All Arguments for socialism subcategories:
Short-sellers back Tories
FACED WITH New Labour's right-wing government, the Tories sometimes present themselves as a party of the people. But the Tories, the traditional main party of capitalism, still propose outrageous coddling of the rich and attacks on the rest of us.
At their conference, London Tory mayor Boris Johnson spoke out against what he calls 'over-regulation of banking'. But it's not only Boris who loves big business.
Much of the Tories' cash comes from hedge funds and other firms who engaged in 'short selling' shares and other nefarious activity that worsened the recent financial turmoil. Super-rich traders have poured at least £3 million into Tory coffers.
Traders who were accused of making a killing by driving down the price of shares in banks like HBOS and Bradford & Bingley are among them. According to The Mirror, 20 hedge funds and investment firms have given millions to Tory central office since Cameron became party leader in 2005.
Paul Ruddock, founder of Lansdowne Partners, ('worth' £350 million) is one. He donated more than £210,000 since 2006. He made money from short-selling before the ban on it. This helped drive down Barclays and Anglo Irish Bank shares. His firm allegedly made £100 million from betting that Northern Rock would collapse.
Other glorified gamblers have put their money on Cameron's Tories and their openly 'free market' policies. The rich have several parties to choose from. We need to build one for the rest of us.
Phone our national office on 020 8988 8777
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: 0784 114 4890
North West 07954 376 096
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