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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'
'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
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
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
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
Review & Comment
The howlers' world and ours
How the banks rip us off
The Socialist 4 August 2010 |
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