Barclays Bank Chief Bob Diamond has exposed the banking sector for what it really is as he showed no remorse for the banking crisis Barclays helped create. No wonder he said banks should not be relying on British taxpayers for bailouts, his bank refused to go to the government for help. Instead Barclays went to the Middle East and borrowed £5bn from investors. Had investors not come forward, then Barclays would have relied on a bailout like RBS and Lloyds Bank.
Questioned by a committee of MP's, Bob Diamond displayed arrogance and offered little in the way of answers. While we are forced to pay for the bankers casino gambling through spending cuts, Diamond thinks it is time to put the crisis behind us. Maybe he should tell that to all the families who will continue to lose jobs because of the banking crisis. He expects us just to move on and forget BANKS caused this crisis! While it is back to business for the banks - rewarding themselves with MASSIVE bonuses for failure, it will be years of lower living standards for millions of people as the government pays back the money (with higher interest rates!) it borrowed to bailout the banks. So much for the coalition government getting tough on bankers, little surprise as the multi-millionaire ministers look after their own!
Banks are expected to pay out £7bn in bonuses over the coming months and Barclays boss is expected to earn £8.5m. If the banks were all nationalised properly, then the surplus that banks create could be used for the benefit of all. We need a planned economy that ends the grossly outrageous greed of business and run society in a different way. Capitalism is failing, we are propping up this dying system at the cost of declining working conditions, increased poverty and attacks on public sector services.
Only when the consciousness of the working class is raised to see how the ruling class are trying to keep us down, will we be able to rise up and change society for the better.
*PIC: This Is London
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