This evening George Osborne announced what has been an open secret for some time, that he intends to sell off Royal Bank of Scotland on the cheap. The sale will be at a loss of £10 billion pounds.
The advice on the sale price has come from investment bankers.
And who will make a killing on the sale?
Er, none other than investment bankers.
Scroll back a couple of years and we see the RBS sell off is a re-run of the Post Office sell off.
The Post Office was sold on the cheap at a massive loss to the taxpayer. And who advised on the sale price? Investment bankers. And who profited from the sell off on the cheap? Er, investment bankers.
George Osborne during the Election announced a £12 billion cut to benefits. This on top of the cuts already made.
As usual under the Tories, the poor suffer the rich profit.
Iceland which refused to bail out the banks, indeed they gaoled the bankers and the people took direct action to force the government out and constitutional changes, had a few tough years, is now the only economy in Europe that is recovering.
- Iceland put bankers in jail rather than bailing them out — and it worked
- Three charts that show Iceland’s economy recovered after it imprisoned bankers and let banks go bust – instead of bailing them out
The UK could have let the banks go bust, but instead bailed out the banks, and used the consequential economic crisis as an excuse for austerity, Shock Doctrine, cuts to public services, library closures, cuts to welfare benefits.
Instead of this cosy relationship with the banks (who fund the Tory Party), we should be breaking up the banks, spitting casino banking from retail banking, and throwing a few banksters into prison.
So far not a single bankster has had so much as a slap on the wrist, let alone had to serve time in prison.
Please sign the petition calling for a halt to the sell off of RBS on the cheap.