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From The Socialist newspaper, 3 March 2010

Comment

The fairytale world of RBS

IMAGINE WORKERS raiding their firm's safe every week to bet on horses. They stick the money, plus any winnings, back in the safe but keep a large cut for themselves. Now, imagine the workers betting most of the firm's cash on a horse that loses. Would the boss say: "Bad luck old man, you may have made the company bankrupt but the government will give us a grant for this and you can start betting all over again?"

Rob Windsor, Socialist Party councillor, Coventry

Is this some kind of crazy fairytale? No! It's the reality of bankers' bailouts, including RBS which is 84% government owned and intends to pay out 1.3 billion in bonuses to its investment bankers.

RBS's chief executive, Stephen Hester, was set to claim a 1.6 million bonus despite his bank posting a net loss of 3.6 billion in 2009 on top of a record 24 billion loss in 2008.

New Labour's 'Lord of Lucre' - business secretary Peter Mandelson - apparently showed great unease about this but did not rule out this bloated banking toad getting some payout in future if he "turned RBS around". However, because of a public outcry Mr Hester and others - though not all - decided to waive their bonuses.

The fact is Labour is making working people foot the bill for bailing out these banking parasites by cuts in vital public services. Cuts which will firstly impact on the young, the old and the vulnerable but whose effects will be felt everywhere.

Socialists support nationalising the banking system but not the losses of private banks, nor insulating rich shareholders and directors, but by having finance owned and controlled by the ordinary working people who create the real wealth in society.

Banks should exist to provide credit for industry to invest and create wealth to be socially and equitably invested amongst all people and to provide cheap credit for small enterprises, mortgages, etc.

Yet now small enterprises cannot get overdrafts and loans from 'nationalised' banks to assist them through tough times.

This is because the banks' main priority under capitalism is feeding greedy directors and shareholders. Under socialism these parasites would be kicked out.

Until then our task is to turn the burning seething discontent amongst working people into a force for change, starting with a mass campaign to resist the cuts we are supposed to suffer to guarantee profits for the rich.

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In The Socialist 3 March 2010:

Fighting for jobs, services and conditions

PCS: All Out to Defend Jobs and Services

Stop council cuts


Youth fight for jobs

Invest in jobs, education & Training

Cut the working hours, not the jobs!

Portsmouth students and workers unite to fight cuts

Brighton students say: Save our nursery

EMA inadequacy impacts badly on students


International socialist news and analysis

Building action across Europe

Greece - millions take part in general strike

Spain: Thousands join mass demonstrations


Socialist Party news and analysis

The fairytale world of RBS

Nationalise the energy giants

Activists launch socialist challenge

Walsgrave hospital Coventry: Stop the parking charges rip-off

Fast news


Socialist Party workplace news

Where is the BA cabin crew dispute going?

Smash the bosses' construction blacklist!

Leeds lecturers win concessions - but cuts remain to be fought

Workplace news: In brief


Unison

Unison general secretary election: Nominate Roger Bannister

Legal ruling exposes hypocrisy of Unison leadership


The Socialist Interview

FBU general secretary speaks to The Socialist


Socialist Party women

Women will be at the fore in the fightback!


Media

Global media monster News International condemned

The hounding of Tommy Sheridan

Savage cuts planned at the Beeb


Football

Supporters should own Pompey, not developers


Socialist Party feature

The worldwide thievery of big business


 

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Related links:

RBS:

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triangleFinancial hardship facing millions of cancer sufferers

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Banks:

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Bonuses:

triangleArgos Christmas bonus cut

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

triangleCity bosses' 40m bonuses as Number of food banks hits 2,000

Bankers:

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Rob Windsor:

triangle800 celebrate life of Rob Windsor, a socialist champion of Coventry's people

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