Sleaze

Image courtesy of Labour Heartlands.

         Can you smell it? The stench of sewage emanating from that edifice to power, privilege and wealth, The Westminster Houses of Hypocrisy and Corruption. While they make noises about water companies discharging sewage into our rivers and beaches, their corridors of power have sewage swilling around as the accepted normal. Recently we had a Chancellor of the Exchequer being fined by inland revenue for omitting to pay tax on a wee bundle of a few million he stashed away in a tax haven. Then we had a member of The House of Lords, the upper part of the sewage factory, Michelle Mone, offering to source PPE via her company in Hong Kong. First making the suggestions to two of her buddies in government, before such company was set up. Her buddies in high places swung her over £200 million of tax payers money. The company produced equipment that couldn't be used and then went belly-up. In the precess more than £20 million from the company found its way into her family foundation fund.

Image courtesy of Youtube.

 

        The recently our Prime Minister one Rishi £800 million Sunak who generously opened up hundreds of new licences for oil and gas extraction in the North Sea. Omitting to mention that just a few months earlier The firm founded by his father-law, and which it is stated that his wife has a £400 million stake, had just signed a $1.5 billion deal with BP. What also has the stench of sewage is that just a few weeks ago the CEO of Shell became a member of Rishi £800 million Sunak's new Business Council.
       The whole bunch of them are up to their armpits in double dealing and shady deals for self advancement. Nothing that comes out of that establishment is ever designed for our benefit, it is all to do with building the economy, launched by the illusion that in turn is for our good. However the real gainers or the wealthy privileged barons of business and their minders, MPs and members of the government. That is what the state is set up to protect.

 

Image courtesy of BBC.

 

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IN CAPITALISM, THIS IS HOW IT IS DONE.

  We all know that capitalism is all about deals behind closed doors, maximising profit, increasing market share and reducing costs. So we all know that deals will be done to get rid of the opposition, to get the edge on the competition. That's capitalism, underhand deals, back-handers and anything else that might up your share value, and increase that sacred profit margin. Barclay's latest little scam is just business as usual, normal practice, how it's done, another wee trick for the book. What it is not, is something out of the ordinary for capitalism. It is a system that can't be reformed or modified to benefit all in our society, it is a gambling casino rigged for the rich.The following is a short extract taken from  A World To Win, which puts it very eloquently:

 

I earned it all honestly, fair and square and transparently!!

Rigging markets par for the course

      The way Barclays and several other banks colluded to fix inter-bank interest rates is a blatant example of what is actually par for the course in big business. Price fixing, secret agreements to divide markets, cartels and other nefarious goings on are as old as capitalism itself.

     How could it be otherwise within a system where the benchmark is the maximisation of profit by any means, fair or foul? Dividend payments to shareholders are based on total profits, which, if they don’t rise year on year, indicate failure. Share prices tend to fall as a result.

    So if so-called retail banking doesn’t create enough profits, then use depositors’ money to speculate in a rigged market. Irresistible for Barclays, RBS and the other banks caught in the spotlight.

       This kind of underhand activity is not the exception but the rule. Only today, the UK Office of Fair Trading alleged that Mercedes-Benz and five UK dealers of its trucks and vans were involved in price fixing and the sharing of commercially sensitive information between 2007 and 2010.

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