Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/665/11720

From The Socialist newspaper, 6 April 2011

Fast news

ISTC rip-off

Private health firms ripped off the NHS in London by 22 million between 2007 and 2010. This sum equates to the cost of employing 600 nurses.

The scam, centred on Independent Sector Treatment Centres (ISTCs), was perfectly legal and involved ISTCs providing elective surgery - hip replacement, cataract operations, etc - and charging the NHS the full costs of the contracts irrespective of how many patients were actually treated.

This rip-off by private, run for profit, health care companies, is not new. Last year, the Socialist quoted a British Medical Journal report which estimated that in England "up to 927 million of the 1.5 billion [paid to ISTCs, may have been] for patients who did not receive treatment under the wave one ISTC contracts".

Previous Labour governments had spearheaded this private health companies' assault on the NHS, claiming that ISTCs helped bring down NHS waiting lists - while omitting the fact that their treatments have cost much more than ploughing the money directly into the NHS.

ISTCs 'cherry-pick' the easiest patients, leaving NHS Trusts to treat those more likely to suffer complications because they have other illnesses or need more complex surgery.

Unsurprisingly, the current pro-big business Con-Dem government has shown no sign of scrapping these costly contracts.

Profit from failure

Global finance capital has only learned a partial lesson from what should have been the very chastening experience of the world economic crisis. The recent rise in 'tail-risk' funds suggests, at some level, that the crisis-ridden nature of their system is now understood.

A 'tail-risk' is the danger of an investment losing significant value due to a largely unpredictable event (the sort of events that have so far characterised 2011). Staggeringly finance capital scents a profit to be made in this. Just one tail-risk fund - PIMCO - has $30 billion invested in it!

These tail-risk funds, that investors and speculators can pour their money into, act as a 'hedge' (or insurance) against losses arising from market shocks.

These funds buy-up a range of obscure financial instruments that in 'normal' market conditions would perform poorly, but if the market nosedives can give returns anywhere between 50% and 100% on the original investment. The perversity of capitalism and its drive for profit knows no bounds.

Ironically, these 'investments' will probably only fuel global instability. After all, it was the failure of capitalism to invest its capital in new production, instead chasing short-term profits through financial gimmicks that helped bring down the world economy in 2008. How is this any different?

Sean Figg

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 6 April 2011:


Anti-cuts campaign

Cuts wreck people's lives

Tory health plans are sick

Bosses prepare for war on public sector workers

Labour Link won't save jobs and services

Housing benefit cuts start to bite

Bristol meeting - The battle of our lives has begun

On the move in London to fight the cuts

Fight the cuts with TUSC: more than just a 'protest vote'

Austerity measures take away the basics

Labour 'campaigning' - casework style

Fast news


Socialist history

1981 Brixton riots


International socialist news and analysis

Ireland's economy on the brink

Jordan: 'Reforms' fail to halt growing opposition


Socialist Party workplace news

Saltend lock-out - Solidarity strike spreads

Call for strikes to stop Ford attack on pensions

Birmingham prison officers determined to fight privatisation

Prison officers fight prison privatisation: Interview with POA assistant secretary, Joe Simpson

Teachers and council workers strike together in Tower Hamlets

Leeds Unison - fighting the cuts

Pay cuts provoke strike


Socialist Party youth and students

School students stage anti-cuts strike in Dundee

Leicester: still angry with Clegg

Save Hackney youth services!

Youth fast news


 

Home   |   The Socialist 6 April 2011   |   Join the Socialist Party

Subscribe   |   Donate  




Related links:

NHS:

triangleSouth London health bosses' cover-up

triangleTotnes MP uses coffin controversy to distract from brutal NHS cuts

triangleSave our NHS

triangleThe Socialist Inbox

triangleTyneside walk-in closures postponed after rally

Market:

triangleThem & Us

triangleUni market 'failure', two-year degrees - end cuts, scrap fees!

triangle'Dazzling' Bad Art show points to socialist future

triangleObesity epidemic: end food market anarchy

Health:

triangleGlenfield victory shows people power can save our NHS

triangleVictory: Glenfield Children's Heart Centre saved!

triangleTyneside to protest against A&E and walk-in cuts

Capitalism:

triangleTrump's incendiary Jerusalem statement reignites Israeli-Palestinian conflict

triangleA world in crisis, ripe for revolution

Reports and campaigns

Reports and campaigns

13/12/17

London

Six months on - still no justice for Grenfell

13/12/17

Fracking

Movement growing against fracking giant Ineos

13/12/17

Devon

Totnes MP uses coffin controversy to distract from brutal NHS cuts

13/12/17

Miners

Tory plan to hold dinner at coal mining museum defeated

13/12/17

Bradford

Bradford campaign to save children's services launched

13/12/17

South London

South London health bosses' cover-up

13/12/17

Blacklisting

Unite day of action against blacklisting

13/12/17

Brighton

Brighton victory

13/12/17

Newham

Newham anti-academies strikes

13/12/17

Tamil Solidarity

Tamil Solidarity and Refugee Rights activists meeting

12/12/17

Woolwich

Support the Crossrail Woolwich walkout

7/12/17

Blacklisting

Unite protest against blacklisting

7/12/17

RMT

Anti-DOO lobby of Liverpool's transport committee

6/12/17

Donald Trump

Mobilise to stop bigoted billionaire Donald Trump's state visit to Britain

6/12/17

Transport

Arriva bus strikers stand firm

triangleMore Reports and campaigns articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle13 Dec Six months on - still no justice for Grenfell

triangle13 Dec Movement growing against fracking giant Ineos

triangle13 Dec Totnes MP uses coffin controversy to distract from brutal NHS cuts

triangle13 Dec Trump's incendiary Jerusalem statement reignites Israeli-Palestinian...

triangle13 Dec Labour 'purge' furore really just democracy

EU parliament, Strasbourg

triangle13 Dec Brexit deal no solution to Tory rifts

triangle12 Dec Support the Crossrail Woolwich walkout

More ...

triangle14 Dec Wakefield Socialist Party: Universal Credit - the Tories' latest assault on the poor

triangle18 Dec Leeds Socialist Party: Religion and Socialism

triangle19 Dec Bristol North Socialist Party: Christmas social

triangle21 Dec Wakefield Socialist Party: Socialists and the National Question

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2