Monday 7 March 2011

Bank Robbery

Further to the Lib Dem MP Stephen Williams's proposal that shares in the publicly owned banks be given away to the public, the public stakes in RBS and in HBOS must be recognised as permanent, non-negotiable safeguards of the Union, with the profits of each from those stakes divided equally among all households in the United Kingdom. Apart from that, all the banks must be turned into mutual building societies, ironclad as such by statute.

Meanwhile, note that share certificates no longer exist, making it possible for the likes of hedge funds to be shareholders for seconds. To which the solution is, let the law be changed so that no one enjoys the rights of a shareholder (dividends, voting rights, whatever) at least until a share certificate has indeed been issued, and perhaps for some suitably brief yet definite period thereafter.

And note, not only that it is possible for bankers to be paid more than their bosses, which is inconceivable in any individual part of the public sector as ordinarily defined or in any half-competently run private company, but also that, while Bob Diamond and the rest of them are still being paid their bonuses, the withdrawal of bonuses from some local government employees such as groundsmen is cutting their income by a third. That's right, one whole third. Now, tell me, was this whole mess caused by your local council groundsman?

4 comments:

  1. I knew you don't like being called right-wing, but this post, like a good many of yours such as the recent ones on Sky, remind me of how back when the Labour Party was the Labour Party it was always the Right who were the real radicals.

    The Trots were crazy, the USSR supporters were just dull, the New Labour that they created together was crazy and dull at the same time. But the people who drew on the roots you write about - Radical Liberal, populist Tory, Christian Socialist and so on - were sensible and exciting at the same time. Like you.

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  2. Very many thanks. But no, I don't like being called "right-wing". Right-wing is as right-wing does.

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  3. David,

    What struck me about this idea was its resemblance to the mad 'voucher' schemes under which post-Soviet industry was privatised. Google the name 'Anatoly Chubais', and see if you note the resemblance.

    Cheers,

    Martin

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  4. The Union of Right Forces, indeed.

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