Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/707/14055

From The Socialist newspaper, 29 February 2012

It's bonuses for bankers

Ross Saunders, Wales Socialist Party

Bankers are now facing a fresh wave of anger as Lloyds has announced that, despite netting a 3.5 billion loss last year, a handful of executives will collect 375 million in bonuses. After several rounds of government bailout money, the bank is 41% owned by the state but Cameron's coalition refuses to intervene.

Those in line for rewards include four former executives responsible for the bank's part in the Payment Protection Insurance (PPI) swindle, which cost Lloyds 3.2 billion. They stand to pocket 2.2 million this year. Do these millionaires really deserve these bonuses?

The bonuses announced last week apparently reward executives for completing the merger between Lloyds and HBOS in 2009.

But that decision landed Lloyds, already in receipt of 20 billion of government money, in need of a second bailout, as it emerged that HBOS was sitting on losses of over 10 billion. This period also saw 30,000 jobs lost at the merged companies. Not a job well done.

Banks are desperately trying to wriggle out of restrictions on high pay. It emerged last week that, although RBS had cut bonuses, the bank just increased fixed salaries to compensate - pay was almost back to normal. Some banks had as much as doubled pay for executives overnight.

In a mess

We're told that billionaire bankers are essential - that they have to be paid obscenely high pay or they'd abandon us and the economy would be in a mess.

Well, so far these chancers have left us with 30 billion of losses from RBS and Lloyds alone, and billions more has been spent propping up the industry they've wrecked. They haven't earned these bonuses - they've rigged the system so that heads they win, tails we lose.

While these people are in charge of society's wealth our problems will never be solved. Enormous potential is being wasted chasing short-term profits, distorting the economy for the benefit of the few. Investment must be controlled democratically by ordinary working class people - so should the banks' pay policies.

The reason more concessions haven't been wrung out of these parasites is that the enormous public anger isn't being transmitted by a weak political opposition to the Con-Dems.

And no wonder - Labour, now as linked to big business as the other main parties, is the architect of the no-strings-attached banking bailout that left bankers with their hands free to continue to pay huge bonuses.

Ed Miliband reassured bankers recently that any measures Labour proposes in parliament on capping their pay "would not be binding, and would not be legislation" - in other words, would not be serious.

The working class needs to build our own mass independent political organisation to force an alternative to rotten capitalism onto the agenda.

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


In The Socialist 29 February 2012:


Fighting workfare

We won't work for free!

Working class needs real political opposition to Con-Dem millionaires

A4e: workfare vultures in crisis

'We want jobs - not slave labour!'

Interview with a jobcentre worker


Socialist Party news and analysis

Stop the Health Bill

Solidarity with Occupy London protesters

Unison leadership found guilty of "unjustifiable discipline" against four Socialist Party activists

Sun launch can't hide corrupt practices

It's bonuses for bankers

Them & Us


Socialist Party reports and campaigns

Why I'm standing for the Trade Unionist and Socialist Coalition in the London Assembly election

Student walkout - build mass action

Kirklees Sure Start children centres

Voluntary sector cuts expose Big Society lies

Stop North East NHS childcare cuts

Sheffield housing - failed by privatisation

Campaign news in brief

The battle against internet censorship

May Day Greetings in the Socialist


International socialist news and analysis

Iran: Tensions with the US and its allies are ratcheted-up

Europe - Young people fight ACTA


Socialist Party workplace news

'Priceless victory' of sparks against the Dirty Seven

Continuing the pensions battle: PCS consultative ballot

Continuing the pensions battle - Universities

Three-year pay freeze hits hard

Workplace news in brief


 

Home   |   The Socialist 29 February 2012   |   Join the Socialist Party

Subscribe   |   Donate   |   PDF  




Related links:

Bankers:

triangle10 years since the financial crash - the socialist answer to capitalist crisis

triangleThem & Us

triangleTurn Carillion crisis into movement against privatisation and capitalism

triangleTories torn - bin them now

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

triangleBosses' bonus billions bonanza

Pay:

triangleUniversity pay ballot: vote yes for strike action!

triangleLiverpool airport workers demand decent pay

triangleWorkplace news in brief

Lloyds:

triangleThem & Us

triangleRBS/Lloyds - Yet more bailouts and job cuts

News and socialist analysis

News and socialist analysis

19/9/18

Labour Party

Blairites must go

19/9/18

Student

Mobilise mass student fightback

19/9/18

Housing

250,000 families in "non-decent" homes

19/9/18

EU

The fog of Brexit

19/9/18

What we saw

What we saw

19/9/18

Rail

Rail rip-off reversal

19/9/18

Momentum

Momentum's 'The World Transformed' blocks discussion on Liverpool council struggle

19/9/18

Labour Party

The struggle to transform Labour

18/9/18

Drug companies

Big drugs companies dodge 3 billion pounds in tax

13/9/18

PCS

PCS: the real issues at stake - a reply to Socialist View

12/9/18

Labour Party

Corbyn must lead in fight against the Blairites

12/9/18

Capitalism

Fearful bosses call for 'fairer capitalism'...

12/9/18

Food

4m children in homes that can't afford fruit and veg

12/9/18

Them & Us

Them & Us

12/9/18

Academies

School students in solitary: for full funding, not exclusion!

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0784 114 4890

North West 07769 611 320

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551

ABOUT US

ARCHIVE

Alphabetical listing


September 2018

August 2018

July 2018

June 2018

May 2018

April 2018

March 2018

February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999