Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/954/25738

From The Socialist newspaper, 28 June 2017

Barclays finally charged for having their hands in the till

photo Gideon Bernarl/CC

photo Gideon Bernarl/CC   (Click to enlarge)

Neil Stonelake, Caerphilly Socialist Party

After an investigation of six years, and over nine years following the events concerned, the Serious Fraud Office (SFO) has finally decided to bring charges against Barclays bank.

Four of its former senior managers face prosecution for serious breaches of financial regulations during the banking crisis of 2008.

The allegations centre on loans taken from Qatari investors - and subsequently hidden in the books. Apparently these were used to prop up the bank when it was threatened with part-nationalisation at the same time as Lloyds TSB and the Royal Bank of Scotland.

The executives don't even think they have done anything wrong.

Readers of the Socialist will not be surprised to learn that senior officers in banking have acted in ways alleged to be systematically and blatantly corrupt. Any crackdown is to be welcomed, even at this late stage.

Nevertheless, it all comes too little and too late. The SFO has always been the sort of watchdog that big business likes: slow and ponderous with very few teeth.

The fact is that even throwing some of the executives into prison would do no more than paper over the cracks in the fundamentally exploitative system of capitalism.

Gordon Brown took action to save the banks in 2008-09. He nationalised the debt instead of the whole banks - and, we would add, missed out the commanding heights of the economy too.

Now everybody owes as a result of the bankers' incompetence and greed.

What Barclays is alleged to have run is a money carousel. Capitalists in Qatar fund the banks to stay privately owned, while they get a return on their investment after the state has sorted out capitalism's latest mess at massive public expense.

And the whole affair probably wouldn't have come to light if Qatar hadn't blotted its copy book with the other petrodollar merchants.

Advocates of creating a 'national investment bank' without taking the other major finance institutions into public ownership should reflect on how easy Barclays' actions were to commit.

Donate to the Socialist Party

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 Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • We must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our Fighting Fund.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 


In The Socialist 28 June 2017:


What we think

Step up the fight to kick out Tories and Blairites


Grenfell Tower

After Grenfell - fight for safe homes

Camden evacuation - residents expose risks - Blairites duck responsibility

Grenfell fire compounded by overcrowding: build more council homes now

Reports: organising to fight for safe homes after Grenfell

Council union responds to Grenfell


Socialist Party news and analysis

Police accused of killing cover-up

NHS secret cuts plans exposed

Barclays finally charged for having hands in till

Students 'skirt' school uniform issue!

Homelessness - Corbyn offers housing revolution

Benefit cap defeat for government

Tories may have broken election laws... again

What We Saw


Socialist history

Liverpool's 1983-87 socialist council


International socialist news and analysis

Trump and the fossil fuel corporations - a lethal combination for the planet

Jobstown Not Guilty - verdict imminent


Workplace news and analysis

Trade unions must organise to kick out the Tories

Unison conference: confident delegates take control, give Corbyn 'rapturous' welcome

Refuse workers strike against bullying bosses

"What do we want? Pay parity.


Socialist Party reports and campaigns

Organise the 'youthquake'! Young Socialists - Generation Socialist

Cardiff: unity in solidarity with Grenfell

Corbyn inspires thousands at Glastonbury

To join the struggle to save the NHS

From Militant to the Socialist Party - what you thought

Pentrich Rebellion 200 years on


 

Home   |   The Socialist 28 June 2017   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Banks:

triangleNews in brief

triangleLondon floods: Privatisation and heavy rain are a dangerous mix

triangleMillionaires multiply during pandemic

triangle'Casino capitalism' - driving another potential financial Armageddon

triangleHealth worker cooperation in the face of the pandemic

Qatar:

triangleNo trust in billionaire owners - kick them out and reclaim the game

triangleThe Socialist inbox

triangleSyria: Western governments' interventionist strategy in tatters

triangleFifa scandals - a rottenness based on corporate greed

Capitalism:

triangleWe won't pay for capitalism's failings

triangleDeaths of despair: Health crisis - capitalism in the dock

triangleClimate change, capitalism, and the struggle for socialism

Finance:

triangleNational finance meeting

triangleDoing all we can to fund the anti-cuts stand at the ballot box

Nationalisation:

triangleTory government nationalises Sheffield steel plant

Economy:

triangleCumbria Socialist Party: Socialism - from Utopian to Scientific

Bankers:

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

Big business:

triangleScrap the privatising health and care bill

Debt:

triangle"Rights are won not given" - London refugee wins housing debt campaign

News and socialist analysis

News and socialist analysis

15/9/21

The Socialist

We need a new political party for workers and youth

15/9/21

Universal Credit

Hands off the uplift

15/9/21

Workers

What's behind the worker shortages, and what can be done about it?

15/9/21

Health

Deaths of despair: Health crisis - capitalism in the dock

15/9/21

Climate change

Climate change, capitalism, and the struggle for socialism

15/9/21

NHS

Take the wealth off the super-rich to fund: NHS and social care, pay and benefit rises

15/9/21

NHS

Social care plans: A sticking plaster instead of surgery

15/9/21

Pensions

Unite young and old to defend the pensions triple lock

8/9/21

Education

Union action needed to make schools Covid safe

8/9/21

Trade union

A pivotal moment for the trade union movement

8/9/21

NHS

NHS and social care - make the rich pay, not the workers

8/9/21

Health

Workers shouldn't pay for health and social care plans

8/9/21

Cuts

End service cuts and care charges

8/9/21

Care Homes

Families demand rights for care home residents

8/9/21

NEU

Fighting NEU leadership needed to tackle school funding crisis

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: [email protected]

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

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 075 4018 9052

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 077 7221 5281

West Mids: 024 7655 5620

Yorkshire: 078 0983 9793

ABOUT US

ARCHIVE

Alphabetical listing


September 2021

August 2021

July 2021

June 2021

May 2021

April 2021

March 2021

February 2021

January 2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999