Capitalism is a system of greed and corruption , if more proof were needed, comes from Heather Mallick's column in the Toronto Star, September 28. She writes about how banks pay massive fines as part of the price of doing business and then keep on doing whatever they want to. JPMorgan Chase, she writes, is negotiating the fine it will pay US regulators re mortgage -backed securities. The figure is around $11 billion, and comes after a $920 million fine last week for its London Whale loss. In Britain, the PPI (payment protection insurance) scandal has caused banks there to set aside sixteen million pounds (more than the cost of the London Olympics). Yet we are in the middle of austerity measures that seek to strip or modify every benefit the workers have gained for sixty years and health, education, and social programs are starved for money. Time to put this lot to bed! John Ayers.
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
No comments:
Post a Comment