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From The Socialist newspaper, 14 June 2007

Bosses' bonuses

TELECOMS GIANT Cable and Wireless (C&W) top bosses want to scrap a cap on executive bonuses imposed last year that 'limited' executive extras to 20 million! Last year's four-year bonus scheme shared 216 million among 60 fat cats but imposed a 20 million maximum on individual payments. The bosses now find this irksome and want it changed.

The chairman Richard Lapthorne also wants an extra bonus scheme to stop him transferring his 'loyalties' to a private equity firm. His contract is being changed to give him shares that could be worth over 10 million in three years time.

Share prices have almost doubled so shareholders will not complain at these huge bonuses. C&W workers will be expected to pay for these bonuses, that will become more and more common while capitalist governments encourage private equity firms. Job losses are already threatened.

Cable & Wireless practically monopolised the telegraphic, cable and wireless systems within the decaying British Empire when the post-war Labour government nationalised it. C&W was privatised under Thatcher.

Renationalising C&W and the rest of the telecoms industry under the democratic control of the working class, would stop this insulting nonsense of multi-million bonuses amongst the carnage of lost jobs.

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In The Socialist 14 June 2007:

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No to attacks on pay and conditions: leaflet

Come to the National Shop Stewards Network Founding Conference

Founding Conference of the National Shop Stewards Network

Stoke: Anger at postal privatisation


Unison national conference

Fight attacks on the public sector

Members' discontent strengthens left in UNISON elections

Campaign For A New Workers' Party public meeting

Swansea workers fight privatisation

Merger with GMB?


What we think

United public sector struggle needed


Socialist Party NHS campaign

Fresh wave of protest in NHS

Labour climbs down in Wales - but for how long?

Coventry - Anger at NHS redundancy threat

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Prescription for profit

Stem cell potential to break medicine bottleneck


War and terrorism

Stop The War Coalition - demonstration

Anti-Bush day in Italy - A tale of two protests


G8 Summit protests

What did the G8 summit achieve?

G8 protests: Determination wins through


International socialist news and analysis

Boycotts of Israel: Will they help the Palestinians?

Western hypocrisy over 'democracy' utilised by Putin


Socialist Party news and analysis

Oil, profits, sleaze and hypocrisy

How Mittal makes millions

Bosses' bonuses

Amicus conference: Unite and New Labour


 

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