No Ifs, No Buts, Give up the Bonus

The Go4th campaign to win Labour a fourth term has a new press release from John Prescott on the huge bonuses that certain banks want to pay out to their executives despite having to be bailed out at the taxpayer's expense:

Prescott launches online grassroots campaign to stop bank bonuses


John Prescott today (Sunday Feb 8th) called on people to join him in an online grassroots campaign to stop RBS and other banks that have been bailed out by the Government giving out bonuses.

Speaking to supporters at a rally in Manchester this morning he warned RBS, which is 68% owned by the Government: "We are all shareholders now and the shareholders demand you give up the bonus."


Mr Prescott is using Facebook to mobilise people into showing their anger against the bailed out banks. He already has more than 2,000 people signed up to his on going campaign called 'No Ifs No Buts, Pass On The Cut."

The campaign's aims were to get banks to pass on the interest rate cuts to customers and to turn the Post Office into a People's Bank.

Now the campaign is focusing on stopping the bonuses.

Mr Prescott is calling on people to send in their case studies and campaign ideas to his Facebook group No Ifs No Buts, to stop the bonuses.

Today in a speech to campaign supporters in Manchester Town Hall he called on those angry with proposed bonuses to join him in the fight.

He said: "This week President Obama made it clear to the US banks that it was the taxpayer that saved them. Some of you may have read my recent blog where I showed great admiration in him standing up to the bankers and proposing the executive pay cap.

"He has also been very successful in creating an online army to support his fiscal stimulus package through Congress - and we should use that people power here.

"We must utilise these same online grassroots tactics to force these greedy and indifferent banks that the taxpayer bailled out to give up their bonuses.

"We know that RBS, in which we own 68% of the shares after giving them £20billion of our money , is considering handing out £1b of it in bonuses to their bankers and traders. This is morally and economically outrageous.

"This is raw capitalism and this country rejects it. We don't want to hear that RBS has to pay out the bonuses because of 'contractual obligations.' If we hadn't bailed them out to save homeowners and businesses, their contracts would be worth nothing as they'd be out of work.

"So I'm calling on everyone who feels outraged by this to join me in the battle. It doesn't matter about what party you support, let's join together and stop this payout.

" We are all shareholders now and we the shareholders demand RBS give up the bonus. No Ifs, No Buts."

People are being encoraged to leave their support on the campaign Facebook page - No Ifs No Buts at http://www.facebook.com/group.php?gid=41481071905 or leave comments at www.gofourth.co.uk

I'm going to higlight one particular excerpt of that (emphasis mine):

"We know that RBS, in which we own 68% of the shares after giving them £20billion of our money , is considering handing out £1b of it in bonuses to their bankers and traders. This is morally and economically outrageous.

That's right, RBS wants to give £1,000,000,000 of our money to the very same people whose reckless trading to led to us having to bail them out in the first place.