Wednesday 4 July 2012

Since my last post, the news has been dominated by Barclays and Mr Bob Diamond. Barclays bank the great British institution, has for many years courted controversy. For decades students have boycotted the bank because its links supporting aparthied in South Africa and its funding of  the monster Robert Mugabi and the £30 million loan it gave him to help drive 100,000 black workers from their homes.
In 2009 the bank was accused of violating money laundering laws and in the same year was accused of tax avoidance. Earlier this year it was forced to pay back £500 million in tax it had avoided.
In 2008 just as the sub prime mortgage crisis hit, the banks chief executive Bob Diamond was set to pay himself a £14.8M BONUS.
In the last six months of 2011 the financial ombudsman dealt with 11,524 complaints making Barclays the most complained about bank in Britain.
So is it any surprise that the bank and its hierarchy are in the news again for all the wrong reasons?
The start of the week saw Barclays fined £290m for fiddling the LIBOR rate.
Now like me, many people outside the banking system had never heard of LIBOR or what exactly fiddling it meant to us, the little people. What they did know instantly, was that they did not like it and that they were outraged. Outraged by the abuse of power that is clearly way too prevelant today. The banks are to blame for the crisis which has lead to student fees increased to an unbearable level, the crisis which prompted the pension tax, the crisis which has lead the Tory lead Government to cut benefits for disabled people, and slash public services. The banks are to blame for the housing crash which has seen thousands of families finding themselves in negative equity and unable to sell their property.The banks are to blame for world wide financial problems that have forced many families into poverty through pay freezes or pay cuts for those fortunate enough to have jobs.The banks are to blame for many small businesses going under leading to the longest queues at the dole office for generations, while its executives drink expensive champagne to celebrate. It is oh so easy for the Government to blame it all on Labour but the simple fact is that the blame as far as we the people are concerned, falls squarely at the feet of the greedy, selfish, heartless millionaires running the banks.
 They tell us we cant do anything about the banks or all the best people will leave the country. Let them go. Lets start from scratch-things can hardly get much worse.
What is needed is planning for the future- Not tomorrow, not next year, the future. Instead of creating a two tier system in our schools the Government and Mr Gove should be looking at ways to make all our children not just capable of working in these jobs but able to do these jobs in an honest and conscientious manner. The latest greed and gab a quick buck culture is symptomatic of the country. No role models, no morals, no pride, no hope where the rich get richer the powerful get more powerful and the poor get written off.
For decades the top jobs in politics , media, law and finance have gone to middle aged middle class white males who could afford the best education. It is clear now that this does not work. If you are bright enough it should not matter if you are rich enough.
The outrage and tension that lead to rioting last summer and marches in autumn is the same unresolved outrage and disgust we feel towards the unfortunate Mr Diamond. The people of this country are suffering, they hungry and skint . Hungry for respite, hungry for food in their families bellies and hungry for some revenge. We have seen no one pay for the crisis except us. We haven't even had an apology. Sadly, we will not i fear, rest until someone takes responsibility and is punished for the detestation that threatens to destroy the future of this country. It may not be Bob Diamond but someone, somewhere will  feel the full wrath of the public until a solution is found. instead of letting privately educated millionaires who have never had a real job look for answers why not ask us- the real people.

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