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Thursday, 2 February 2012

Bankers bonus's a symptom not the cause

The recent 'Hesteria' has been revealing. The Tories, majority funded by the City, went on about 'fairness' and bankers' bonuses but failed to challenge RBS boss Stephen Hester's £1 million bung.
The huge anger about Hester's bonus was reflected in the over 80,000 signatures collected in 48 hours demanding its non-payment. In the end Hester rescued a flailing Cameron by saying he wouldn't take the cash. Undoubtedly, securing his less well-advertised £3.3 million payment figured in his calculations.


The anger out there towards bankers is certainly growing I’d say but many including the labour party feel that just challenging bankers bonus’s this will create a more responsible capitalism and we can all go back to before the crash of 2008. Wrong very wrong the bonus system is a symptom of the system of capitalism and finance capitalism in particular. Labour seem to forget they allowed all these bonus’s to go on during their watch, now they are railing against it all. Hypocrisy much ?


The reality is that Hester is not unique in being offered a multi-million bonus. Barclay's Bob 'no more remorse' Diamond is in line for £10 million! And obscene pay does not just exist in banking - average FTSE executive pay is £4.2 million.
Would-be pension thief and Unilever chief exec Paul Polman receives £3.5 million a year, including £300,000 into his own pension. Last year, the man who earns 285 times more than his workers, said: "What I want is a sustainable and equitable capitalism."
"Pious baloney!" Although this is reactionary US Republican Newt Gingrich's phrase, it does sums up the politicians' current fashion for fulminating on inequality while, in reality, carrying through the impoverishment of millions.
Why this fixation? While planning no deviation from staggeringly savage austerity, the bosses and politicians fear our rage. The tip of the enormous iceberg of this rage made itself known in 2011 in the ever-expanding Occupy movement but especially in massive general strikes.
They fear these movements will pose a threat to their profit system and hope that showing some concern will stave off the oncoming challenges. But they're wrong.
Labour leader Ed Miliband's talk of 'good' and 'bad' capitalism is baloney - capitalism is a system based on exploitation and profiteering. The TUC has revealed that workers have lost an unbelievable £1.3 trillion in wages over the last 30 years as the bosses grab an ever greater share of the wealth in profits.
We need to build a mass movement to fight for genuine socialist nationalisation of the entire banking system and the big corporations, putting the levers of the economy in our hands - not those of the super-rich.

That has to be part of a democratic plan, coordinated with workers internationally.

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