Link to this page: http://www.socialistparty.org.uk/issue/491/2518
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.
Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.
In The Socialist 14 June 2007:
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
What we think
United public sector struggle needed
Socialist Party NHS campaign
Labour climbs down in Wales - but for how long?
Coventry - Anger at NHS redundancy threat
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
Amicus conference: Unite and New Labour
Home | The Socialist 14 June 2007 | Join the Socialist Party
Join us today!
Printable version
email to friend
