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The collapse of privatization behemoth, Carillion, could become

  • torn (338 posts)
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    The collapse of privatization behemoth, Carillion, could become

    the straw that broke the neoliberal camel’s back. Carillion has shown that the transfer of risk from the public sector to the private sector is a farce for, when PPP or public-private participation projects fail, the private partner often goes down leaving the risk and loss with the public partner, the government and, through it, the public.

    Take the privatisation mega-corp, Carillion, which was also heavily involved in PFI and has been one of the leading agents in the “outsourcing” of public services. It has now gone bust putting at risk the welfare of some 40,000 dependent businesses and their employees. Effectively an arm of the state, Carillion represented the most blatant form of toxic collusion between Government and the private sector. The managers of Carillion, who paid themselves inflated salaries and bonuses even when the company was effectively bust, were just doing what comes naturally. Money is its own justification. Most have salted away their fortunes, and moved on – but the public, who paid the price, have not….

    In the 19th century, plutocrats could protect their wealth behind laws largely drawn up for the benefit of the wealthy. The poor had no lawyers. But today the poor have the vote, and lawyers, and there is no way this kind of structural inequality can survive in the 21st century, short of the extinction of popular democracy. Eventually, people will vote for change: for a society in which wealth is spread more equitably, and in which public services are run in the interest of the people who pay for them.

    And soon it will be Canada’s turn. With Morneau at his side, Trudeau plans an enormous, badly needed and overdue infrastructure mega-programme and, just like the Brits, he wants to put it on the “never, never” – public-private participation. It’s the perfect alternative to having to tax the rich and dormant, accumulated wealth.

    more

    http://the-mound-of-sound.blogspot.ca/2018/01/the-royal-bank-of-scotland-poster-boy.html

     

    Coldmountaintrail, Shlabotnik, snot and 10 othersKoko, Fuddnik, Abelenkpe, DesertRat2015, alcina, aspirant, Phlem, Wink21, Pam, PADemD like this

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