NO MORE BAIL-OUTS FOR BIG BANKS Update 6 Nov.,2016

BANK OF ENGLAND

Update 6 Nov., 2016 -
What about the £150bn given to the banks? Is that not a kind of bail out?

New regulations coming into force that the world’s 30 biggest banks will not getting any more bail-outs.  They are ordered to build up funds to fall back on if there is a crisis again, like in 2008. At that time the amounts reached £850billion to bail out banks from taxpayers’ money.

Royal Bank of Scotland received £45billion. The Lloyds Bank received £20billion

Under the new ruling the banks are forced to keep 16 per cent to 20 per cent as assets for to be used in a crisis. It will cut down investors and shareholders because of the money                                                                                                              being held back.

It is feared that this ruling would result into higher borrowing costs for customer. However, the Financial Stability Board (FSB) of which Mark Carney is chairman and governor of the Bank of England advises the banks to cut wheeler-dealer bonuses and shareholder dividends.  Mark Carney called it totally unfair to use taxpayers’ money to bail-out banks.

He added further: “The banks and their shareholders and their creditor got the benefit when things went well. But when they went wrong the British public and subsequently generations picked up the bill and that’s going to end.”

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The chairman of the Treasury Committee, Andrew Tyries, MP said: “Only when these reforms are tested by experience will it be clear whether they are enough.  What is more, effective resolution will be reliant on national regulators co-operating at s time of crisis.”

British Banking Association, chief executive, Anthony  Browne, said: “The banking industry strongly supports this work, which is a really important step in ending ‘too big to fail’ and ensuring that never again will taxpayers have to step in to bail out banks.”

It sounds a good rule but it should also be forbidden that the amounts for the assets will not be passed on in higher mortgages. It should be taken out of the bonuses and shareholders’ dividends. Bonuses should not be paid out. People get paid for their work therefore what are bonuses for, especially those high bonuses for executives? It is ludicrous.

FAT CATS £2.7BILLION PAY-OFF

The Government accounts showed that more than 3,000 public bodies including civil service received £2.7billion in golden handshakes.  These reports coming too often and the government is not inclined to stop it.  The only reason it must be their friends.  Chancellor George Osborne forever preaches austerity and demands more cuts to the public.

The total of taxpayers-funded pay-offs during 2011-12 for around 3,500 and came to a total of £100,000.  Furthermore, three quarter of the 108,000 of the workers received severance money even if they left voluntarily.

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The Government makes the taxpayers belief that it saves them billions of pounds in the long run by cutting down staff.  Well let’s hope so.

However, it has to be acknowledged that the government is reducing public sectors and staff should be paid a reasonable sum for being made redundant.  But in the last three years there were too many cases of civil servants getting incredible, unjustifiable huge amount of money and also many of not most of them have gone into other top jobs straight away.  This should have been stopped.

It will also come as a shock when taxpayers read that almost of 3,500 have received a golden handshake in a six figures.  The Government alone set the civil service pay-off terms and it is therefore irresponsible in handling these huge sums over from taxpayers who suffer one of the worst austerities.

A Government spokesman said: “In 2010 the Government reformed the Civil Service Compensation Scheme to lower the cost of reducing workforce and bring in a scheme that is fairer and affordable for the taxpayer. Civil service had been reduced by 15 per cent saving the taxpayers “22billion a year ever since the election.”

This is one side of the coin the other side is that the Government establish an army of consultancies and out-posting contracts to private companies which were run by civil servants. It also does not justify the golden handshakes of an executive with £1 or £2millions especially if they walk into another job.

At the moment Tory MP Rob Wilson demanded an investigation by the police into 7,500 BBC managers and staff worth £360million from 2005 to 2012.

The Government cannot enforce austerity to the ordinary taxpayers and at the same time fill the pockets of  fat cats. However, Tories, when in power, always looked after their own decibels and kicked the ordinary workers. They did in Thatcher’s, Heath’s,  Churchill’s and right down to Peel’s time during Victoria. It is a well known fact. How they always get voted in again and again is a miracle?

GEORGE WALKER - BOXER CHAMPION

GEORGE WALKER ON THE LEFT

George Walker, in spite of his fame, had many ups and downs in his life. He coped with three bankruptcies, faced two years in prison and was accused of stealing millions but being a true fighter he always came out of the corner and saw the fight right through.

He was born April 14, 1929 in Stepney, East London, England. At the age of 14 he left school and worked as a fish-market porter. Boxing was a very wide spread sport in those days in the East End and many boxing clubs existed. Some better, some worse. George also joined and became a British Amateur Boxing Champion. This brought him to the attention of the real professionals. He was nicknamed as the Stepney Steamroller. George became no 7 in the world’s ranking. However, he suffered an injury and that put an end to his boxing career.

Not knowing where to turn to next to earn a living Walker got into a gang managed by Billy Hill. A notorious gangster very closed to the Kray brothers’ underworld. George was caught and spent two years in prison.

When he came out of prison he married his wife Jean. They had three children named Jason, Sarah and Romla. Later, Sarah married the Marquess of Milford Haven, Prince Philip’s cousin.

But before this all came about, George started as a manager to his brother Billy Walker. Billy became a professional boxer when he defeated US heavyweight champion Cornelius Perry. George demanded a fee of £10,000 for each Billy’s fight. After six fights the brothers bought a number of baked potato restaurants. When they sold the chain they were really starting to get involved in big business.

GEORGE WALKER WITH HIS BUILDING PROJECT

George had a good eye for great business opportunities. He bought a piece of derelict land and built the Brent Cross shopping mail on it. This turned out to be highly successful. The William Hill petting shop’s chain which George built into a £600million worth of business. He sold it later for a £1billion. In those days George was a celebrity in the City (the financial world of London, England).

The Brent Walker’s empire grew further into casinos, marinas, golf courses, hotels and restaurants all over western Europe. He also became a film producer and turned an average actress Joan Collins into a super star with the film “The Stud”.

At the beginning of the Nineties the average economy slowed down and so did Brent Walker. All of a sudden the company found itself in £150million of debt. Although the shareholders stayed with Walker but he had to declare bankruptcy in 1993.

The in 1994 the Serious Fraud Office started to investigate and Walker was in court accused of inflating the profits by £19.3 million to encourage investors. After four-and-a-half-months and cost of around £40million the case was dropped.

Walker did not stay idle. He started with satellite technology and beamed sporting events to Russia. Another of his company Tote was running a Moscow lottery. Soon he became a Russian citizen.

George Walker died on March 24, 2011 aged 81. He had previously two heart attacks and suffered of stomach cancers. He had a fatal heart attack when he was in the South of France.