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.

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


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:

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

triangleUniversal credit causes 24m rent arrears

triangleDesperate divisions in Tories - Corbyn and unions must act

triangleSocialist nationalisation: what it is and why we need it

triangleA socialist approach to Corbyn and a customs union

Qatar:

triangleThe Socialist inbox

triangleSyria: Western governments' interventionist strategy in tatters

triangleFifa scandals - a rottenness based on corporate greed

triangleBruised and Blattered - Fifa's boss eventually resigns

Capitalism:

triangleCorbynism three years on

triangleSocialism - the podcast offering Marxist analysis for the movement against capitalism

triangleThe renewed relevance of Engels' classic Socialism: Utopian and Scientific

Finance:

triangleNewham finance staff fight pay and grading insult

triangleThe case for socialist nationalisation

Nationalisation:

triangleBirmingham South East Socialist Party: What is socialist nationalisation?

Economy:

triangleTories' Brexit bust-up - general election now

Bankers:

triangleThem & Us

Big business:

triangleSalford Socialist Party: Blacklisting

Debt:

triangleUniversal credit = universal misery

News and socialist analysis

News and socialist analysis

22/10/18

Labour

Corbynism three years on

17/10/18

Brexit

Tories' Brexit bust-up - general election now

17/10/18

Universal Credit

Universal credit = universal misery

17/10/18

Engels

The renewed relevance of Engels' classic Socialism: Utopian and Scientific

17/10/18

Mental health

Fully fund mental health services now

17/10/18

Saudi Arabia

Tory and Trump hypocrisy over murder of Saudi Arabian journalist

17/10/18

Pay

No to fat-cat top judges' 59k pay hike - fight for decent pay for criminal justice workers

17/10/18

Fracking

Toxic fracking gets the go-ahead while protesters jailed

17/10/18

Cardiff

Homeless driven from Windsor streets for royal wedding: abolish the monarchy and end homelessness now!

15/10/18

Socialism

Socialism - the podcast of the Socialist Party

10/10/18

Racism

Fight racism: fight for jobs, homes and services for all

10/10/18

Them & Us

Them & Us

10/10/18

Tories

Tories' crisis conference - Corbyn must fight for general election

10/10/18

Amazon

Workers' action wins Amazon pay rise

10/10/18

Capitalism

Workers in UK do 1.2trn of unpaid housework and care

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


October 2018

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