Treasury Select Committee and the Robber Barons

I think one of the most telling things to come out of the Treasury Select Committee hearings is the fact that not one of the 4 heads of HBOS or RBS had any sort of banking credentials or qualifications. This was the 'Old Boy Network' exposed for what it really is; a completely self-serving systematic robbing of both staff and ordinary shareholders by a greedy elite. One of the sacked heads is being retained by his former employer at £60k a month as a consultant. It runs across the whole of the sector, sitting on each others boards as non-executive directors playing you scratch my back and I'll scratch yours in each others remuneration committees while forcing down wages for junior counter staff in the name of cost cutting and efficiency, and getting more bonuses for the savings they make. Well, they have shown us efficiency in action and they shouldn't only be apologising to the Commons, to their staff, or to their shareholders. They should be apologising to the whole country which they have forced to the point of bankruptcy with their greed, and especially to the minimum wage workers who will lose their jobs in every sector of the economy, not just the financial sector, because of their greed. They should be barred from holding directorships, because the morally bankrupt are much more despicable than the economically bankrupt. It's sick.

Nationalisation of Financial Institutions

Now that the UK has effectively nationalised Northern Rock (almost the first birthday of the nationalisation) and the USA has effectively nationalised both Fannie Mae and Freddie Mac, we can only applaud this new spirit of public ownership. It's just a pity that the taxpayer always seems to get lumbered with the losers rather than the shareholders who were paid large dividends rather than creating reserves to see their companies through financial crises. It's also a pity that the same spirit of providing a safety net for investors couldn't have been brought to bear on the problems of Farepak, but then their investors weren't already the rich so they don't count for much to Big Gordy.

Just a further comment on the global financial meltdown. Money doesn't just disappear, so if everyone is going to get poorer, who is going to get richer? Capitalists are fighting like ferrets in a sack each trying to save his own arse at the expense of the rest and, as usual, the poorest will pay the price and the rich will get richer. Banks are queueing up to buy each other at bargain basement prices and it's about time the national and international regulators stepped in and sorted out this fucking mess they have allowed to be created by pure greed.

Free Public Transport

On Thursday 19th the SSP launched its week of action on free public transport by leafleting and posting around stations and other transport hubs.

I've put a link to the site in 'Some other views from the left' in the sidebar.

Public reaction was very positive, as you might expect from people who are about to have to buy a ticket for an inferior service at an extortionate price to feed the fat cats who operate and mis-manage public transport for their own and their shareholders benefit.

Perhaps more surprising was the number of people who took the opportunity to express their support for our other policies on abolition of the council tax and its replacement by a fair system of taxation, on ending our involvement in American wars, on council housing, and on independence in a socialist Scotland.

It seems that it has taken a global financial meltdown to get across the message that capitalism is destroying itself through its own greed and to make people seriously consider an alternative 'not for profit' system which puts people before profit.

Cost Cutting Contractors and Workers' Health

While I'm on the subjects of cost cutting contractors and the health of workers I want to remind everyone that Friday is Workers' Memorial Day when we remember workers who have been killed or injured in the course of their work.

Many of these deaths and injuries result from unsafe working practices in the pursuit of greater profits for shareholders, but many die prematurely of work related illnesses after retirement, and how many will die in future from uncontrolled environmental damage by major corporations is only to be wondered about.