The heads of Britain’s beleaguered Banking system are facing a Government Inquiry into the collapse of their Balance Sheets during the credit crunch.  During the first day of the enquiry the heads of the biggest banking institutions apologised to the public for their part in bringing about the crisis which has engulfed the global economy.  Whilst the hearing was due to address a number of issues with the conduct of the banks, it has been hijacked by news that RBS, amongst other institutions were set to pay an estimated £1 billion in bonuses despite posting a record loss of £28 billion and having to access a government lifeline cash injection which effectively nationalised the bank.  John Prescott, former Leader of the Labour Party began campaigning for the banks to drop the bonuses as grossly unfair with his No Ifs, No Buts vehicle.

The Campaign for Responsible Capitalism has supported the No IFs, No Buts campaign from the very start as it demonstrates the important contribution that such pressure groups can make to changing the way in which capitalist mechanisms operate.  In attempting to stop these bonuses being paid the campaign is showing that the will of the people will no longer tolerate the greed driven behaviours of the bank.  One of the most important things to do in changing the nature of capitalism is to replace the greed driven risk models which have been used by Banking Institutions over the last fifteen years and to replace them with a responsible model which allows investors to make profits, but not at the expense of either developing world economies, or even the western world economies.  Join the campaign and STOP THE BONUSES.

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