Posts Tagged ‘RBS’

As Hester still gets £6m bonuses, the utterly destitute lose Social Fund

by Michael Meacher.

There are two different universes at Westminster, completely disconnected. One is about Hester who has sacked thousands and still presides over RBS languishing at a share price only half of what taxpayers paid for in the bailout, but who has already on top of his £550,000 salary (£10,575 a week) gained £11m in bonuses and […]

Capping bankers’ bonuses: is that a promise, Ed?

by David Osler.

Getting one banker voluntarily to forego one bonus, one time, is the easy bit. But taking on the entrenched enrichissez vous ethos that pervades the financial sector will not be achieved by moral suasion alone. Don’t get me wrong, Ed Miliband has handled the Simon Hester affair in a manner that compensates – well, ever […]

The million pound benefit cap

by David Osler.

I did realise that Asda sold shedloads of baked beans and breakfast cereal, but until this morning I did not know that the UK wing of Wal-Mart had moved into the market for economic indicators as well. But thanks to Retail Week, I am now aware of something called the Asda Income Tracker, which measures discretionary […]

The postmodern payday lender

by Carl Packman.

Recently it was revealed by McKinsey, the consultancy, that the UK debt to GDP ratio stood at 507% in the middle of 2011. Robert Peston reminds us that this is up from 487% of GDP in the second quarter of 2008, and, incredibly, from around 300% in 2003 – before the credit boom. Only Japan is more […]

Burglars get jail, Goodwin gets a £342,500 pension. Why?

by Michael Meacher.

RBS crashed in 2008, costing taxpayers £45.5bn to bail it out. The FSA (Financial Services Authority) report published today (482 pages long!) indicts everyone – Blair, Brown and Balls for insisting on ‘light-touch regulation’ (i.e. the bank could do whatever it wanted), Cameron and Osborne for demanding even less regulation, and itself – the FSA […]

£2bn in profit but RBS keeps on sacking

by Newsdesk.

Bailed-out bank Royal Bank of Scotland is back in the black and lending again – but still continues to sack their own workers. The 83 per cent state-owned bank posted third-quarter pre-tax profits of £2 billion last week, following a £678 million loss earlier this year and a £1.6bn loss in 2010.

RBS bail out: Not again. This time, nationalise

by Richard Murphy.

The FT warns this morning that there are widespread fears the the government will have to bail out RBS, again. RBS passed the so-called European stress test in July, but that test failed to take into account the likely failure of Greek and other debt. Now that failure is likely and the EU is demanding new stress tests then RBS […]

Banks get £46bn in “too-big-to-fail” subsidy

by Newsdesk.

As the Vickers Commission prepares to launch their final report on Monday 12 September 2011, analysis by nef (the new economics foundation) quantifies the ‘too-big-too-fail’ subsidy for each of Britain’s ‘big five’ banks for the first time, and argues that the Commission’s proposals are too narrow to be effective.

Lloyds-TSB and RBS could be the basis of a National Investment Bank

by Jon Trickett.

The economy is stagnating and is clearly in deep trouble. The latest figures show the UK economy has grown by just 0.2% in the nine months since George Osborne announced his Comprehensive Spending Review that set out a huge package of cuts. There is turbulence on the stock markets in part, at least, because of […]

Southern Cross links exposed with Qatar, RBS & Goldman Sachs

by Michael Meacher.

The story behind Southern Cross that is slowly being exposed gets worse by the hour. We now know from research by the GMB, which represents nearly 11,000 staff employed by Southern Cross, that up to half of the properties at the 753 care homes were acquired by a company called NHP, of which the ultimate […]

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