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From: The Socialist issue 920, 12 October 2016: Housing crisis can be beaten

Search site for keywords: Appeal - Banks - US - HSBC - Socialist - Socialist Party - Finance - Yorkshire - Fighting Fund

Appeal: Don't let the banks wreck our finances!

Naomi Byron, Socialist Party finance department
Finance is essential to producing campaign resources, photo by Socialist Party

Finance is essential to producing campaign resources, photo by Socialist Party   (Click to enlarge)

HSBC shut down the main Yorkshire Socialist Party membership subs account on 12 September without notice and without telling any of the signatories! We only found out the account was shut when members contacted us asking why their subs had been paid back into their account!

HSBC is a byword even among banks for dodgy dealings. From the financial crash of 2008 where they were fined $470 million by US regulators for "abusive mortgage practices" to allowing millions of dollars of suspect transactions through their accounts in the Fifa bribery scandal.

They only escaped criminal charges in the US in 2012 for allowing terrorists and drug dealers to launder millions of dollars after George Osborne and the UK banking regulator pleaded that this could trigger another "global financial disaster".

Like other big banks HSBC has a campaign to shut down smaller accounts that aren't making them enough money - by any means necessary it appears. At the moment they are still refusing to reopen the account.

We immediately started collecting the subs that had been returned, and are setting up a new account for people to pay their money into. But we are appealing to every member to donate to help us make up any losses caused by HSBC's actions.

In particular if members can increase their regular membership subs, we need every penny of regular income to help us expand our resources and respond to the twists and turns of this exciting new political period.

The re-election of Jeremy Corbyn is a historic opportunity to reclaim the Labour Party as a mass anti-austerity party for the 99%.

The Socialist Party's ability to organise and win mass support for our ideas, our experience of building mass movements and taking on the right wing within Labour and our fighting socialist programme are essential to help reclaim Labour.

We are proud to have no rich backers - all the money to fund our campaigning comes from our members and supporters. If you can't increase your regular donation at the moment, please consider making a one-off donation to our fighting fund.

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