Another case of robber baron capitalism

A few weeks ago, I wrote about the relationship between social class and screwing up at work. The poor just get the sack while the rich get handsomely rewarded for their cock-ups and the higher up the social scale you go, the more you get. I said then:

If and when the Northern Rock directors are fired they will, no doubt, be handsomely rewarded.

Sure enough, the former CEO of the now almost worthless bank will get £800,000 and a £2m pension. As his company is now being propped up by the state to the tune of £900 for every taxpayer in the UK, some of that cash is coming straight out of your wallet.

It's not as if Adam Applegarth needs the money. Over the last year he has been quietly selling his shares in the company, which enriched him by £2.6 million, and drawing £1.3 million in salaries and bonuses. All while he was urging people to invest in the bank yet, at the same time, steering it towards financial collapse.

This is robber-baron capitalism at its worst. His extravagant lifestyle has been funded at the expense of investors and now of the taxpayer too. Proof yet again that, once you make it into the upper class, there really is no such thing as failure any more. Whatever you do, the  money will just continue to roll in and someone else will pay.

Comments

[Umbongo]

Steve

Would that this were "robber baron" capitalism. The original robber barons actually created something. Stanford, Astor, Rockefeller etc might not have been as pure as driven snow but they created railways, oil companies etc: they created real wealth, not just for themselves but for the shareholders in their corporations and for the wider American public. All Applegarth and his fellow directors have presided over is the ruin of a hitherto fairly successful commercial operation: they have created nothing except a handsome return for themselves and a massive bill which will be met by you and me. Quite why the shareholders are crying "foul" because no-one in their right mind will pay more than 3p for Northern Rock is beyond reason.

[aDM]

I cross posted you at A Tangled Web

Good post.

[British Patriot]

Off topic I know but....

Here's why, Life is getting harder, More expensive, why Both Parents now need to work.
Why we will not have Pensions.Or have to work longer, our Real wealth is being fraudelently vacuumed into the Vaults of the Elite in return for worthless 'credit'

In contract Law, we must compensate Like for like.

Supposing I set myself up as a Bank, I create a credit system, Issue cards etc...But, and here's the important point, I have NOTHING in my Vaults 'credit' is simply created out of thin air. Its simply a book keeping entry.

OK Now, Someone buys a £10,000 Car, using my credit card..the Garage now has 'money' transferred to his account, but this 'money' actually only costs about £5.00 to print, essentially its just paper..

But so far everything seems Ok, Now supposing he defaults on his payments. so I reposess the car, Hey Presto, Out of absolutely Nothing, I now have a £10,000 Car.

If I could arrange to periodically arrange for interests rates to go down, so lowering the cost of Borrowing, wait till I had ensnared enough people then raise interest rates again so significant numbers of them would not be able to repay I could periodically haul in the assets of tens of thousands of individuals and families on a periodic basis and all at no risk to myself.

In fact the guy who defaults, actually owes me Nothing because I lost Nothing (ignoring the amount of time to type in the transaction or, worst case scenario printing off £10,000 in Notes, total cost about £5.00)
So having risked nor lost anything, I have no claim against his assets.

All I'd have to do is have a secret deal with the Bank of England to periodically lower then raise interest rates and I could be onto a real winner........errr wait....

Did I say Bank of England, did you know that the Bank of England is NOT actually England's Bank.
Its a Privately owned company ( Rothschilds ) and they have been operating this scam for about 200yrs.

Lets rerun the above but with real money, IE Gold or silver, Suppose I am a bank, with a Vault full of Gold, Some guy comes to me and borrows £10,000 worth of Gold, he goes away and buys himself that new car, giving the Gold to the Car Salesman.
Things are now as they should be, the Car Salesman has £10,000 worth of Gold, the Buyer has his car and I, the Banker am Owed £10,000. (plus a small amount of interst for my trouble and risk, which we will ignore here for the sake of simplicity)
Supposing he now defaults on payment, in this instance, the man does indeed owe me £10,000 because he took from me something worth £10,000 IE £10,000 worth of Gold.

Banking Credit and our Money System based on Irredeemable Paper Money is a fraud, which when used with Periods of Inflation Deflation, Boom Bust cycles allows the Elite to periodically trawl in the Assets of those who have Over extended themselves with Credit.
Our Paper money system, and inflation, deflation system is purely designed to ensnare the Public wealth.
Over Many decades, Bankers have been able to become Fabulously wealthy using this scam, and now operate our Sham Parliament from behind the scenes.
This is how our Political System is now so Corrupt, Cash for Peerages etc.
I say again, we are being farmed,

Please pass on this Information to as many friends, collegues and relatives, asking them to do the same.

WE ARE BEING FARMED.

http://www.fdrs.org/money_creation_process.html

http://www.healthfreedom.info/Federal_Reserve_Fraud.htm
http://prisonplanet.com/articles/november2007/181107Money.htm
http://www.usagold.com/asianflurose.html
http://www.prisonplanet.com/jones_report_110402_palast.html

http://www.propagandamatrix.com/makow_banking_cartel_is_the_cause_of_humanitys_woes.html
This man is Congressman Ron Paul
http://infowars.net/articles/november2007/201107Economic.htm
http://www.house.gov/paul/congrec/congrec2002/cr060502.htm
http://thebestronpaulvideos.blogspot.com

http://www.debt-forgiveness.us/bank-fraud-article.html
http://rinf.com/

[chachi]

Nooooo, my friend you are wrong, this is England....the west, we don't have corruption here, these things only happen in the east & poor african nations... the super rich robbing the poor working classes, nooooooway!
If only the majority in this nation would realise that & stop living outside their means, they only bring it on themselves, willingly accepting credit card & loans knowing they can't afford them & worse still, squandering the money on new cars & nights out, if someone handed you a cocked gun & told you to put it to your head would you do it? some of these people are doing just that. The people could have the power, but power is knowlege, westerners are ignorant & choose to ignore whats really happening around them & so are controlled like a flock of sheep, why do you think the ruling classes look down at the 'common' people? because theyr'e laughing & spitting in your face & you don't even know it, you allow yourselves to be controlled even when your told you live in a free country... it's your own fault.