Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/954/25738

From The Socialist newspaper, 28 June 2017

Barclays finally charged for having their hands in the till

photo Gideon Bernarl/CC

photo Gideon Bernarl/CC   (Click to enlarge)

Neil Stonelake, Caerphilly Socialist Party

After an investigation of six years, and over nine years following the events concerned, the Serious Fraud Office (SFO) has finally decided to bring charges against Barclays bank.

Four of its former senior managers face prosecution for serious breaches of financial regulations during the banking crisis of 2008.

The allegations centre on loans taken from Qatari investors - and subsequently hidden in the books. Apparently these were used to prop up the bank when it was threatened with part-nationalisation at the same time as Lloyds TSB and the Royal Bank of Scotland.

The executives don't even think they have done anything wrong.

Readers of the Socialist will not be surprised to learn that senior officers in banking have acted in ways alleged to be systematically and blatantly corrupt. Any crackdown is to be welcomed, even at this late stage.

Nevertheless, it all comes too little and too late. The SFO has always been the sort of watchdog that big business likes: slow and ponderous with very few teeth.

The fact is that even throwing some of the executives into prison would do no more than paper over the cracks in the fundamentally exploitative system of capitalism.

Gordon Brown took action to save the banks in 2008-09. He nationalised the debt instead of the whole banks - and, we would add, missed out the commanding heights of the economy too.

Now everybody owes as a result of the bankers' incompetence and greed.

What Barclays is alleged to have run is a money carousel. Capitalists in Qatar fund the banks to stay privately owned, while they get a return on their investment after the state has sorted out capitalism's latest mess at massive public expense.

And the whole affair probably wouldn't have come to light if Qatar hadn't blotted its copy book with the other petrodollar merchants.

Advocates of creating a 'national investment bank' without taking the other major finance institutions into public ownership should reflect on how easy Barclays' actions were to commit.

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


In The Socialist 28 June 2017:


What we think

Step up the fight to kick out Tories and Blairites


Grenfell Tower

After Grenfell - fight for safe homes

Camden evacuation - residents expose risks - Blairites duck responsibility

Grenfell fire compounded by overcrowding: build more council homes now

Reports: organising to fight for safe homes after Grenfell

Council union responds to Grenfell


Socialist Party news and analysis

Police accused of killing cover-up

NHS secret cuts plans exposed

Barclays finally charged for having hands in till

Students 'skirt' school uniform issue!

Homelessness - Corbyn offers housing revolution

Benefit cap defeat for government

Tories may have broken election laws... again

What We Saw


Socialist history

Liverpool's 1983-87 socialist council


International socialist news and analysis

Trump and the fossil fuel corporations - a lethal combination for the planet

Jobstown Not Guilty - verdict imminent


Workplace news and analysis

Trade unions must organise to kick out the Tories

Unison conference: confident delegates take control, give Corbyn 'rapturous' welcome

Refuse workers strike against bullying bosses

"What do we want? Pay parity.


Socialist Party reports and campaigns

Organise the 'youthquake'! Young Socialists - Generation Socialist

Cardiff: unity in solidarity with Grenfell

Corbyn inspires thousands at Glastonbury

To join the struggle to save the NHS

From Militant to the Socialist Party - what you thought

Pentrich Rebellion 200 years on


 

Home   |   The Socialist 28 June 2017   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Banks:

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

triangleThem & Us

triangleDefuse the consumer debt time bomb: nationalise the banks!

triangleGlobal finance: Are those storm clouds ahead?

Qatar:

triangleThe Socialist inbox

triangleSyria: Western governments' interventionist strategy in tatters

triangleFifa scandals - a rottenness based on corporate greed

triangleBruised and Blattered - Fifa's boss eventually resigns

Capitalism:

triangleWhy I joined the Socialist Party: "I started to question whether there was a better way"

triangleWhat we saw

triangle'Paradise' for billionaires - austerity for us

Finance:

triangleCan you donate to the Socialism 2017 appeal?

triangleNasty party imploding...drive out the Tories

Nationalisation:

triangleObituary: Derek Robinson, car workers' leader, 1927-2017

Economy:

trianglePowerful picture of the Port Talbot steel workers' struggle

Bankers:

triangleTories torn - bin them now

Big business:

triangleThe Tories must be driven out

Debt:

triangleMarch for free education! We demand a future!

News and socialist analysis

News and socialist analysis

23/11/17

Pay

After the budget - unions must launch pay fight

22/11/17

Climate change

Carbon dioxide hits 800,000-year high: end profit-driven pollution

22/11/17

Football

Gentrification on the terraces: fans say twenty's plenty

22/11/17

NHS

NHS cuts kill!

22/11/17

Them & Us

Them & us

22/11/17

Housing

Posh estate agent's housing crisis solution: make your own sandwiches

22/11/17

Labour

What does the left victory in Scottish Labour mean?

22/11/17

Housing

Councils' 1bn on commercial property

22/11/17

Labour

Hammond's budget: step up the fight against austerity!

15/11/17

Prisons

4,800 young people hurt after officers 'restrain' them

15/11/17

Preston

Is cuts-making Preston 'beating Tory austerity'?

15/11/17

Housing

No more excuses: fit sprinklers now!

15/11/17

What we saw

What we saw

15/11/17

Energy

We're freezing: reverse cuts to boiler replacement schemes!

15/11/17

Tories

Tories on the brink - kick them out!

triangleMore News and socialist analysis articles...


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

triangle24 Nov Strikes escalate

triangle23 Nov After the budget - unions must launch pay fight

triangle22 Nov What does the left victory in Scottish Labour mean?

triangle22 Nov General secretary coronation

triangle22 Nov Hammond's budget: step up the fight against austerity!

triangle21 Nov Zimbabwe: Mugabe gone - but his regime remains in power

triangle15 Nov March for free education! We demand a future!

More ...

triangle27 Nov Leeds Socialist Party: Catalonia - a struggle with revolutionary implications?

triangle28 Nov Liverpool Socialist Party: For a socialist, internationalist Brexit

triangle28 Nov Manchester Socialist Party: The Kurds and the PKK

triangle29 Nov Caerphilly Socialist Party: Marxism and the National Question

More ...

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

Archive

Archives:

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