Once again it is instructive how they do things in the US, the citadel of capitalism, which is so very different from the secretive British State which protects its elites even from their worst wrongdoings. The Bank of America has just been fined $16.7bn for misleading investors in its mortgage-backed securities, a colossal sum which vastly exceeds any penalties imposed on UK banks which were paltry by comparison, even though they were guilty of exactly the same malfeasance.
But there were two other codicils attached to the Bank of America settlement which have been singularly absent from the UK. One is that the bank is now required to pay $7bn in consumer relief to communities still struggling to recover from the housing crisis the bank caused. It is required to reduce the mortgages of homeowners in negative equity and to reimburse some who incure higher tax bills as a result. Why is the same not being imposed on the Big 4 UK banks – HSBC, Barclays, RBS and Lloyds? Continue reading



This Thursday, one and a half million workers including firefighters, teachers, civil servants and local government staff will exercise their democratic right to strike. On the surface the dispute is over pay and pensions but the strike is being billed as a wider protest against cuts to public services and the detriment caused to service users.