Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/585/7479

From The Socialist newspaper, 24 June 2009

Another RBS rip-off payout

STEPHEN HESTER, the new boss at the Royal Bank of Scotland (RBS) who replaced disgraced chief executive Fred Goodwin, is in line to receive a 10 million pay package.

The chair of the Tory Reform Club when at Oxford University, Hester owns three homes including a 350-acre estate in Oxfordshire and "indulges in all the gentlemanly pursuits" (the Guardian, 13/10/08).

RBS was bailed out by the government after it made a 24 billion loss - the biggest in British corporate history.

In January 2009 the government bought a 70% stake in the bank, incurring a multibillion loss for the public purse. Yet, despite effectively nationalising RBS, UK Financial Investments, (the government's shareholding body) approved the bank's 'long term incentive plan' which handsomely rewarded Hester.

The banking crisis was triggered by the greed of City financiers who had injected vast amounts of unsustainable credit into the system to extend the economic boom, rewarding themselves with billions in bonuses.

Having got working- and middle class people to pay for the crisis with billions of public funds in bailouts, top bosses like Hester and Goodwin are laughing all the way to the bank with their massive remuneration packages.

And if this wasn't galling enough, it transpires that RBS is spending 300,000 on a corporate junket at the Wimbledon tennis championship, including hiring an entertainment suite where 42 guests will be wined and dined each day.

These greedy capitalists should not receive one penny from public funds.

Instead of bailouts, the Socialist Party demands socialist nationalisation of all the financial institutions, with no compensation for the financial 'wizards' who have wrecked the banking system. This should be just a first step to the unification of all the banks into one democratically controlled system.

There should be majority representation at all levels of these banks, drawn from workers, including from the unions in the banking industry and the wider working class and labour movement, with the government also represented.

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


In The Socialist 24 June 2009:

Lindsey refinery dispute: Workers show their strength

Protests at Fiddlers Ferry

New pamphlet: Lindsey, Visteon, Linamar - lessons from the disputes of Spring 2009


Youth fight for jobs

No to mass youth unemployment


Socialist Party editorial

Economy - 'Green shoots' are without real roots


Socialist Party news and analysis

Iraq war inquiry

The guns fall silent - but no peace for Tamils

Fight for a Scottish parliament with full powers

Racists in Northern Ireland threaten socialist for defending Romanian community

'Sponsors' deserting academy schools

Another RBS rip-off payout


Unison conference

Unison conference: We needed a council of war - we got a council of doom


Revolution in Iran

Where now for the Iranian revolution?


Socialist Party statement

Reply to SWP open letter: Workers' party must be built


 

Home   |   The Socialist 24 June 2009   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

Banks:

triangleRBS to sack 1,000: nationalise the banks

triangleAmber warning lights flash on British economy

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

triangleThem & Us

triangleDefuse the consumer debt time bomb: nationalise the banks!

RBS:

triangleFinancial hardship facing millions of cancer sufferers

triangleNHS v RBS

triangleButterfields victory: housing crisis can be beaten

triangleThem & Us

Socialist:

triangle110 years ago: massacre at Santa Maria school in Chile - commemorate 21 December 1907

triangleThe Socialist's 2017 quiz

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

Pay:

triangleRetail sector crunch: nationalise to save jobs

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

Royal Bank of Scotland:

triangleTreasury boss attacks call to nationalise Tata

Reports and campaigns

Reports and campaigns

13/12/17

Woolwich

Support the Crossrail Woolwich walkout

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

Housing

Six months on - still no justice for Grenfell

13/12/17

Fracking

Movement growing against fracking giant Ineos

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

7/12/17

Blacklisting

Unite protest against blacklisting

7/12/17

RMT

Anti-DOO lobby of Liverpool's transport committee

6/12/17

Donald Trump

Mobilise to stop bigoted billionaire Donald Trump's state visit to Britain

6/12/17

Transport

Arriva bus strikers stand firm

triangleMore Reports and campaigns articles...


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

triangle13 Dec Support the Crossrail Woolwich walkout

triangle8 Dec Local government pay: fight for the 5% claim, fully funded

triangle6 Dec Strikers rally in Liverpool

triangle6 Dec Corbyn's Labour can defeat Tories with socialist programme

triangle5 Dec Victory at Glenfield shows people power can save our NHS

triangle5 Dec Labour council Blairites deselected

triangle30 Nov Victory: Glenfield Children's Heart Centre saved!

More ...

triangle13 Dec Caerphilly Socialist Party: Are we heading for an era of war?

triangle14 Dec Wakefield Socialist Party: Universal Credit - the Tories' latest assault on the poor

triangle18 Dec Leeds Socialist Party: Religion and Socialism

triangle19 Dec Bristol North Socialist Party: Christmas social

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