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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 Ł7.2 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 Ł2 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 Ł2.25 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 Ł140 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

Review & Comment

The howlers' world and ours

How the banks rip us off

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Related links:

triangle Don't accept the misery of austerity

triangle A strategy to stop austerity and bring down the government of the super-rich

triangle Rich list: The good times roll for the 0.00001%

triangle TUSC: the electoral alternative to the parties of the rich

triangle The revolting philanthropy of the filthy rich

triangle Budget for the 1% must be fought

triangle East London Socialist Party: Should socialists support the HS2 rail line?

triangle Fight the cuts - for a workers' alternative

triangle RMT calls Budget Day of Action

triangle Should socialists support the proposed HS2 rail link?

triangle Construction workers fight pay cuts

triangle Siteworker leaflet: Balfour Beatty (BBES) ballot - The Truth - Why you should vote for the strike

triangle Sparks battle pay cuts

triangle JP Morgan: banksters at it again

triangle Capitalist crisis: 'Up to half of all Icelandic families are bankrupt'

triangle What's wrong with capitalism?

triangle It's bonuses for bankers

triangle Bankers bonus scandal - Fight this profit-mad system

triangle Fat cat pay: empty words from Cameron

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