19:25 GMT +318 November 2019
Listen Live
    Britain's opposition Labour Party leader Jeremy Corbyn talks to the media after meeting European Union's chief Brexit negotiator Michel Barnier (not pictured) at the EU Commission headquarters in Brussels, Belgium July 13, 2017.

    'Speculators and Gamblers': Labour Leader Declares War on Big Banks

    © REUTERS / Francois Lenoir
    Europe
    Get short URL
    5110
    Subscribe

    Labour leader Jeremy Corbyn has warned the investment bank Morgan Stanley to watch its back, blaming bankers for the 2008 financial meltdown, UK media wrote.

    Mr. Corbyn’s tough remarks followed a report released earlier this week by the leading global financial services firm which said that the risks of an incoming Labour government could be "as significant as Brexit".

    “Their greed plunged the world into crisis and we're still paying the price, because the Tories used the aftermath of the financial crisis to push through unnecessary and deeply damaging austerity," Corbyn said in a video message, describing bankers as "speculators and gamblers."

    Labour is a "government-in waiting, so when they say we're a threat, they're right. We're a threat to a damaging and failed system that's rigged for the few,” he added.

    According to Corbyn, Morgan Stanley's CEO, James Gorman, was paid £21.5 million (almost $29 million)last year and UK banks paid out £15 billion ($20.2 billion) in bonuses, while "nurses, teachers, shop workers, builders, just about everyone is finding it harder to get by."

    In October, Britain’s ex-premier Gordon Brown said a 2008-style bank crash could happen again, forcing UK taxpayers to fund another multi-billion pound rescue package.

    He insisted rogue banking executives should have been jailed, stripped of their bonuses and had their assets confiscated after Britain experienced the worst financial crisis since the Depression of the 1930s.

    The financial crisis of 2007–2008, also known as the global financial crisis, began in 2007 with a crisis in the subprime mortgage market in the US, and developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers in September 15, 2008.

    READ MORE: Corbyn-Led Labour Gov't v UK Establishment: The Mother of All Struggles to Come?

    The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of US dollars, and a downturn in economic activity leading to the Great Recession of 2008–2012 and contributing to the European sovereign-debt crisis.

    Related:

    Morgan Stanley Pays $7.5Mln Fine for Secret Trades With Client Cash - Regulator
    Labour Leader Corbyn Promises to Stamp Out 'Warped and Degrading' Abuse Culture
    Tags:
    Labour leader, "speculators and gamblers", bankers, accusations, British Labour Party, Morgan Stanley, James Gorman, Jeremy Corbyn, United Kingdom
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik