Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://secure.socialistparty.org.uk/issue/614/8945

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.

Donate to the Socialist Party

Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our special coronavirus appeal.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 


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


 

Home   |   The Socialist 3 March 2010   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

RBS:

triangleThem & us

triangleRBS to sack 1,000: nationalise the banks

triangleFinancial hardship facing millions of cancer sufferers

triangleNHS v RBS

triangleButterfields victory: housing crisis can be beaten

Banks:

triangle'FinCEN Files' expose rampant financial corruption: nationalise the banks!

triangleThem & Us

trianglePrince Andrew outrage exposes establishment

triangleKarro Foods victory Hull

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:

triangleThem & Us

triangleTurn Carillion crisis into movement against privatisation and capitalism

Rob Windsor:

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

Reviews and comments

Reviews and comments

23/9/20

Pay

A day in the life of a salon worker

23/9/20

Socialist Party

Why we joined the Socialist Party

23/9/20

Football

TV: The English Game - how the working class made football the people's game

23/9/20

Letters

The Socialist Inbox

16/9/20

Labour Party

Non-fiction: Left Out - the inside story of Labour under Corbyn

9/9/20

Black Lives Matter

Video game developer attacks Black Lives Matter

2/9/20

Iraq

TV: Once Upon a Time in Iraq

2/9/20

Housing

Manctopia: billion pound property boom

19/8/20

George Orwell

75 years since the publication of Animal Farm: From 'two legs bad' to 'two legs better'

22/7/20

Cuba

Exciting Cuban spy thriller exposes US-sponsored terrorism

22/7/20

Letters

The Socialist inbox

22/7/20

Socialist Party

I joined the Socialist Party to fight back

15/7/20

Housing

TV: Ross Kemp - Living with Forced Out Families

15/7/20

Bolsheviks

Books that inspired me: The Mother

15/7/20

Black Lives Matter

How the FBI and Chicago police murdered a Black Panther

triangleMore Reviews and comments 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: 079 8202 1969

East Mids: 077 3797 8057

London: 075 4018 9052

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

ARCHIVE

Alphabetical listing


September 2020

August 2020

July 2020

June 2020

May 2020

April 2020

March 2020

February 2020

January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999