Observation on PM Criticised Over Hedge Fund Boss’s Honour To do this article justice I have included below:
Labour has accused the Prime Minister of rewarding “his friends in the City” after a hedge fund manager whose company made millions betting on the failure of Northern Rock was knighted in the New Year honours.
Paul Ruddock used a practice called ‘short-selling’ to profit from a fall in the share price of Northern Rock before it had to be rescued by the taxpayer.
Shadow Cabinet Office minister Michael Dugher said: “David Cameron promised to clean up politics, but in office he has shown he is utterly out of touch with decent British people.
At a time when millions of families are struggling to get by, it’s the Tories’ friends in the City who get the rewards.
Shadow Cabinet Office minister Michael Dugher
“This tells you everything you need to know about the Tories’ priorities. At a time when millions of families are struggling to get by, it’s the Tories’ friends in the City who get the rewards.”
Mr Ruddock has been awarded his knighthood for philanthropy and services to the arts. He is currently chairman of the Victoria and Albert Museum and a trustee of the Metropolitan Museum of Art,New York.
The hedge fund boss has also given nearly £500,000 to the Conservative Party since 2001.
Short-sellers trade their stock, allowing the price to fall, before buying it back. The practice was heavily criticised as the financial crisis took hold for its impact on the troubled banks.
Gerald Ronson has been made a CBE
Northern Rock was the first British bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007.
Having failed to find a commercial buyer for the business, it was taken into public ownership in 2008.
There was also controversy over the awarding of a CBE to property tycoon Gerald Ronson, who was jailed in 1990 for his part in the Guinness Four share scam.
The 72-year-old, who brought self-service petrol stations to theUKin 1960s and builtHeronTower, the tallest structure in the City ofLondon, received his award for services to charity.
A Cabinet Office spokesman said every nomination was considered on its own merits, saying: “If someone has served their time and gone on to do wonderful works, I don’t think that prevents someone from receiving an honour.”
As 2011 ends many of us have seen little or no change at all our elected representatives both in parliament and local government.
In local government elections and byelections we have seen Labour winning seats yet some still do not hold the balance of power as there are still Tory and Fibdems are in control of City Councils in some parts of the UK
We all have witnessed the royal wedding, Students going strike and likewise with the trade union went on strike over pay and pensions
Coalition leader jab at Labour leader in PMQs on the odd or most occasion Labour leader comes out smelling like roses.
All the main political parties and trade unions holding their annual conferences highlighting concerns but little has been achieved.
AV votes won by the no campaign sending a bloody nose to Nick Clegg.
Now we have learnt that Housing Benefits will be cut at a time when the lowest paid or unemployed will struggle to pay their housing benefits.
Not only will housing benefit cuts come at the worst time this will affect people with disabilities. The coalition should be helping disable people the coalition should be offering more support to people on benefits back into employment instead of attacking then.
Charities has seen a twofold increase in food parcels as politicians nationally has turn their backs on helping people.
In some cases local councillors has seen a 10% decrease in their salary moreover their wards suffered because of cuts in local services, and rise of living cost.
Whether Tories or Liberal Democrats, they have signed up to the most systematic cuts programme against our jobs, services, benefits, pay and pensions since before World War II.
National Health Service founder Aneurin Bevan was widely criticised, even by many in his own party, when he described Tories as “lower than vermin.”
The revelation in the newly released 1981 Cabinet papers that Geoffrey Howe wanted to cut Liverpool adrift in the wake of the riots there but not to mention it for political considerations speaks volumes for the vermin of the Thatcher government, to which David Cameron and George Osborne look back as to a golden age.
Being attacked by Howe, who was demeaned, overruled, ignored and generally used as a doormat for years by Margaret Thatcher, was memorably compared by Labour frontbencher Denis Healey as akin to “being savaged by a dead sheep.”
However, the worm turned eventually, finding the courage to put the boot into Thatcher when she was clearly down, just as he had with Liverpool.
Predictably he no longer remembers condemning Liverpool to a lingering death, as his coalition successors today may similarly claim in 30 years when their less diplomatic utterances become public.
Not that today’s ministers have been reticent in displaying contempt for those at the sharp end of their offensive to destroy in one fell swoop the gains made by working people during the postwar Labour government.
As PCS general secretary Mark Serwotka makes clear in the Morning Star today, Liberal Democrat Danny Alexander and Tory Francis Maude are united in exultation at the prospect of trade union disunity delivering them cost-free victory over the public-service pensions issue.
No trade union leader worth their salt can allow that possibility to become reality by shattering the united front so painstakingly constructed.
It was built to counter the coalition’s determination to tackle government debt by imposing a targeted tax on modestly paid public servants as a means of avoiding having to ask those who can afford it to pay more.
Resistance, in the form of strike action, was legally possible since union members are directly affected by an attempt to degrade their pensions arrangements, but public-service pensions are not the only area under government attack.
Housing benefit cuts, growing homelessness, NHS privatisation, “free” schools, rising unemployment, overseas wars, a return to bankers’ huge bonuses and proposed new anti-union legislation are all part of a programme designed to effect a massive transfer of wealth and power from the poor to the rich.
Westminster knockabout games will not defeat that programme. The trade unions, backed by effective community organisation, can take a lead in doing so.
Faced with the biggest squeeze on working class living standards since the 1920s and ’30s, unions cannot afford to go into batten-down-the hatches mode.
The only possibility of a happy 2012 for working people will depend on the readiness of the labour movement to unite in determined resistance to the coalition and to do everything to make its existence as brief as possible.
To make matters worse we learnt that Paul Ruddock, who made millions from the collapse of Northern Rock and has given over half a million pounds to the Tories now has been knighted. How insensetive or how low can the Tories get!