Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/585/7479

From The Socialist newspaper, 24 June 2009

Another RBS rip-off payout

STEPHEN HESTER, the new boss at the Royal Bank of Scotland (RBS) who replaced disgraced chief executive Fred Goodwin, is in line to receive a 10 million pay package.

The chair of the Tory Reform Club when at Oxford University, Hester owns three homes including a 350-acre estate in Oxfordshire and "indulges in all the gentlemanly pursuits" (the Guardian, 13/10/08).

RBS was bailed out by the government after it made a 24 billion loss - the biggest in British corporate history.

In January 2009 the government bought a 70% stake in the bank, incurring a multibillion loss for the public purse. Yet, despite effectively nationalising RBS, UK Financial Investments, (the government's shareholding body) approved the bank's 'long term incentive plan' which handsomely rewarded Hester.

The banking crisis was triggered by the greed of City financiers who had injected vast amounts of unsustainable credit into the system to extend the economic boom, rewarding themselves with billions in bonuses.

Having got working- and middle class people to pay for the crisis with billions of public funds in bailouts, top bosses like Hester and Goodwin are laughing all the way to the bank with their massive remuneration packages.

And if this wasn't galling enough, it transpires that RBS is spending 300,000 on a corporate junket at the Wimbledon tennis championship, including hiring an entertainment suite where 42 guests will be wined and dined each day.

These greedy capitalists should not receive one penny from public funds.

Instead of bailouts, the Socialist Party demands socialist nationalisation of all the financial institutions, with no compensation for the financial 'wizards' who have wrecked the banking system. This should be just a first step to the unification of all the banks into one democratically controlled system.

There should be majority representation at all levels of these banks, drawn from workers, including from the unions in the banking industry and the wider working class and labour movement, with the government also represented.

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


In The Socialist 24 June 2009:

Lindsey refinery dispute: Workers show their strength

Protests at Fiddlers Ferry

New pamphlet: Lindsey, Visteon, Linamar - lessons from the disputes of Spring 2009


Youth fight for jobs

No to mass youth unemployment


Socialist Party editorial

Economy - 'Green shoots' are without real roots


Socialist Party news and analysis

Iraq war inquiry

The guns fall silent - but no peace for Tamils

Fight for a Scottish parliament with full powers

Racists in Northern Ireland threaten socialist for defending Romanian community

'Sponsors' deserting academy schools

Another RBS rip-off payout


Unison conference

Unison conference: We needed a council of war - we got a council of doom


Revolution in Iran

Where now for the Iranian revolution?


Socialist Party statement

Reply to SWP open letter: Workers' party must be built


 

Home   |   The Socialist 24 June 2009   |   Join the Socialist Party

Subscribe   |   Donate  




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

RBS:

triangleThem & us

triangleRBS to sack 1,000: nationalise the banks

triangleFinancial hardship facing millions of cancer sufferers

triangleNHS v RBS

Socialist:

triangleLondon Socialist Party: Marxism for beginners ... and not such beginners

triangleBirmingham South East Socialist Party: How would food production change under socialism?

triangleLiverpool Socialist Party: Marxism & the environment

Pay:

triangleUniversity pay ballot: vote yes for strike action!

triangleLiverpool airport workers demand decent pay

Royal Bank of Scotland:

triangleTreasury boss attacks call to nationalise Tata

Reports and campaigns

Reports and campaigns

19/9/18

RMT

Strikers ready to up the ante over rail safety

19/9/18

Huddersfield

Huddersfield Socialist Party opposes racist EDL

19/9/18

Newcastle

Hundreds of Newcastle United fans attend Mike Ashley Out meeting

19/9/18

Leicester

Socialists and campaigners protest Leicester NHS cuts

19/9/18

Liverpool

March to save threatened Liverpool Women's Hospital

19/9/18

The Socialist

Join our Socialist sales drive for issue 1011

19/9/18

Liverpool

Liverpool airport workers demand decent pay

19/9/18

York

York health workers say no to privatisation

19/9/18

Birmingham

Birmingham home carers' protest demo

19/9/18

UCU

University pay ballot: vote yes for strike action!

19/9/18

Hull

Socialist Students campaigns at Hull freshers fair

19/9/18

Lewisham

Lewisham: binning the rates rise

19/9/18

Leicester

Leicester UCU fights redundancies

14/9/18

Prisons

POA walkout over government failure to make prisons safe

12/9/18

Students

Students unite and fight - free education now!

triangleMore Reports and campaigns 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