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From The Socialist newspaper, 11 January 2002

Kick Out The Greedy Bosses

MANY THOUSANDS of working people's jobs may be at risk but still the bosses arrogantly ignore all calls for restraint when it comes to ensuring their own creature comforts.

By Bill Mullins

Bob Diamond, a chief trader for Barclays Capital, received 10 million in Christmas bonuses taking his earnings to 13.75 million for the year. When The Mirror asked him to confirm his pay out, he could "only grin" (and no wonder).

He's not the only boss to get huge new year handouts. As the rest of us prepare to tighten our belts, other Barclays Capital traders got bonuses of between 5 million and 10 million each. Another 100 of their traders found 1 million each in their Christmas stocking.

Last year tens of thousands of workers were thrown on the dole after their firms collapsed or carried out huge cutbacks. But according to the Labour Research Department, 14 directors from these collapsing companies paid themselves huge 'golden goodbyes' of between 1 million and 5 million for taking their companies to the brink of receivership.

Take Lord Simpson, a Labour peer who oversaw the collapse of the once mighty Marconi company (which used to be called GEC). His fellow directors voted to pay him a 3.5 million pay-off and it was only public outrage that forced the Marconi board to pay him less.

The same capitalist press which viciously attacks "greedy" South West Trains workers for daring to strike to defend their living standards is very muted in its criticism of the greedy bosses.

A few years ago, in response to public opposition to the scandal of payoffs like this, the Greenbury committee told the bosses they had to "cool it" and give smaller pay-offs. Big business of course completely ignored this committee's findings.

Under the capitalist system the bosses will always look after themselves first, second and last when it comes to sharing out the rewards created by the sweat of the working class.

We shouldn't be surprised at this. Instead we should organise the fightback against the bosses and their system. Join us in fighting for a socialist society.

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


In The Socialist 11 January 2002:

Kick Out The Greedy Bosses

Renationalise the railways!

Euro - Workers Will Pay The Price

Rough Justice Backs Oliver Campbell

Kashmir Crisis: Regional Powers Threaten New War

Crisis In Argentina - The Masses Move Into Action


 

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