RBS Banksters Cash in Again at Taxpayers’ Expense
The banksters at the RBS Group, which controls Natwest, the Royal Bank of Scotland and Ulster Bank, have just cashed in again to the tune of £25.5 billion extra given to them by the Labour regime.
The extra cash injection, announced this week by Chancellor Alistair Darling, brings the total amount of taxpayers’ money pumped into RBS to more than £250 billion, because in addition to supplying funds to keep it afloat, the Government has also underwritten many of its so-called toxic assets.
As a result of the latest cash handout, the state now owns at least 80 percent of the RBS Group and its operations. At the same time, Mr Darling announced a further “investment” of £5.7 billion for the Lloyds Banking Group.
These huge amounts will ultimately have to be paid by the taxpayer in the form of increased taxes over decades.
The cause of the crisis which has affected all the banks is the so-called “subprime mortgage crisis.”
This “crisis” is the result of greedy bankers investing untold billions into high risk home loans to the burgeoning number of Third World immigrants in the United States of America.
Previously, these Third World immigrants were not considered credit worthy enough to qualify for housing loans, but a combination of pressure group activity, government encouragement and banking sector greed saw loans being given en masse to that sector of American society.
Predictably, defaults and arrears soon became the norm rather than the exception, and all the investments vanished into thin air.
Philippine-origin and American conservative commentator Michelle Malkin, writing in the publication Family Security Matters in 2008, pointed out that “It’s no coincidence that most of the areas hardest hit by the foreclosure wave — Loudoun County, Va., California’s Inland Empire, Stockton and San Joaquin Valley, and Las Vegas and Phoenix, for starters — also happen to be some of the nation’s largest illegal alien sanctuaries.
“Regional reports across the country have decried the subprime meltdown’s impact on illegal immigrant ‘victims.’ The amnesty-promoting National Council of La Raza and its Development Fund have received millions in federal funds to ‘counsel’ their constituents on obtaining mortgages with little to no money down; the group almost succeeded in attaching a $10-million earmark for itself in one of the housing bills past this spring,” Ms Malkin wrote.
“The top banks clamoring for their handouts as their profits plummet, led by Wachovia and Bank of America, launched aggressive campaigns to woo illegal alien homebuyers. … Ads proclaim: ‘Sin verificacion de ingresos! Sin verificacion de documento!’ — which loosely translates as, ‘Income tax forms are not required, nor are immigration papers.’”
A July 2008 report showed that in seven of the 10 metro areas with the highest foreclosure rates, Hispanics represented at least one-third of the population; in two of those areas – Merced and Salinas-Monterey, California — Hispanics comprised half the population.
It was into this nightmare that banks like the RBS Group poured its cash reserves – which in turn came from the ordinary consumers in Britain who believed that financial institutions would be responsible with their earnings and savings.
Now, having wasted away ordinary citizens’ cash on insane Third World projects which were guaranteed to fail, these same banksters rely on the taxpayers to bail them out “so that they can keep going.”
It is one of the more consummate swindles of our time.
The British National Party says that the banksters should be held personally liable for their reckless and negligent investments which are nothing less than a gross betrayal of the public at large. Criminal charges should be brought against them if cases can be proven.
The British taxpayers’ hard-earned money should be used to bail out Britain, not bankster profits and obscene bonuses.
