Windfall Tax the Speculators Profiteering from Northern Rock
Today I called upon the Prime Minister to impose an immediate windfall tax on speculators profiteering from the Northern Rock crisis and to launch a public inquiry as it is revealed that speculators made huge gains in profiteering from the crisis and that Northern Rock had set up “Granite Companies” to put the protection of City financiers before the protection of its customers.
The whole Northern Rock saga stinks to high heaven. It is estimated city traders have made £1billion in profits from “bear raids” on Northern Rock. Added to this the renowned tax expert, Richard Murphy from Tax Research, has revealed that Northern Rock had established what it sarcastically called “Granite” Companies in which funds were placed to ensure that in the event of any financial turbulence the City would be protected ahead of Northern Rock’s own customers. Plus we have today’s exposure that the Rock’s board has paid itself £30 million over the last five years. This all adds up to the need for an immediate windfall tax on the speculators profiteering from this crisis and for a full and independent inquiry into the role of the Government, Bank of England and FSA in turning a blind eye to city excesses for so long.
The whole Northern Rock saga stinks to high heaven. It is estimated city traders have made £1billion in profits from “bear raids” on Northern Rock. Added to this the renowned tax expert, Richard Murphy from Tax Research, has revealed that Northern Rock had established what it sarcastically called “Granite” Companies in which funds were placed to ensure that in the event of any financial turbulence the City would be protected ahead of Northern Rock’s own customers. Plus we have today’s exposure that the Rock’s board has paid itself £30 million over the last five years. This all adds up to the need for an immediate windfall tax on the speculators profiteering from this crisis and for a full and independent inquiry into the role of the Government, Bank of England and FSA in turning a blind eye to city excesses for so long.
posted by John at 12:44 PM
10 Comments:
You'd expect this sort of carry on from a Tory government...what else is there to be said.
I want a real labour party.
I want a real labour party.
I want a real labour party.
I want a real labour party.
We should have the sort of regulated finance environment where this sort of thing cannot happen. Can someone please enlighten me why most of our trade union leaders are supporting Brown
"Can someone please enlighten me why most of our trade union leaders are supporting Brown"
The Lords beckons and big fat juicy pay days lie ahead. Maybe you should ask a former trade union leader to get an answer? now let me think for a moment? Hmmm I know you could ask Brenda Dean Opps I mean Baroness Brenda Dean she is an ex trade union leader. Of course it could have something to do with big fat juicy pay days on one or more quangos,advisory boards or panels the list is endless as is the amount of pay.
"Worst-case - savers withdraw all their deposits - Northern relies on the Bank of England for expensive emergency funding on a long-term basis, the shares would be worth just 6p"
"Jon Moulton, founder and managing partner of the private-equity firm Alchemy, has never shied from speaking his mind. "We're looking at an overheated market right now," he says, "and we'll see some spectacular falls in the next year or two. It's just a matter of time."
http://tinyurl.com/2mombd
Moulton is no one`s fool.
"A BBC investigation has found evidence of serious mis-selling in Britain's sub-prime mortgage market.
Industry insiders have described how people have been advised to lie about their incomes to take out loans far bigger than they can afford."
"Half of all sub-prime mortgages in the UK are self-certification mortgages, where borrowers state their income and lenders do not necessarily check."
"No-one from the Financial Services Authority was available for comment."
This has been going on for years it was known about and nothing was done by the Financial Services Authority. It all added to house price inflation and the mess we are in today. The Financial Services Authority is not fit for purpose,just like this New Labour government. If only they could concentrate on running the country instead of running their very flexible offshore bank accounts with 24/7 access.
http://tinyurl.com/2t6ahu
http://news.bbc.co.uk/1/hi/progr...n_4/ 7010415.stm
Tebbit hits out at Tories and names Brown as Thatcher's natural heir...
http://tinyurl.com/3clofj
http://www.timesonline.co.uk/tol/news/politics/article2532459.ece
Tell us something we don`t know.
I wish George Dutton would stop hogging this blog with his ramblings. What's wrong with him?!
anonymous said...
"anonymous" say`s it all,another gutless wonder.
August lending figures lowest for seven years...
http://tinyurl.com/34kwas
Saddam asked Bush for $1bn to go into exile...
http://tinyurl.com/yrbzx8
Did Blair know?
Union leaders back Brown because unions represent the public sector and the bits of the private sector they represent are relatively stable privatised parts of the former public sector essentially funded by taxpayers.
Whatever one says about this government the reality is that the public sector has done quite well.
1. 600,000 more public sector jobs
2. Since 1997 above average pay increases in the health, education sectors. Compare average public sector pay in a place like Cardiff, Grimsby or Newcastle to the average private sector job in those areas?
3. Graduates putting public sector jobs in health and education in their top 10 careers - not the case in the 80's and early 90's
In addition TU leader have been well-subsidised with union modernisation and union learning fund money quite rightly balancing out the subsidies corporate bodies received from the DTI and its successors.
Therefore I am puzzled why you would be puzzled why TU leaders would support the government and not be too bothered about difficulties in the parts of the private sector that have no direct contact with the public sector areas mainly covered by trade unions.
Perhaps a bigger puzzle is the assumption on the Labour Left that TU leaders will automatically back them. They are a lot better than the days of Arthur Deakin, but they essentially reflect the tactics the require to achieve their short-term member oriented goals based on 5 yearly general secretary elections.
Post a Comment
<< Home