SMILING CARCASS'S TWO-PENNETH

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Archive for the ‘banks’ Category

"Curiouser and curiouser" cried Alice as Cameron Protects the Fat Cats

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So David Cameron doesn’t want jobs put at risk through banking reform; here we go again. The taxpayer donation to the banks following the credit crunch is worth £10 billion annually to them; they continue to pay bonuses many of us will never earn in a lifetime; and Cameron forgets his election promise ‘we’re in it together’; yeah, until it affects his big banking buddies.
I am pleased, thought I hate to admit it, that Vince Cable seems to be on the side of the people when he insists the banks should split their retail arm so in time of financial trouble ordinary consumers accounts can be protected from City bankers and their excesses.
One thing that puzzles me; when Cameron and his crew announced his welfare and public spending cuts, the job losses were acceptable and would be absorbed by the private sector; but with possible job cuts to tame the bankers, the possible job losses are unacceptable. “Curiouser and curiouser!” cried Alice.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8732964/David-Cameron-warns-banking-reform-must-not-put-jobs-at-risk-as-Coalition-row-grows.html

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Written by Smiling Carcass

31/08/2011 at 4:05 PM

BANK BONUSES TO RUN TO BILLIONS IN 2011

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“The best the coalition can hope for is a declaration from the banks that they will pay out less than they would have without government intervention.”
It seems this coalition can legislate to make those less able pay the for the deficit. But is unable to legislate to make the bankers, who owe the country billions, do the same.
‘Were in this together’. Trouble is, some of us are in it up to the neck, with bankers standing on our heads.

Written by Smiling Carcass

07/01/2011 at 2:35 AM

PEOPLE’S BANK BONUS. (DON’T FORGET TO TELL SID!)

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The Tories have come up with a plan to pay back the public for the investment in failing banks. The idea is to sell shares at discount prices to the public, with extra discounts for those on low-incomes and the young.

How will this help? With shares at hundreds or even thousands of pounds what kind of discount will they offer? If it is a large discount, selling shares at a few pounds then the banks will be disadvantaged and we will find a similar situation that the public investment was designed to ease. If it is a small discount, once again it will not be the less well off, but the Tories rich mates that will benefit.

Even if we ignore this and the obvious publicity stunt this is to catch a few votes, and accept it is a good thing and will help, we will see the shares bought up at slightly inflated prices that the small shareholders will see as attractive and a quick profit by the biggest and richest players and we shall be back to square one with the banks owned and run by a few rich individuals who care only about quick profit, whatever the cost.

Mainly, however we should look at the shares fiasco of the 1980’s. It is obvious that the Tory Party has not learned anything, that it has not changed and is dogmatically following the tenets of Thatcherite monetarism. If that’s what you want, vote for them. I want something different. Something none of the three major parties are offering. A return to the manufacturing base that made Britain great and paid high wages to ordinary people. A return to a system that put people before profits, not the utopian ideal that the benefits of capitalism and profit will inevitably trickle down to the less fortunate.

Written by Smiling Carcass

21/02/2010 at 1:10 PM

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