Unions And Banks.

[bongo]

UNION boss Bob Crow condemns "greedy bankers" - as his union holds a fortune in bank shares.

Firebrand Crow slams financiers during anti-spending cuts demos.

Yet his National Union of Rail, Maritime and Transport Workers (RMT) holds stocks in Barclays, Lloyds, HSBC, Royal Bank of Scotland and Standard Chartered in its £13million portfolio, The Sun can reveal.

In the last four years its coffers have swelled £3.3million from share dividends.

In 2009 the RMT quadrupled its holding in Lloyds Bank. The shares were worth £150,000 by the end of the year. That year it also bought Barclays shares worth £140,000.

The RMT's shares in HSBC rose £22,000 to a total value of £337,000.

But it lost around £25,000 on RBS stocks.

Some unions operate an ethical shares policy, snubbing such industries as porn, tobacco, or defence.

Public service union Unison shuns shares altogether, partly for ethical reasons.

Meanwhile the RMT's biggest holding of £624,000 is in BP - despite the Deepwater Horizon disaster which killed 11 workers.

It has another £500,000 in Shell - accused of neglecting the environment in Nigeria.

The 80,000-member RMT also reaps profits from pub chains, cigarette firms and drugs giants.

General Secretary Mr Crow said of the downturn earlier this year: "Our members didn't create this crisis. It was bankers, and we won't let working people be bullied into paying the price for their greed."

He claimed City workers "drove the UK economy over the cliff".

Mr Crow has also hit out at low pay in developing countries. Yet his members' dues have been partly invested in nations who pay workers a fraction of what their UK counterparts receive.

The union had almost £200,000 invested in the Invesco Asia Trust, which has holdings in China, South Korea and Taiwan.

Last night a spokesman for the Taxpayers' Alliance said: "It's hypocritical to criticise banks and the wealth-creating capitalist system whilst holding bank company shares and making money from them."

An RMT spokesman said: "The finances of this trade union are overseen by elected lay officials directly accountable to the union's members."

http://www.thesun.co.uk/sol/homepage...nk-shares.html

Oh dear.

[Kubicki's right boot]

Having money in a bank precludes you from complaining about them?

[tiptoad]

Good to see a union that's managing its affairs well. Thanks for drawing our attention to it bongo.

[Flared Hicks]

shrewd investment policy, maximising the return for their members while giving them a voice at the AGM to query the bonus payouts.

[Christ On A Bike]

I don't understand the significance?

I'm unhappy about the crisis the banking sector has caused which caused this world economic meltdown. Does it make me a hypocrite for still having a bank account rather than just keeping my saving stuffed under my mattress?

[Brian Griffin]

Originally Posted by Christ On A Bike

I don't understand the significance?

I'm unhappy about the crisis the banking sector has caused which caused this world economic meltdown. Does it make me a hypocrite for still having a bank account rather than just keeping my saving stuffed under my mattress?

Sorry but we're all hypocrites...

The Union are massively in the wrong...

They bought shares in the bank as an investment...hoping to get as much back for their investment as possible. To criticise the banks now is very hypocritical.

When we bought our pensions who didn't tick 'high risk' to get as much back as possible. I did.

In short, the banks made some bad decisions...on our behalf, after we encouraged them to do it.

I'm not wooshing here either. I believe this but I think I'm the only one.

[Arkle]

Shareholding isn't quite the same as having an account but the thing that surprises me is the amount involved - it's minimal. Basically, the RMT has just under a third of Andy Carroll as "a fortune in bank shares". I don't like Bob Crow, he's a self serving idiot, but this is a non-story given the amounts involved.

[Le Chuck]

Originally Posted by Brian Griffin

Sorry but we're all hypocrites...

The Union are massively in the wrong...

They bought shares in the bank as an investment...hoping to get as much back for their investment as possible. To criticise the banks now is very hypocritical.

When we bought our pensions who didn't tick 'high risk' to get as much back as possible. I did.

In short, the banks made some bad decisions...on our behalf, after we encouraged them to do it.

I'm not wooshing here either. I believe this but I think I'm the only one.

If I was given that option, I wouldn't of.

[Brian Griffin]

Originally Posted by Arkle

Shareholding isn't quite the same as having an account but the thing that surprises me is the amount involved - it's minimal. Basically, the RMT has just under a third of Andy Carroll as "a fortune in bank shares". I don't like Bob Crow, he's a self serving idiot, but this is a non-story given the amounts involved.

It is a small amount in terms of a banks value and the % of shares the union holds...

However in terms of how much the union makes every year it is a massive amount

I'd suggest that to happily cash your dividend cheque every year and still call the bankers scum makes you a hypocrite. Not you, the unions.

[tiptoad]

Originally Posted by Brian Griffin

It is a small amount in terms of a banks value and the % of shares the union holds...

However in terms of how much the union makes every year it is a massive amount

I'd suggest that to happily cash your dividend cheque every year and still call the bankers scum makes you a hypocrite. Not you, the unions.

I often call the banks scum, but have an account with Barclays. What's the alternative - keep my cash under the mattress?