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.
