Reports and Campaigns

spotAbout the Socialist Party

spotAnti-capitalism

spotAnti-privatisation

spotAnti-war

spotElection campaigns

spotEnvironment

spotHealth

spotSocialist women

spotWorkplace

spotYouth and Students

All keywords


Poverty keywords:

Child poverty (33)

Debt (210)

Inequality (47)

Poverty (335)

Relief (19)


Reports and campaigns:

Anti-capitalism (1258)

Anti-fascist (563)

Anti-racism (706)

Anti-war (1508)

Asylum (217)

Black and Asian (397)

Children (388)

CNWP (108)

Corporate crime (2)

Disability (202)

Education (3983)

Election campaigns (2480)

Environment (613)

EU (455)

Finance (104)

Food (272)

Health and safety (36)

Health and welfare (317)

Housing (1060)

Human Rights (386)

LGBT Pride (143)

Local government (2209)

Local services (3691)

Low pay (515)

Migration (57)

Nationalisation (150)

New workers party (470)

NHS (1874)

Pensions (708)

Post Office (223)

Poverty (583)

Privatisation (1035)

Public Services (1153)

Socialism (887)

Socialist (45)

Sport (199)

Stop the slaughter of Tamils (94)

Students (1855)

The state (1380)

Transport (559)

TUSC (1003)

Welfare rights (723)

Women (778)

Workplace and TU campaigns (8351)

Youth (1985)

Related websites

Youth Fight For Jobs

Trade Unionist and Socialist Coalition

National Shop Stewards Network

Tamil Solidarity


Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 954, 28 June 2017: Tories out - Corbyn in

Search site for keywords: Banks - Qatar - Capitalism - Finance - Nationalisation - Economy - Banking crisis - Bankers - Big business - Debt

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.







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: 0191 421 6230

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


February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999