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From The Socialist newspaper, 4 August 2010

Rich just carry on getting richer

MAJOR SHAREHOLDERS in HSBC will look forward to big dividends as Britain's biggest bank saw its profits almost double to 7.2 billion over the six months up to June.

Meanwhile small businesses, hopeful home owners and workers say that the banks, despite huge government bailouts, will still not lend any money. Other banks display their wealth later in the week.

  • Corus the steelmakers sacked thousands of workers in Teesside and other areas of Europe, this year. Redundant workers' anger was magnified when Corus' chief executive Kirby Adams was revealed as probably the multinational owner Tata's highest paid executive, getting a 2 million package last year. His pay-off, expected next year, is likely to be at least as lavish.
  • Back in 2004 Network Rail and privatised firm Jarvis (which is now in administration), accepted responsibility for the 2002 rail crash at Potters Bar which killed six people. Recently the Potters Bar inquest found there had been a "catalogue of inadequacies" with shoddy maintenance and inspection. This typified the profit-seeking privatised rail system. Yet Network Rail had announced in June that six top directors would get annual and management incentive bonuses totalling over 2.25 billion.
  • As RMT union general secretary Bob Crow said: "Network Rail bosses are being rewarded for cutting jobs and axing inspection, renewals and maintenance. They should be stripped of these grotesque bonuses."

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    In The Socialist 4 August 2010:

    We need 'biggest movement since poll tax'


    Anti-cuts campaign

    'Radical' cuts require serious action

    Waltham Forest's Labour council faces opposition

    Coventry campaigners fight cuts of 140 million

    Swansea trades council leads battle for services

    Campaigners answer Bristol's 'Big Conversation'

    Cuts news: Mental health services facing the axe

    NSSN pledged to fight cuts


    War and occupation

    Troops out now!

    Afghanistan: US strategy in disarray


    Accademies

    Oppose divisive academies policy


    Workplace news and analysis

    Talks resume at British Airways

    Angry workers strike over pay freeze and bosses' bonuses

    Fighting fire service cuts

    Witch-hunted Unison activist wins tribunal


    Workplace Debate

    Unite general secretary election


    Youth fight for jobs

    We won't be a lost generation, fight for jobs and education!

    No to privatisation of our universities

    For real jobs, not slave labour


    Environment and socialism

    Profiting from wrecking the environment

    Stop the Cardiff incinerator

    Save Wanstead Flats


    Tamil Solidarity

    Daily Mail admits guilt over smearing Tamil hunger striker


    Socialist Party LGBT

    Campaigning at Leeds Pride


    Socialist Party events

    Book now for the summer camp!

    Socialism 2010 - a weekend of discussion and debate


    International socialist news and analysis

    Love Parade catastrophe was entirely preventable

    Garment workers demand a living wage


    Socialist Party news and analysis

    Asda profiting from low pay

    Tories put profits before patients

    Rich just carry on getting richer

    Fast news


    Review & Comment

    The howlers' world and ours

    How the banks rip us off


     

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