Daily Headline – 05/04/13

HBOS bank execs ran company to collapse

A report entitled ‘An Accident Waiting to Happen’ HBOS (Halifax & Bank of Scotland) bosses have been found to be incompetent and guilty of colossal mismanagement that led to the near collapse of the company that was rescued by Lloyds in 2008/2009.

The report went on to say that even had there not been a global economic crisis the company would have still collapsed such was the ineptitude of the three executives running the company.

HBOS is/was the largest lender of UK mortgages.

The government expects the working class to be responsible but what about the ruling elite?! Where is their punishment and condemnation? Jeopardising people’s savings and homes with absolutely no regard to them at all. Disgraceful.

For more details click here.

Daily Headline – 17/03/13

Cyprus; workers pay the price for capitalism

The European Union (EU) and the International Monetary Fund (IMF) have agreed a €10bn bailout of Cyprus.

The ongoing economic crises continues to engulf nations, this time it’s Cyprus, which without the bailout would cause ‘disorderly bankruptcy’ according to President Nicos Anastasiades.

As part of the ‘painful’ deal bank customers with savings under €100,000 will have to contribute 6.75% and those who have over €100,000 of savings will have to contribute 9.9%.

Naturally this has caused outrage amongst the people of Cyprus, both Cypriots and non-Cypriots. Though the alternative could be not being bailed out and savers losing 100%.

Anyway as per usual it is the normal people who suffer for the failings of capitalism, when will people stand up and stop accepting the constant attacks that capitalism blows upon the working class.

Cyprus’s ruling AKEL party, who rule with a minority government had this to say:

‘AKEL will not agree and consent to measures that will condemn the whole of the Cypriot people, and in particular the workers, unemployed, the young generation or the pensioners to dead ends and poverty, just as other peoples in southern Europe have been led to..’

Daily Headline – 28/02/13

Bankers bonuses

Once again the UK is out of step with the EU’s progressive stances, this time with bankers bonuses.

The European Union has provisionally agreed to cap bankers bonuses as part of a new financial rules package.

The agreement means that bonuses will be capped at a year’s salary, and provided shareholders agree that can rise to two year’s pay.

This of course has majorly pissed off the UK’s ruling conservative party who have well-known links to banks and the finance sector (over a quarter of Conservative MP’s have had jobs in banking and/or finance).

The provisionally agreed cap is yet to be finalised and the UK will fight the agreement and continue to support bankers multi-million bonuses when European finance ministers meet next week.

David Cameron and the Conservatives will eternally squeeze incomes for the majority, the everyday workers and fight for the wealthy so they can get wealthier at our expense and when things go wrong, we the majority will pay for it.

Don’t give the Conservatives the option, vote them out!