Tales of the Rich and Shameless…

Yes indeed, it was only a short while ago that the then-CEO of Barclays bank, Bob Diamond sat before a Select Committee and whined that it was time the ‘banker-bashing stopped’ only for him to re-appear yesterday , smothering himself in humble-pie like a ‘splosh’ freak and repeatedly saying how  ‘reprehensible’ and ‘bad’ it was that his bank had been fixing the Inter-bank lending rates (LIBOR and EURIBOR), in order to give a false impression of the health of his institution, and for traders to scoop the cream from profitable deals.  But wait, these were only a minority of traders, a few rotten apples, and Bob Knew nothing about it until the US’s SEC blew the whistle last month.  It was all a question of ‘culture’ you see, and the bad behaviour of some very naughty boys indeed.  Naturally all of this came across as the ‘Murdoch Defence’ of a ‘tiny minority’ being involved, and amnesia ruled Bob’s day and he was very, very sorry, but he lurved his bank  and that much was obvious since he sacrificed himself and cunningly distanced himself from Barclays with his resignation (and a £2m handshake) It was apparently neither here nor there, that there was no managerial oversight , no Corporate Responsibility, no revelations through regular auditing.  The MPs went as easy on him as they had Murdoch…(but given that several of them had banking connections themselves, and the elite’s revolving door career structure), we’re not surprised. There is after all, nothing like ‘plausible deniability’ and a Masonic politeness between suits to democratically smooth away all ills…

Meanwhile, we realise that having the British Bankers Association and the Financial Services association regulate the banks is like leaving dogs in charge of a butchers’ shop, and that the degree of collusion in all things financially fraudulent has yet to be revealed.

There are two elephants in the room now-

The first is the elephant of memory:- Of PPI miss-selling, of Sub-Prime mortgaging, of Credit Default Swaps, of over-charging  high street bank customers, of insider-dealing, of bonuses, of flogging products to the elderly who did not need them, of resisting the Robin Hood Transaction Tax, of the failure of ‘Merlin’, of the interestrate swap arrangements levied on small businesses and the interest-rate protection products they were veiled in, of JP Morgan’s ‘London Whale’, of the Lloyd’s Head of Fraud done for…fraud, of the investment banks ramping up the prices of commodities (food!) so that millions across the planet have gone hungry, of The City being the off-shore money-laundering franchise for Wall Street and global centre for financial fraud, of the Shadow Banking System, of the vast amounts of Drug-Money that is dry-cleaned in and around Threadneedle Street, of US bankers saying they are doing ‘God’s work’, of RBS’ contempt for their ‘little’ customers when their computer systems have ‘glitches’ (or shortages of liquidity?) , of price-fixing…

The second elephant:-  Is that there is no such thing as a ‘moral capitalism’ that the system cannot be reformed, and that no amount of  taxing the banks ,properly nationalising them nor any kind of government intervention would be some kind of solution (they say the bankers might ‘leave the country’- and? Then surely others would take their places, eager to line their Armani pockets).

The investment bankers, traders, hedge-fund owners and speculators think and know they are above the law; their manicured, soft palms are greased with the blood of children and the honest sweat of working people. These crooks, usurers and swindlers in silk ties, perfectly groomed in every way are internally squalid, oozing greed from every pore, under-taxed and quick to give to charity, so long as it comes with a tax-exemption.  They retire early to a life of extreme luxury and further idleness, to play golf, travel the world in their super-yachts to visit their many properties, sample the delights of the Mistress’ Dungeon, or entertain pretentions of culture…These are the people whose legitimacy we are supposed to respect, our ‘elders and betters’- in reality, their shit stinks as much as ours, and no amount of Eau de Cologne will cover it up.

The System is ripe for destruction- according to Karl Marx the obscene accumulation of wealth is symptomatic of one of the last stages of capitalism- let’s hope so.  The debts of the banks is now so big, that some say it is a mathematical certainty that the system will collapse- France’s banks are on the verge of collapse, but their total debt far outstrips that nation’s GDP.  Likewise Germany is expected to backstop Southern European debt- but even wealthy Germany and the ECB do not have the funds to cover the losses- unless of-course they decide to print more currency, which happened in the 1920s- and we know how that ended…

What we see is a cannibalistic economic system in its death throes, see how these rich fuckers are free to steal and defraud millions, if not billions, without consequence, while a man who looted a £3.50 bottle of water during last year’s August riots  (Or Uprisings) gets a six month sentence…

”Open another Bolly!”



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