Dirty Thieving Capitalist Scum

Why am I even surprised, oh wait I’m not, I’m just disgusted-

Britain’s high street banks have raised billions of pounds in funds through complex financial deals that use supposedly charitable trusts which are not donating a penny to good causes, the Guardian has learned.

Last week it emerged that Northern Rock had raised £71bn through a Jersey-registered trust called Granite, which issued a prospectus that told potential investors: “Any profits … will be paid for the benefit of the Down’s Syndrome North East Association (UK) and for other charitable purposes.”

Down’s Syndrome North East, a small charity run by volunteers from a semi-detached house on the outskirts of Newcastle, was told nothing about this and did not receive any money. During the period that Northern Rock was using its name to raise billions of pounds, volunteers were raising a few hundred pounds through sponsored slimming and cycling tours, and primary school children donating similarly small sums.

There was confusion at the NSPCC when the Guardian told the charity that for the last five years it had been the named beneficiary of a £47.9bn trust, with officials saying they could find no record of ever being informed of this by the Halifax.

Abbey said it had donated £30,000 from earlier wound-up trusts. Abbey currently raises funds on the back of home loans worth £40bn. 

Oh Abbey you generous bastards, bet they ate a lot of cake with that. And here we are bailing out Northern Rock, note bailing out, not actually getting ownership for all the money. Frankly if we are dumb enough to buy The Church of the Free Market scam we really shouldn’t whine at the disaster they are walking us into. Still at least ties make a handy ad hoc noose.

4 Responses to “Dirty Thieving Capitalist Scum”

  1. libhomo Says:

    Britain should nationalize Northern Rock just to teach banks and other corporations a lesson.

  2. RickB Says:

    Precisely, but the only party that might do it,… is in power and erm…refuse to do it because they were taken over by conservatives & corporatists over 10 years ago. It wouldn’t even really be nationalisation, just getting something in return for the cash and guarantees. Daylight robbery, the City co-opts the politicians and they both rob the public purse blind. And this charity scam, jeebus, their ethics training is a quick skim through ‘American Psycho’ which is presented as an instruction manual.

  3. Dave On Fire Says:

    Another way of looking at it is that NR has already been nationalised, de facto, and that the govt are looking to reprivatise it, sharpish.
    I put it like that because blocking a privatisation sounds a lot more plausible than initiating a nationalisation.

  4. RickB Says:

    That’s a cunning approach, puts them on the back foot.
    I also remember someone wrote that no help was forthcoming for the farepak people, because their loss didn’t threaten the City and they were a bit too peasanty. It’s Vegas baby, the house always wins. Except shouldn’t our elected reps be on, like… our side?

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