The Socialist 2 October 2008 Market Meltdown! Profit system failing Bradford & Bingley: We need real nationalisation The bishop and the 'bank robbers' What is short-selling and will the ban have any effect? Another nail in New Labour's coffin Lots of new recruits for Socialist Students Climate change calamities: Socialist planning needed Cuts and privatisation threaten new floods Local government pay dispute in Scotland: solid support for strike Unison goes to arbitration - a strategy or surrender? Union calls ballot over health pay Unions must fight to defend Ford jobs Lincoln - fight council cuts plan Liberty by Glyn Maxwell at Shakespeare's Globe |
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Home | The Socialist 2 October 2008 | Join the Socialist Party Short-sellers back ToriesFACED WITH New Labour's right-wing government, the Tories sometimes present themselves as a party of the people. But the Tories, the traditional main party of capitalism, still propose outrageous coddling of the rich and attacks on the rest of us. Roger ShrivesAt their conference, London Tory mayor Boris Johnson spoke out against what he calls 'over-regulation of banking'. But it's not only Boris who loves big business. Much of the Tories' cash comes from hedge funds and other firms who engaged in 'short selling' shares and other nefarious activity that worsened the recent financial turmoil. Super-rich traders have poured at least £3 million into Tory coffers. Traders who were accused of making a killing by driving down the price of shares in banks like HBOS and Bradford & Bingley are among them. According to The Mirror, 20 hedge funds and investment firms have given millions to Tory central office since Cameron became party leader in 2005. Paul Ruddock, founder of Lansdowne Partners, ('worth' £350 million) is one. He donated more than £210,000 since 2006. He made money from short-selling before the ban on it. This helped drive down Barclays and Anglo Irish Bank shares. His firm allegedly made £100 million from betting that Northern Rock would collapse. Other glorified gamblers have put their money on Cameron's Tories and their openly 'free market' policies. The rich have several parties to choose from. We need to build one for the rest of us. In this issue Socialist Party editorial Credit crunch
Socialist Students
Global Warming
Socialist Party workplace news
Socialist Party campaigns Comment Socialist Party review
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