triangleTories torn - bin them now

triangleDefuse the consumer debt time bomb: nationalise the banks!

triangleBarclays finally charged for having hands in till

triangleCampaign launch: "rip-off bosses and greedy bankers - enough is enough!"

triangleTop banks post 67% of profits in tax havens - nationalise the banks!

Capitalism:

triangleTrump's incendiary Jerusalem statement reignites Israeli-Palestinian conflict

triangleA world in crisis, ripe for revolution

triangleThem & Us

triangleBrexit deal no solution to Tory rifts

Pension:

triangleBT pensions review - oppose the attacks on the pension schemes

triangleRoyal Mail bosses block strike - back postal workers

triangleYoung people being strangled by debts

Pay:

triangleArriva bus drivers' action wins pay rise

triangleRetail sector crunch: nationalise to save jobs

Super-rich:

triangleThem & us

Bonuses:

triangleCity bosses' 40m bonuses as Number of food banks hits 2,000

News and socialist analysis

News and socialist analysis

13/12/17

Labour

Labour 'purge' furore really just democracy

13/12/17

Brexit

Brexit deal no solution to Tory rifts

13/12/17

Housing

Two in five 'right to buy' homes now for let

13/12/17

NHS

Save our NHS

13/12/17

Them & Us

Them & Us

13/12/17

Fees

Uni market 'failure', two-year degrees - end cuts, scrap fees!

13/12/17

Retail

Retail sector crunch: nationalise to save jobs

8/12/17

Government

Local government pay: fight for the 5% claim, fully funded

6/12/17

Labour

Corbyn's Labour can defeat Tories with socialist programme

6/12/17

NHS

Branson sues NHS: kick out the profiteers

6/12/17

Immigration

Royal wedding exposes them-and-us visa system

6/12/17

Banks

RBS to sack 1,000: nationalise the banks

6/12/17

Homelessness

Rough sleeping crisis: make homes, not arrests

6/12/17

Poverty

End Tory war on poor

6/12/17

Rail

Nationalise rail now

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle16 Dec Arriva bus drivers' action wins pay rise

triangle16 Dec Blairite council 'all ears' to rich property developers

triangle14 Dec Stop the rotten redevelopment plan, demand residents

triangle13 Dec Six months on - still no justice for Grenfell

triangle13 Dec Movement growing against fracking giant Ineos

triangle13 Dec Totnes MP uses coffin controversy to distract from brutal NHS cuts

triangle13 Dec Trump's incendiary Jerusalem statement reignites Israeli-Palestinian...

More ...

triangle18 Dec Leeds Socialist Party: Religion and Socialism

triangle19 Dec Bristol North Socialist Party: Christmas social

triangle21 Dec Wakefield Socialist Party: Socialists and the National Question

triangle6 Jan Socialist Party national women's meeting

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2