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

16/12/17

Haringey

Blairite council 'all ears' to rich property developers

16/12/17

North West

Arriva bus drivers' action wins pay rise

14/12/17

Waltham Forest

Stop the rotten redevelopment plan, demand residents

13/12/17

London

Six months on - still no justice for Grenfell

13/12/17

Fracking

Movement growing against fracking giant Ineos

13/12/17

Devon

Totnes MP uses coffin controversy to distract from brutal NHS cuts

13/12/17

Miners

Tory plan to hold dinner at coal mining museum defeated

13/12/17

Bradford

Bradford campaign to save children's services launched

13/12/17

South London

South London health bosses' cover-up

13/12/17

Blacklisting

Unite day of action against blacklisting

13/12/17

Brighton

Brighton victory

13/12/17

Newham

Newham anti-academies strikes

13/12/17

Tamil Solidarity

Tamil Solidarity and Refugee Rights activists meeting

12/12/17

Woolwich

Support the Crossrail Woolwich walkout

7/12/17

Blacklisting

Unite protest against blacklisting

triangleMore Reports and campaigns articles...


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

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

triangle16 Dec Arriva bus drivers' action wins pay rise

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