Thames Water going down the plughole

[Max Fowler]

https://www.bbc.co.uk/news/business-66039170

We're going to step in and bail them out, aren't we? No questions asked about how many billions have been siphoned off via interest payments to owners.

[Dunners]

Yep. Even I'm willing to forgo those shareholder dividends if it means an end to this privatisation madness.

[Dunners]

Is it the interest rate increases hitting their debt burden? Looks like a few more are showing signs of a wobble:

[Monkey Boy]

After Thatcher selling off all this country’s assets and years of underfunding by foreign and private industries this is now biting us in the backside. Still all the shareholders will be rubbing there hands

[Long slender neck]

https://www.theguardian.com/business/20 ... r-collapse

Aussies run off with all the money?

[Rich Tea Wellin]

If the current financial situation doesn’t highlight who f*cked our capitalist system is, nothing will. It’s all falling apart at the seams with made up financial rules to benefit the rich

[Adz]

https://www.theguardian.com/business/20 ... r-collapse

Aussies run off with all the money?

Macquarie like to think of themselves as an investment bank, but they're really a glorified asset stripper. There currently getting sued by American states for profiteering off the power crisis a couple of years ago

[Friend or faux]

There is more to this scandal than the issue of Privatisation doesn't work. When Mrs T sold off the family jewels and announced the Utilities now belonged to us ( in fact it was the total bloody opposite ) ; her Government raked in loadsa money from the sell-off. This dough was used to pay Government bills and so we had big tax breaks. Ever since then the Tories have been even greedier and wanted more & more tax breaks. As a result: the Police, Civil Service, NHS etc etc are grossly under financed. We have now become a totally Mickey Mouse Country, where the Toffs laugh down their noses at us & want more & more tax breaks

[Max B Gold]

There is more to this scandal than the issue of Privatisation doesn't work. When Mrs T sold off the family jewels and announced the Utilities now belonged to us ( in fact it was the total bloody opposite ) ; her Government raked in loadsa money from the sell-off. This dough was used to pay Government bills and so we had big tax breaks. Ever since then the Tories have been even greedier and wanted more & more tax breaks. As a result: the Police, Civil Service, NHS etc etc are grossly under financed. We have now become a totally Mickey Mouse Country, where the Toffs laugh down their noses at us & want more & more tax breaks

Scotland's oil paid for the tax breaks and forced deindustrialisation.

A closer look at the privatisations will reveal that the debts of the companies privatised were either written off or transferred to the treasury pre sale.

So although there were sale proceeds it was offset by taking on liabilities and selling assets substantially below market value. In short it was an even bigger con than you state. It was the sale of the century as far as avaricious greedy capitalist scum were concerned.

[RedDwarf 1881]

https://www.bbc.co.uk/news/business-66039170

We're going to step in and bail them out, aren't we? No questions asked about how many billions have been siphoned off via interest payments to owners.

Yet another example where privatisation has utterly failed. They reckon Thames have been leaking water the equivalent of six Olympic size swimming pools every day. It’s absolutely scandalous . We’re drowning eight to nine months a year. We have two or three hot months and then we’re always in trouble. They have the bollocks to blame climate change, no it’s not , it’s greedy profiteering for shareholders

[Max B Gold]

https://www.bbc.co.uk/news/business-66039170

We're going to step in and bail them out, aren't we? No questions asked about how many billions have been siphoned off via interest payments to owners.

Yet another example where privatisation has utterly failed. They reckon Thames have been leaking water the equivalent of six Olympic size swimming pools every day. It’s absolutely scandalous . We’re drowning eight to nine months a year. We have two or three hot months and then we’re always in trouble. They have the bollocks to blame climate change, no it’s not , it’s greedy profiteering for shareholders

Don't forget the failure of the industry regulator in this debacle. A regulator with no teeth with Tory placemen in position to stand idle on the sidelines as the robbery takes place.

[Monkey Boy]

I know it’s to late to bring thatcher back and puncher her in the face, but Jacob Reese Mogg could be a stand in?

[Max Fowler]

I'm beginning to think there might be another way after all.

[Give it to Jabo]

According to The Telegraph, the Gov’t is drawing up emergency plans to nationalise Thames Water. Can they begin to undo just a part of the damage they have caused to the infrastructure of this country?

[RedDwarf 1881]

According to The Telegraph, the Gov’t is drawing up emergency plans to nationalise Thames Water. Can they begin to undo just a part of the damage they have caused to the infrastructure of this country?

I agree . Nationalising Thames water would be a decent start.

[The Mindsweep]

Water and other utilities, transport, education, government contacts for waste & parking etc, mental health services and ever more NHS stuff. They need to make profit, if they can't they go belly up.

They all profited from the years of investment before they became private but have put nothing back in.

Capitalism is brilliant if you have capital to begin with, very very few have.

[Omygawd]

Maybe I'm missing something but doesn't this stink of widespread fraud at Director level? As usual we taxpayers will pick up the bill while the guilty go unpunished. Shower of poo poo the lot of 'em including this irresponsible Government.

[Rich Tea Wellin]

Let the markets dictate the success or failure of business…unless it’s one that cannot fail…but let’s not put any rules around owners and shareholders milking it so much it does fail.
Corrupt system

[y o y o y]

Maybe I'm missing something but doesn't this stink of widespread fraud at Director level? As usual we taxpayers will pick up the bill while the guilty go unpunished. Shower of poo poo the lot of 'em including this irresponsible Government.

Agreed.
Although on the upside we could be back to having to shower/bath with a friend.

[BoniO]

Assuming there’s any water to shower in…..

[Adz]

Let the markets dictate the success or failure of business…unless it’s one that cannot fail…but let’s not put any rules around owners and shareholders milking it so much it does fail.
Corrupt system

Even the yanks have come out and said letting the market dictate thinks is not good for people

[Omygawd]

The human right to clean water and controlled and treated sewage are major public health issues, rooted in disease and death. Leaving the responsibility for public health to thieving capitalists to implement was always doomed to fail.

[Petrov788]

Imagine having a complete monopoly over the supply of something that absolutely everyone needs, to live, for over 15 million people - and failing so miserably. Remember they justified their huge executive/director salaries by saying they had to pay that to get the talent and the people capable of running such a complex business. That went well, didn't it?

Heads will roll, but they will roll off into the sunshine with millions of pounds. They've got what they wanted.

[FrankOFile]

https://www.theguardian.com/business/20 ... r-collapse

Aussies run off with all the money?

Xenophobia is alive and well.

[RedDwarf 1881]

I heard a caller on the radio this morning say Thames have been giving their shareholders too much money .Just like the other privatised utilities its nothing but a cash cow at the expense of the paying public .