Link to this page: https://www.socialistparty.org.uk/issue/634/10085
How the banks rip us off
CON-DEM Business Secretary Vince Cable told journalists he thinks banks are "ripping off" taxpaying customers with unfair charges and cynically using massive bail-out packages to pay their top speculators ridiculous bonuses out of the public purse.
The BBC considers this news. The rest of us are already painfully aware that the banks have had the taxpaying public, and successive pro-capitalist governments, over a barrel for some considerable time.
As a low-paid, taxpaying worker employed by one of the big bailed-out banks currently ripping off the country, I speak to customers daily who are being saddled with spiralling debt that pushes them further and further into poverty.
The bank is very well aware that its irresponsible speculation and near-collapse has contributed to this.
This corporation pays me £7 an hour to enforce its exploitative charges system, threatening me with disciplinary action if I refuse to do so.
The bank is clawing back credit from financially struggling customers to whom it previously lent with extreme irresponsibility.
It is levying impossible charges on them to raise enough capital to buy back the shares it sold to the government, so it can speculate further.
It knows it can do this because it has the backing of the courts. They previously ruled that such unethical charges are in fact legal and above board, and because this pro-capitalist government is so in thrall to the financial markets, it is powerless to do anything to stop it.
The only answer to this sorry state of affairs is the genuine nationalisation of the banks, democratically controlled by the workers, as part of a planned socialist economy based on the needs of the masses and not the profits of greed-driven capitalists.
By a bank worker
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Coronavirus crisis - Finance appeal
The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.
The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.
The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.
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In The Socialist 4 August 2010:
War and occupation
Workplace news and analysis
Youth fight for jobs
Environment and socialism
Socialist Party LGBT
Socialist Party events
International socialist news and analysis
Socialist Party news and analysis
Review & Comment