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From The Socialist newspaper, 18 November 2015

Tories flog bank assets to hellhound US profiteers

Tom Baldwin

The Tories have sold off another 13 billion of public assets to a US private equity firm. This time it was mortgages from failed bank Northern Rock, bought as part of Gordon Brown's bailout of the banking system.

Chancellor George Osborne is hailing this as a success because the mortgages have not been sold at a loss. This is certainly an improvement on previous sell-offs. But overall, the taxpayer has made a big net loss on Northern Rock.

Loss

The privatisation of Royal Mail and the sale of RBS shares earlier this year also made a loss of over 1 billion each. This shattered Osborne's portrayal of himself as careful guar-dian of the country's finances.

It will likely not prove a good deal for mortgage holders. Cerberus, the casino-capitalist buyer named after the three-headed dog which guards hell, has a record of tough enforcement of any breaches of contract. Described by one property developer as "ruthless, unjust and unreasonable", it specialises in risky or 'distressed' assets.

Greedy, speculative behaviour by finance firms was a big factor in the financial crash in the first place. Banks sold 'sub-prime' mortgages - where homeowners would have problems paying them back. So the loans the banks thought would be earning them money were actually worthless.

The then-Labour government rescued the banks by buying up this bad debt, at huge cost to the taxpayer, fully expecting to hand it back to the bosses when it could make them money again. The Tories have dutifully carried out this programme.

The Socialist Party said at the time we should not have just nationalised the debts and let the bosses keep the profits.

We fight for whole financial system to in be in public hands, not the hands of these private sharks. Run finance under democratic workers' control to serve society's needs, not just inflate a few bankers' bonuses.

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In The Socialist 18 November 2015:


Socialist Party news and analysis

How to defend Corbyn and defeat austerity

We can defeat the Tory cuts!

Tories flog bank assets to hellhound US profiteers

Athletics doping scandal: big business profits behind global sports corruption

Councils won't spend a penny

Them & Us


Socialist Party features

The end of social housing? How can we solve the housing crisis?

How can young people organise to support Jeremy Corbyn?


International socialist news and analysis

Paris terror attacks


Workplace news and analysis

Junior doctors: first strikes in 40 years

Trade union action needed to fight for steel jobs

Historic London bus drivers' agreement

Reinstate sacked CWU reps

Pro-Corbyn mood among Usdaw members

Support for Roger Bannister in Unison election

Workplace news in brief


Readers' comments and reviews

All NHS unions should join junior doctors' strike

A day in the life of a Game retail worker

Why I joined: "I already feel as if I am finally home"

Robert Tressell's characters are all too real to me

My struggle for an income I can live on


Socialist Party reports and campaigns

Labour bans union activist

Thousands march against India premier's bloody sectarianism

Strike to save Lambeth libraries

Gaining momentum in Lewisham

Anger at care home closure


 

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Related links:

Northern Rock:

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

triangleThem & Us

triangleNationalise the banks

triangleTories and Labour fail to give 'Any Answers'

triangleThem & Us

US:

triangleTrump, coronavirus, capitalism, and the presidential race

triangleA new world order - global reconstruction after World War Two

triangleCardiff West Socialist Party: Class struggle in the US in the crisis

Tories:

triangleContract tracer speaks out: Tories' plan is outsourced chaos

triangleTories put profit before lives - unions must stand firm on workplace safety

Banks:

triangleThem & Us

trianglePrince Andrew outrage exposes establishment

Mortgages:

triangleYoung people being strangled by debts

George Osborne:

triangleOsborne evades Carlisle socialists

Debt:

triangleLebanon - mass protests cut across sectarian division

Bankers:

triangleThem & Us

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