English: The City of London skyline as viewed toward the north-west from the top floor viewing platform of London City Hall on the southern side of the Thames. In the foreground: Dixie Queen and Millennium Time at Tower Millennium Pier. This is a 5 segment panoramic image taken by myself with a Canon 5D and 24-105mm f/4L IS lens. (Photo credit: Wikipedia)
I thank Dr Alf for sharing Mario Mariniello’s article entitled “Will Users Be Losers in “EU Vs. Google”? , published by Project Syndicate. Here is my own opinion.
Consumers have lost power against Big Business because as smaller businesses have been acquired, Big Businesses have placed themselves in a position where they pay no taxes and any competition they might have had is effectively eliminated.
Even when they are fined for money laundering, the proceeds of drug dealing by Mexican drug barons (HSBS PLC), the $1 billion USD fine levied in the American courts is first applied to any taxable profits in order to reduce the tax payable, the costs of sending executives to the hearings and loss of business plus the court costs and legal fees are also applied to the taxable profits thus reducing the tax bill even further.
The coup-de- grace is delivered in the form of higher credit card charges, arrangement fees for loans and hidden bank charges, rendering the entire fine useless as a deterrent.
As for the bankers themselves, their bonuses are back up to 82% in the case of those based in the City of London.
Looking at executive pay and rewards for failure, those too have risen sharply and whether it is energy costs, food or rail fares the consumer is getting the sharp end of the stick.
Unless directors are made to feel some of the pain they inflict on others personally nothing will change and they will accrue even more power to themselves at the expense of their customers.