Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/614/8945

From The Socialist newspaper, 3 March 2010

Comment

The fairytale world of RBS

IMAGINE WORKERS raiding their firm's safe every week to bet on horses. They stick the money, plus any winnings, back in the safe but keep a large cut for themselves. Now, imagine the workers betting most of the firm's cash on a horse that loses. Would the boss say: "Bad luck old man, you may have made the company bankrupt but the government will give us a grant for this and you can start betting all over again?"

Rob Windsor, Socialist Party councillor, Coventry

Is this some kind of crazy fairytale? No! It's the reality of bankers' bailouts, including RBS which is 84% government owned and intends to pay out £1.3 billion in bonuses to its investment bankers.

RBS's chief executive, Stephen Hester, was set to claim a £1.6 million bonus despite his bank posting a net loss of £3.6 billion in 2009 on top of a record £24 billion loss in 2008.

New Labour's 'Lord of Lucre' - business secretary Peter Mandelson - apparently showed great unease about this but did not rule out this bloated banking toad getting some payout in future if he "turned RBS around". However, because of a public outcry Mr Hester and others - though not all - decided to waive their bonuses.

The fact is Labour is making working people foot the bill for bailing out these banking parasites by cuts in vital public services. Cuts which will firstly impact on the young, the old and the vulnerable but whose effects will be felt everywhere.

Socialists support nationalising the banking system but not the losses of private banks, nor insulating rich shareholders and directors, but by having finance owned and controlled by the ordinary working people who create the real wealth in society.

Banks should exist to provide credit for industry to invest and create wealth to be socially and equitably invested amongst all people and to provide cheap credit for small enterprises, mortgages, etc.

Yet now small enterprises cannot get overdrafts and loans from 'nationalised' banks to assist them through tough times.

This is because the banks' main priority under capitalism is feeding greedy directors and shareholders. Under socialism these parasites would be kicked out.

Until then our task is to turn the burning seething discontent amongst working people into a force for change, starting with a mass campaign to resist the cuts we are supposed to suffer to guarantee profits for the rich.

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


In The Socialist 3 March 2010:

Fighting for jobs, services and conditions

PCS: All Out to Defend Jobs and Services

Stop council cuts


Youth fight for jobs

Invest in jobs, education & Training

Cut the working hours, not the jobs!

Portsmouth students and workers unite to fight cuts

Brighton students say: Save our nursery

EMA inadequacy impacts badly on students


International socialist news and analysis

Building action across Europe

Greece - millions take part in general strike

Spain: Thousands join mass demonstrations


Socialist Party news and analysis

The fairytale world of RBS

Nationalise the energy giants

Activists launch socialist challenge

Walsgrave hospital Coventry: Stop the parking charges rip-off

Fast news


Socialist Party workplace news

Where is the BA cabin crew dispute going?

Smash the bosses' construction blacklist!

Leeds lecturers win concessions - but cuts remain to be fought

Workplace news: In brief


Unison

Unison general secretary election: Nominate Roger Bannister

Legal ruling exposes hypocrisy of Unison leadership


The Socialist Interview

FBU general secretary speaks to The Socialist


Socialist Party women

Women will be at the fore in the fightback!


Media

Global media monster News International condemned

The hounding of Tommy Sheridan

Savage cuts planned at the Beeb


Football

Supporters should own Pompey, not developers


Socialist Party feature

The worldwide thievery of big business


 

Home   |   The Socialist 3 March 2010   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

RBS:

triangleFinancial hardship facing millions of cancer sufferers

triangleNHS v RBS

triangleButterfields victory: housing crisis can be beaten

triangleThem & Us

triangleThem & Us

Banks:

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

triangleThem & Us

triangleDefuse the consumer debt time bomb: nationalise the banks!

Bonuses:

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

triangleStop the 54,000 yearly maternity sackings

Bankers:

triangleTories torn - bin them now

triangleBarclays finally charged for having hands in till

Rob Windsor:

triangle800 celebrate life of Rob Windsor, a socialist champion of Coventry's people

Reviews and comments

Reviews and comments

18/10/17

Port Talbot

Powerful picture of the Port Talbot steel workers' struggle

18/10/17

Russian revolution

October 1917 reviews: 'More bright than any heaven'

11/10/17

Theresa May

Theresa May, Frida Kahlo and turning women into wares

11/10/17

Docks

Poverty, repression and fightback on the docks

11/10/17

The Socialist

The Socialist Inbox

11/10/17

TV

Shocking insight into Isis

2/10/17

Sexism

Hugh Hefner's exploitation of women

27/9/17

Football

Women's football - Sampson allegations

20/9/17

Letters

The Socialist Inbox

20/9/17

Socialist

Interview: the "socialist John Le Carré"

20/9/17

Women

Refreshing, anticapitalist - but little pointing a way forward

13/9/17

Women

New documentary asks women how their bodies are sexualised and policed

13/9/17

Letters

The Socialist inbox

13/9/17

Che Guevara

Intimate insight into a revolutionary icon

6/9/17

Pensions

Bosses' pensions robbery

triangleMore Reviews and comments articles...


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

triangle19 Oct Arriva North West bus drivers strike over pay

triangle18 Oct Russia, October 1917: When workers took power

triangle18 Oct Tories torn - bin them now

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...

More ...

triangle19 Oct Waltham Forest Young Socialists: Deaths in police custody

triangle19 Oct Swansea Socialist Party: Spanish revolution 1936-37

triangle19 Oct Cardiff East Socialist Party: Is equality for women possible under capitalism?

triangle19 Oct Wirral Socialist Party: The October 1917 Russian Revolution

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