Singer Bragg 'threatens' to stop paying taxes over bank bonuses

leftieM

I first listened to BB in the 1980's at around the same time as I found The Smiths. Billy Bragg has been a consistent producer of good ballads since the early 1980's. He's cracking in concert, one of the best I've seen (although no flashy visuals or any of that. Just great music and a few gags.)

Is no-one else angry at bankers' bonuses? Tell me why, when they bankrupted themselves and had to bailed out by us, should they be permitted to return to business as usual for what, in the grand scheme of things, is just taking punts on the stockmarket with other peoples' money? If they lose it, so what. Big Government will pick up the tab. If they win, they get to cream off a sizeable percentage for themselves. It's nothing short of disgusting. Especially when you see the carnage and anarchy in Haiti and the UK government pledges a piddling 6 million in aid. That's probably the champagne budget for RBS.

Still, if they weren't giving our money to bankers, they might be using it to fund more 'liberations' in the Middle East.

StevieJ

Spartacus_Mills wrote: »

Scapegoating Brown. Do you have anything substantive to bring to that accusation instead of gormless comparisons with shops and burglars ?

.

Where did I write that I merely stated that the Management of companies are responsible for protecting the assets of those organaizations.

StevieJ

Spartacus_Mills wrote: »

Dorset is in the South West.

Thankyou, a slip and corrected

Spartacus_Mills

leftieM wrote: »

I first listened to BB in the 1980's at around the same time as I found The Smiths. Billy Bragg has been a consistent producer of good ballads since the early 1980's. He's cracking in concert, one of the best I've seen (although no flashy visuals or any of that. Just great music and a few gags.)

Is no-one else angry at bankers' bonuses? Tell me why, when they bankrupted themselves and had to bailed out by us, should they be permitted to return to business as usual for what, in the grand scheme of things, is just taking punts on the stockmarket with other peoples' money? If they lose it, so what. Big Government will pick up the tab. If they win, they get to cream off a sizeable percentage for themselves. It's nothing short of disgusting. Especially when you see the carnage and anarchy in Haiti and the UK government pledges a piddling 6 million in aid. That's probably the champagne budget for RBS.

Still, if they weren't giving our money to bankers, they might be using it to fund more 'liberations' in the Middle East.

The problem is that banks, or some banks, have become too big to be allowed to fail so you have, on the one hand weak regulation which not only allows them to take on risks but actively encourages them, on the other hand a culture where the emphasis is on reward because the risk has been mitigated.

There is an argument for nationalising banks, or part of the banking system, that is too big to be allowed to fail.

StevieJ

Spartacus_Mills wrote: »

I am blaming him for something that is his fault and something he was happy to take the credit for in the boom times. Hence the quotes. There is no way on earth when the BoE regulated the industry you would have got liar loans, 125% loans etc etc. The FSA even gave Northern Rock a clean bill of health 2 months before it went under.

You sound like a banker I can't believe anyone independent would excuse the perpetrators of the malpractise and blame someone else

agent_orange_2

Spartacus_Mills wrote: »

Still, this working class hero can go back to his cottage on the Dorset coast and go out collecting fossils with his son. That's really revolutionary and radical. Some working class hero.

Did not the Tolpuddle martyrs come from Dorset

Generali

inspector_monkfish wrote: »

14:56 18Jan10 Singer Bragg to stop paying taxes over bank bonuses

I suspect Mr Bragg will find that if he carries out his threat then HMRC will threaten him with being thrown in gaol, then throw him in gaol and finally confiscate his property.

Of course he can choose whatever course of action he likes. My guess is it's all bluster, like those middle aged celebs that claimed they'd leave the country if New Labour got in.

Spartacus_Mills

StevieJ wrote: »

You sound like a banker I can't believe anyone independent would excuse the perpetrators of the malpractise and blame someone else

Yeah, because Gordon is totally blameless :rolleyes:

You are confusing me blaming Brown with excusing bankers. I am not excusing some of them for their excesses. I do think Labour has scapegoated the bankers to cover for its own failings. That is not to say the bankers are 100% blameless but they are not 100% at fault either.

As I have discussed before I work for a company that makes boilers.

Bootski

inspector_monkfish wrote: »

14:56 18Jan10 Singer Bragg to stop paying taxes over bank bonuses

LONDON, Jan 18 - British singer Billy Bragg has threatened to stop paying taxes, and called on others to follow suit, unless the government acts to limit bonuses paid by the Royal Bank of Scotland (RBS).

The 52-year-old singer, well known for his left-wing views and political activism, aims to tap public anger over "fat cat" bonuses at U.S. and British banks rescued with taxpayers' money during the financial crisis.

The huge bailouts have left the British government holding 84 percent of Royal Bank of Scotland Group Plc and 43 percent of Lloyds Banking Group.

"I understand that the Treasury had little choice but to use taxpayers' money to safeguard savings and stabilise and restore confidence in the financial system," Bragg wrote on his page on the Facebook social networking site.

"What I don't understand is why, now that we taxpayers are the majority shareholders of these banks, we seem totally powerless to curb their excessive bonus culture?"

He quoted reports estimating RBS will pay its investment bankers around 1.5 billion pounds ($2.5 billion) in bonuses next month.

At the same time, he added, Britain's main political parties are warning voters that national debt will mean tough cuts in public spending after the next general election.

"I believe that the government have their priorities wrong.
"I have written to the Chancellor of the Exchequer (finance minister),
Alistair Darling, to inform him that I am no longer prepared to fund the excessive bonuses of RBS investment bankers. Unless he acts to limit them to 25,000 pounds, I shall be withholding my tax payment on 31st January."

In his Facebook campaign titled "NoBonus4RBS" he invited other British tax payers to do the same to exert pressure on the government to curb bonuses.

RBS has been forced to agree to slash payouts and hand the state a veto on its 2009 bonus pool, but the government has also said that going too far to restrict pay could dent the bank's ability to compete.

When asked about Bragg's initiative, a Treasury spokesman said: "We can reassure people there will not be a significant amount of taxpayers' cash going to bonuses at RBS."

Good luck to him but he won't get any back up on this.:rolleyes:

Nobody has the cojones for a revolution in this counrty!! Never had and never will!:mad:

Cowards is what we are. Keep your head down and your mouth shut and just let the greedy bankers get their fat bonuses.

Cowards! It's what you get from fear of living in this "democratic" country now, spied upon, grassed up by your neighbours, banged up for taking photos of trains.

I do, however, admire his intentions;)

Harry_Powell

inspector_monkfish wrote: »

When asked about Bragg's initiative, a Treasury spokesman said: "We can reassure people there will not be a significant amount of taxpayers' cash going to bonuses at RBS."

Surely there should be NO amount of taxpayers' cash going to these millionaire bankers. Unbelievable!!

And to think I used to rage against childrens tax credits, at least some of this money was going to the poor! :mad: