Twelve months into Labour’s landslide sees non-violent protesters face proscription for opposing genocide and working people, the sick and the elderly having fear beaten into them daily in the name of profit, writes MATT KERR
THE 10-year anniversary of the financial crash led to retrospective talk among pundits and politicians about whether the banks got away with it.
But for the banks, it was business as usual, offering money and support to politicians. Labour MP Wes Streeting, an influential backbencher with a seat on the Treasury select committee, listed a £5,000 payment from JP Morgan for speaking on a panel at its London High Yield Conference this September.
Streeting says the work took six hours, so that’s an £833-an-hour rate from the bank. JP Morgan was one of the bigger sinners of the crash: it was fined a record $13 billion in 2013 for misrepresenting the bundles of “toxic” mortgages it sold to investors as good investments.
Bundles of bad mortgages sold at inflated prices were one of the central cheats driving the global crash. JP Morgan also cheated the ordinary folk who took out mortgages: it was fined $5.29bn in 2012 for “deceptive” practices in forcing distressed mortgage holders into “foreclosure” in the US.
JP Morgan sinned in London too — it was fined $920 million for laxness that allowed a British-based trader — the “London Whale” — to cover up massive losses.
JP Morgan has a history of paying politicians. In 2008, it hired Tony Blair as a £2m a year consultant. I was surprised at Streeting — who seems one of the more alert of the Progress group of MPs — doing the JP Morgan gig.
He told me: “I regularly engage in conferences and discussions on Brexit and a wide range of issues. On this occasion, it was a debate against a Conservative peer. Where a fee is paid, as in this case, I accept and make sure that this is declared in the usual way with the parliamentary authorities.”
I asked him if Labour MPs shouldn’t be keener to “crack down” on the banks than work for them. He told me that he thought that “through bank bail-outs and quantitative easing, banks have been the biggest recipients of state benefits in British history. That’s why I support measures to tackle aggressive multinational tax avoidance, higher banking levies and an increase in corporation tax so that the costs of ending austerity are borne by the wealthiest individuals and corporations, rather than people on low and middle incomes.”

SOLOMON HUGHES explains how the PM is channelling the spirit of Reagan and Thatcher with a ‘two-tier’ nuclear deterrent, whose Greenham Common predecessor was eventually fought off by a bunch of ‘punks and crazies’

Israel’s combination of starvation, coercion and murder is part of a carefully concerted plan to ensure Palestinian compliance – as shown in leaked details about the sinister Gaza Humanitarian Foundation which reveal similarities to hunger manipulation projects in Vietnam, Malaya and Kenya, says SOLOMON HUGHES

SOLOMON HUGHES reveals how six MPs enjoyed £400-£600 hospitality at Ditchley Park for Google’s ‘AI parliamentary scheme’ — supposedly to develop ‘effective scrutiny’ of artificial intelligence, but actually funded by the increasingly unsavoury tech giant itself

SOLOMON HUGHES details how the firm has quickly moved on to buttering-up Labour MPs after the fall of the Tories so it can continue to ‘win both ways’ collecting public and private cash by undermining the NHS