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No Ifs, No Buts - Give up the Bonus
Hello everyone,
I've just been speaking to supporters in Manchester but thought you might be interested in our grassroots campaign to stop RBS handing out taxpayers money in bonuses to bankers and traders.
Go Fourth has run the 'No Ifs No Buts Pass on the Cuts' campaign for sometime. We've successfully put press pressure on banks to pass on most or all of the interest rate cuts and even got the Government to consider turning the Post Office into a People's Bank.
Now I need your help to stop RBS handing out a reported £1b of OUR money in bonuses.
I want you to send me through your stories about RBS and suggest campaign ideas that we can use to stop this payout.
It's doesn't matter what party you support. Let's stand together and tell RBS - "We're the shareholders now and the shareholders demand you give up the bonus.'
Here's the press release I've put out on our behalf of the campaign - please feel free to pass it on and join our No Ifs No Buts Facebook group.
Prescott launches online grassroots campaign to stop bank bonuses
John Prescott today (Sunday Feb 8th) called on people to join him in an online grassroots campaign to stop RBS and other banks that have been bailed out by the Government giving out bonuses.
Speaking to supporters at a rally in Manchester this morning he warned RBS, which is 68% owned by the Government: "We are all shareholders now and the shareholders demand you give up the bonus."
Mr Prescott is using Facebook to mobilise people into showing their anger against the bailed out banks. He already has more than 2,000 people signed up to his on going campaign called 'No Ifs No Buts, Pass On The Cut."
The campaign's aims were to get banks to pass on the interest rate cuts to customers and to turn the Post Office into a People's Bank.
Now the campaign is focusing on stopping the bonuses.
Mr Prescott is calling on people to send in their case studies and campaign ideas to his Facebook group No Ifs No Buts, to stop the bonuses.
Today in a speech to campaign supporters in Manchester Town Hall he called on those angry with proposed bonuses to join him in the fight.
He said: "This week President Obama made it clear to the US banks that it was the taxpayer that saved them. Some of you may have read my recent blog where I showed great admiration in him standing up to the bankers and proposing the executive pay cap.
"He has also been very successful in creating an online army to support his fiscal stimulus package through Congress - and we should use that people power here.
"We must utilise these same online grassroots tactics to force these greedy and indifferent banks that the taxpayer bailled out to give up their bonuses.
"We know that RBS, in which we own 68% of the shares after giving them £20billion of our money , is considering handing out £1b of it in bonuses to their bankers and traders. This is morally and economically outrageous.
"This is raw capitalism and this country rejects it. We don't want to hear that RBS has to pay out the bonuses because of 'contractual obligations.' If we hadn't bailed them out to save homeowners and businesses, their contracts would be worth nothing as they'd be out of work.
"So I'm calling on everyone who feels outraged by this to join me in the battle. It doesn't matter about what party you support, let's join together and stop this payout.
"We are all shareholders now and we the shareholders demand RBS give up the bonus. No Ifs, No Buts."
People are being encouraged to leave their support on the campaign Facebook page - No Ifs No Buts at http://www.facebook.com/group.php?gid=41481071905 or leave comments at www.gofourth.co.uk
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This Labour government has pussy-footed around issues to do with corruption for too long i.e. - It is obvious to any rational democrat that anything less than a fully elected upper house in parliament will be easy territory for corrupting influences. The Government's continuing failure to deal effectively decisively with the financial industry, and the steady migration of former Labour politicians into banking, does make me suspicious of the motivations of senior government officials and officers, and the policies they advocate.
The bonus culture which has been imported from the financial industry is inevitably corrupting and should not be part of any Public Sector remuneration scheme. I have spent many years working in and with Local Authorities and have the highest regard for the skill professionalism and integrity of salaried officers who are committed to public service without the bribe of a bonus. The usual argument in support of bonuses is that they are required in order to attract the highest calibre of personnel. This is an absurdity - anyone who requires a bonus above their salary and normal remuneration is not of the calibre which the Public Sector deserves and requires. Bonus culture attracts greedy individuals who place their own worth above the common interest - see what it has done for the banks, our country and the world.
MY MESSAGE TO RBS (as now a shareholder): Look after the pennies and become profitable again, pay the tax payers money back. WITH INTEREST! Then you can pay your bonuses, not a penny before! If people have contracts including bonuses remind these people that if it was not for the swift action of the government that contract would not even exist!
One very fed up part-time working grand-mother who has just gained a degree and actually hoped for a better life is now bored waiting for not only this govt to wake up but any perishing govt. Pouring money down the throats of those who can't be trusted with it in the first place is not merely stupid it is morally reprhensible.
For loans the 'peoples bank' already exists - and doesn't cost the tax payer a single penny.
www.zopa.com
If the government really wanted to make loans easier, and people not to sit on their money, and not reward banking failure then they should have used our billions on something like zopa...
Why buy failed banks with big debts, when they had the option of starting new debt-free banks??
They have entirely lost it, and will pay at the next election...
The Labour party has absolutely no chance of winning the election unless it can make hay out of the issues such as the bank bonuses. The country would welcome you taking a strong stand against the fat cats who have put our economy in peril through their mismanagement and greed.
This is something that is like an open goal to you Labour people. If you miss it then you never deserve to be elected again.