By Ben Cohen
Reassuring news that New Labour is committed to real change in the UK:
stepped back today from a radical overhaul of Britain’s banks when he
ruled out caps on bankers’ pay or breaking up the biggest City
Pointing to the importance of 1m jobs in financial
services and the £250bn of tax generated by the sector in the past nine
years, the chancellor’s much-anticipated response to the current
“severe financial crisis” rejected demands for major reforms by
opposition parties and the Bank of England governor Mervyn King.
So, Banks invest heavily in the subprime mortgage market, reap profit based on meaningless projections year after year, lose it all when the scheme collapses, take billions of pounds from the government, and then continue to pay their workers outrageous salaries. Sounds like a great deal to me. When will the Labour party stop pretending to represent actual labour? A more apt name would be ‘The Corporate Party’, or ‘The Capital Party’. At least we’d know who they were actually representing.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.