RBS/Libor. If Iceland can prosecute bankers why can't we?

If you're shopped by your ex-wife for point switching on a speeding ticket you face prison; if you are in charge of a department responsible for one of the biggest financial scandals in history, you get a £700,000 pay off. Well, that's what has happened to the Royal Bank of Scotland executive, John Hourican, who has agreed to step down over the Libor fixing scandal. Step down, mind you, not accept responsibility, let alone admit to any wrong-doing. RBS insists that Mr Houlican had no involvement in, or knowledge of any manipulation of Libor interest rates.

So, er, why is he stepping down? What kind of justice allows companies to nominate someone to shoulder the blame who is blameless in order to divert blame from those who are guilty? Why couldn't Chris Huhne just nominate his driver to take taking the rap for his speeding ticket, while of course making clear he had no knowledge of any wrong-doing and therefor isn't responsible.

The RBS scandal is another nail in the coffin of British - and Scottish - banking. This omni-scandal is giving us all indignation fatigue. It's hard to remain apoplectic with rage month after month, year after year, as bank criminals are allowed to hide behind presentational resignations and get fines that are paid out of tax payer's money.

Oh, sorry, I forgot. Vince Cable, the business secretary said yesterday that RBS bankers will pay the £390m Libor-fixing fine from their bonus pool. But where exactly did this bonus pool come from? Yes, the profits of the STATE OWNED Royal Bank of Scotland. This fine isn't being paid by the bankers but by us. It is an insult to tax payers that these executives are earning bonuses at all when they owe us for the £65bn for the recapitalisation -  plus interest on two hundred billions of public money used to underpin the value of Royal's dodgy loan book in 2008/9.

Let us remind ourselves of what banks like RBS, UBS and Barclays have been up to.

Marxist conspiracy at Royal Bank of Scotland

  At last it can be revealed:  the conspiracy to destroy our western liberal way of life. How a tightly knit group of anarchist revolutionaries infiltrated the City of London and Edinburgh's banking sector and have used their inside influence to bring about the downfall of the capitalist system. 


Working under deep cover, moles in the Royal Bank of Scotland have destroyed the image of  banking once and for all, by awarding themselves billions in bonuses, just as millions of voters are plunging into debt and losing their jobs.  RBS board have threatened to resign if the government tries to stop them increasing bonuses by 50%, even though the bank is 80% state owned. Only a week ago we learned that £62 billion in secret loans had been handed to RBS and HBOS a without the public being informed - the biggest bank raid in history, only it was the banks robbing the people.   

 Other agent provocateurs in the financial sector have been  spreading the word about how million pound salaries have become commonplace in the City of London - the final insult to all those hard-working taxpayers who paid for the rescue of the banks last year.  The  banks have even continued charging ludicrous overdraft fees to people who go just a few pounds or even pence into the red.  Clearly, these individuals will stop at nothing in their determination to discredit the capitalism..

    Well, how else can we explain the extraordinary events of the past year?   The world economy brought to its knees by obscure devices like Collateralised Debt Obligations and Credit Default Swaps.  These were self-destruct mechanisms fed into the international financial system by evil geniuses bent on undermining the market system.  The banks wouldn’t destory themselves, would they?  How ridiculous.

   The Marxist moles rubbed their hands with glee as their financial weapons of mass destruction erupted across the planet.  There was a global recession,  businesses closed, millions were thrown out of work.  Leon Trotsky himself could not have written a better script for the collapse of capitalism.  Governments across the world were forced to pump in trillions of dollars to the banks plunging whole nations into debt.  

     Even now,  despite record profits, banks are still not lending to small businesses, stifling economic recovery,  and are even starting to trade mortgage derivatives once again.   These people are clearly incapable of controlling their greed or their addiction to risk.  Gorged on public funds, unrestrained by regulation, untouched by democracy, untrammeled by conscience, the anarcho-bankers are hard at work stoking up the next crisis.  Bye bye Dubai.