Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/549/6426

From The Socialist newspaper, 24 September 2008

Them & us

Even fatter cats

ANDY HORNBY, who brought HBOS bank to the brink of collapse as chief executive, will retain his job following the Lloyds TSB takeover and is set for a 2 million shares windfall. That's on top of his 2 million a year salary (which is 81 times bigger than the average worker's wage) and Hornby will also retain his gold-plated pension pot of 2.4 million.

Meanwhile the Lloyds TSB's takeover of HBOS could see up to 30,000 jobs axed and 1,000 branches closed in an attempt to make 1 billion in annual savings.

The Unite union has vowed to fight any job losses. Deputy general secretary Graham Goddard said: "It's corporate greed that has brought the financial system to its knees, our members should not have to pay the price. We will not accept compulsory redundancies."

Selling HBOS short

THEY MAY not be the root cause of the current meltdown in the financial system but their greed certainly has made a massive contribution. Who? The so-called 'vulture investors' who engaged in the currently suspended shares swindle known as 'short-selling'.

These coke-snorting 'traders' (read 'parasites'), often working for the secretive hedge funds that make millions for their super-rich clients, take shares on loan from a broker for a specified amount of time.

They sell them immediately, hoping that the price will drop. When it does they buy them back at the lower price, pocketing the difference. Nine of these hedge funds (including the ironically named Harbinger Capital), targeted HBOS, short selling a large percentage of HBOS shares in a gamble worth hundreds of millions of pounds.

Pig sick

ONE OF these gamblers, Philip Falcone of Harbinger, recently bought a 24 million home that has a room for his pet pig. He is reported to have made hundreds of millions gambling that HBOS's share price would plummet. This little piggy is said to have 'earned' 950 million last year.

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


In The Socialist 24 September 2008:

Their failure, their system: make capitalists pay


Socialist Students

Scrap tuition fees!

Students seek out socialists!

Education a 'them and us' system


Socialist Party editorial

New Labour flounders in face of economic crisis


Socialist Party feature

Make the super-rich pay!

Merseyside CNWP calls for socialist policies


Socialist Party campaigns

Protesting against Bush and Brown's wars

LibDems aping the Tories

Them & us

Jamie's school dinner staff threatened with privatisation

Fighting the racist BNP in Stoke

We won't take the RAP on pollution

Health Trust concessions on Swansea casualty unit

Salford councillors play blame game


Socialist Party workplace news

Civil service strike ballot begins

Workers vow to fight Ford's closure plans

North Staffs NSSN launched


International socialist news and analysis

Revolution and counter-revolution in Bolivia


Socialist Party review

The Dark Knight: Batman's latest crime-buster

McMafia: Crime Without Borders


 

Home   |   The Socialist 24 September 2008   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Hedge funds:

triangleNHS SOS round-up

triangleHedge fund owners will never blush

triangleFinancial vultures kill Peacocks

triangleMadoff with the money!

triangleShort-sellers back Tories

Reports and campaigns

Reports and campaigns

18/10/17

Art

'Dazzling' Bad Art show points to socialist future

18/10/17

Democratic rights

Conference on state spies and sabotage: who's watching who?

18/10/17

Council

Sheffield Labour council threatens peaceful protesters with prison

18/10/17

South West Wales

Hundreds turn out for rally aimed at removing west Wales Tory MP

18/10/17

NHS

Uprising to save the NHS!

18/10/17

Socialism

Can you donate to the Socialism 2017 appeal?

18/10/17

East London

No cuts - hands off King George A&E!

18/10/17

North London

North London hospital workers fight cuts and job losses

18/10/17

Leeds

Striking back against the sackers' charter at Leeds University

18/10/17

BAE

Nationalise to save jobs at BAE Systems

18/10/17

Royal Mail

Workers' anger increases after Royal Mail bosses block strike - back postal workers

18/10/17

Schools

Schools "can't go any further" - stop the cuts: set deficit budgets now

18/10/17

PCS

PCS ballots members to send message to government: scrap the pay cap

18/10/17

Swansea

Socialist Students 'welcome' Hillary Clinton to Swansea

18/10/17

Local government

Unite local government sector plans strike ballot

triangleMore Reports and campaigns articles...


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

triangle13 Oct The end of the Tories?

triangle11 Oct Nasty party imploding...drive out the Tories

triangle11 Oct CWU fights court attempt to stop national strike

triangle11 Oct The fight against racial discrimination is tied to fighting against...

triangle11 Oct Catalonia: Workers can finish what Puigdemont won't

triangle6 Oct Boeing bust-up threatens thousands of skilled jobs

triangle4 Oct The nasty party turns on itself... but the Tories must be driven out

More ...

triangle18 Oct Warrington & St Helens Socialist Party: 1917-2017; the October Russian Revolution

triangle18 Oct Hackney Socialist Party: 100 years ago - the Bolshevik-led revolution

triangle18 Oct Tower Hamlets Socialist Party: Capitalism in Crisis - is Corbyn the answer?

triangle19 Oct Waltham Forest Young Socialists: Deaths in police custody

More ...

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

Archive

Archives:

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