Thursday, 5 July 2012

The banking industry has literally shed hundreds of thousands of jobs worldwide since the economic crisis began, whilst those at the top have been raking it in.
It's good to see the back of Bob Diamond, but  not at all surprising that he is holding out for his £20M bonus. The arrogance of the elites knows no bounds.
Just as we have seen with the inquiry into the Murdoch phone hacking scandal, the banking scandal is not just a case of a few bad apples. Nor is it as some media pundits like to argue a 'cultural' problem. Corruption  is not an aberration - it's the logical functioning of a system designed to keep the privileged minority in power over the mass majority of ordinary working people (also known these days as the 1% versus the 99%). Now their arrogance has now led them to being exposed, bit by bit. Whether this will lead to anyone actually being found guilty, or charged, is yet to be seen. But  this will no doubt lead once more to people thinking about what function the banks really play in our society and what type of banking system would really work for the majority, not the unaccountable minority.

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