SMILING CARCASS'S TWO-PENNETH

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Archive for the ‘profit’ Category

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.

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Written by Smiling Carcass

21/02/2010 at 1:10 PM

Rogue Traders

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A rogue trader at London oil broker PVM Oil Futures has cost them $10m (£6m).

First, these traders make billions off the backs of consumers, keeping prices artificially high by sitting on oil (or any other product) until the price is right.

Second, one might argue that these futures investors are fraudulent themselves, since they never physically hold the product. PVM could not take a prospective buyer to a thousand barrels of oil and say ‘here’s what you’re buying’. It’s all done on paper.

And finally, they lose $10m and there is no suggestion of financial difficulty, never mind bankruptcy. How many real businesses that actually produce something besides profits have $10m to lose, never mind stand the loss!

That’s what I want to be when [if]I grow up!

Written by Smiling Carcass

04/07/2009 at 10:16 AM

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