Monday, 25 November 2013
Is Truth Finally Catching Up With The Finance Industry?
There are encouraging signs that, despite the Tory party's best efforts, the finance industry is gradually cleaning up its act after 30 years of running riot. George Osborne has told us that, in the wake of public disgust for loan shark companies such as Wonga, he will legislate to cap the eye-watering rates they charge to desperate poor people. Of course he hasn't even suggested what that cap will be since he fears that Wonga and other criminal organisations might cap their "donations" to the Tories in return. In fact Osborne's initiative has all the hallmarks of being window-dressing with lots of warm fuzzy words and very little in the way of actual cold prickly measures. Stand by for the Tory's favourite "voluntary code of conduct" confidence trick. It has also been revealed that RBS has been operating a scam that would make the Mafia blush. They have been in the habit of moving perfectly good viable businesses into remedial measures in order to bankrupt them, purchase their assets at knock down prices and then flog them off at a profit. Essentially they have been mugging small businesses in much the same way as they have been mugging the public for the last three decades of the neoliberal economic "experiment". Stand by for yet another raft of banking executives resigning and walking off with lottery-sized pay-offs as they weep all the way to their offshore banking accounts. Who says that crime doesn't pay?