Wide screen devices may view this page better by clicking here

Anti-capitalism :: Fat cats

spotCampaigns

spotOrganisations

spotArguments for socialism

spotPeople

spotInternational

spotEvents

spotAround the UK


All keywords


All Campaigns subcategories:

* Anti-capitalism

Anti-fascist

Anti-racism

Anti-war

Asylum

Black and Asian

Children

CNWP

Corporate crime

Disability

Education

Election campaigns

Environment

EU

Finance

Food

Gender Recognition Act

Health and safety

Health and welfare

Housing

Human Rights

LGBT Pride

Local government

Local services

Low pay

Migration

Nationalisation

New workers party

NHS

Pensions

Post Office

Poverty

Privatisation

Public Services

Socialism

Socialist

Sport

Stop the slaughter of Tamils

Students

The state

Transport

TUSC

Welfare rights

Women

Workplace and TU campaigns

Youth


Fat cats


Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 866, 5 August 2015: Stop NHS cuts

Search site for keywords: Fat cats - Banks - Trial - London - Nationalisation - Market - Interest rates

Fiddling finance capital in the dock

A judge's gavel, photo by Brian Turner (Creative Commons)

Photo by Brian Turner (Creative Commons)   (Click to enlarge)

The trial and conviction of former UBS and Citigroup trader, Tom Hayes, has revealed the huge scale of the 2012 Libor rate fixing scandal perpetrated by the major banks.

Many of these banks are also facing another tranche of hefty fines for fixing the Forex - the foreign exchange currency rates - for at least a decade.

Hayes appears to be the fall guy, taking the rap for banks who have been fined by UK and US authorities over the scandal. And while another eleven traders await trial, none of the banks' top fat cats have been charged.

Libor stands for the London Inter-Bank Offered Rate. It is an average interest rate calculated through submissions of interest rates by major banks in London.

The Libor prices the loans made to either building societies or commercial loans to small companies.

In attempting to fix the Libor rate, the banks rigged the market in its favour, making bigger profits.

It's clear that even when news of the scandal first surfaced the banks' traders continued their crooked dealings. The chances are that new dodgy dealings involving finance capital will be exposed in the coming years.

But while the Tory government will use Hayes' 14-year conviction as evidence of its 'get tough' approach to the banks, it ignores the only meaningful course of action to prevent these money grubbing parasites re-offending, ie the nationalisation of the banks, under democratic workers' control and management.

Donate to the Socialist Party

Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.

We therefore urgently appeal to all our viewers to click here to donate to our Fighting Fund.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 






Anti-capitalism keywords:

Anti-capitalism (6)

Anti-capitalist (34)

Big business (320)

Big-business (12)

Capitalism (1142)

Fat cats (54)

Gilets jaunes (5)

Mcdonald (29)

Mcjobs (2)

Occupy (29)

Prague (8)

Ttip (19)

What We Heard (3)

Wikileaks (9)

Workers Rights (1)

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Article dated 5 August 2015

Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

MEMBER RESOURCES

Pay in Fighting Fund

Pay in paper and book sales

Leaflets

Bulk book orders

New member submission

WHAT'S ON

triangle22 Jun Caerphilly & RCT Socialist Party: China - the new imperialism

triangle23 Jun Hackney & Islington Socialist Party: Northern Ireland - what lies ahead?

triangle23 Jun Cardiff West Socialist Party: Housing is a right - Stop the evictions!

More...


The Socialist, weekly newspaper of the Socialist Party

Trade unions and workplace

NHS

International news

News

Campaigns and party news

Subscribespacer|spacerebook / Kindlespacer|spacerPDF versionspacer|spacerText / Printspacer|spacer1138 onlinespacer|spacerBack issuesspacer|spacer Audio files


RMT picket at Nottingham station - East Midlands Railway dispute - Sunday 13th June, photo by G Freeman

RMT picket at Nottingham station - East Midlands Railway dispute - Sunday 13th June. Photo G Freeman

What We Stand For
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Platform setting: =

Desktop version