1mo ago

Revealed: Thames Water diverted ‘cash for clean-ups’ to help pay bonuses

www.theguardian.com Revealed: Thames Water diverted ‘cash for clean-ups’ to help pay bonuses

Exclusive: UK’s biggest water company assessed risks before cutting back on cost of environmental work, investigation shows

Thames Water intentionally diverted millions of pounds pledged for environmental clean-ups towards other costs including bonuses and dividends, the Guardian can reveal.

The company, which serves more than 16 million customers, cut the funds after senior managers assessed the potential risks of such a move.

Discussions – held in secret – considered the risk of a public and regulatory backlash if it emerged that cash set aside for work such as cutting river pollution had been spent elsewhere.

14 comments

All the stories about the water industry are a case book example of why privatisation doesn't work. These public companies have failed to invest in infrastructure for decades, instead being milked as cash cows for investors.
They've essentially stolen money from the UK public who pay for all this through their bills and had the assets sold from under them by the Cknservatives.
Bills are going up by 35% in Thames Waters case due to how badly managed the company is. Investigations have shown huge sums have been paid out in dividends yet the companies have creaking infrastructure and massive debts.
The water companies need to be forcefully renationationaised for a nominal fee of £1 and their debts written off. The investors and banks should pay the price for fleecing the water companies.
- Scottish water is owned by the Scottish Goverment. It provides additional funding to the Scottish Goverment, unlike the water companies in England that require subsidies. It does this while providing the highest quality water in the UK, at the cheapest price and with challenging geography. The Scottish Goverment aren’t doing anything special, they just understand monopoly services can be provided efficiently by the government. It’s complete feasible for the rest of the UK to do this.
  Privatisation is not and has never been about efficiency. It’s about extracting the common wealth of the nation. Highly efficient business vertically integrate. Like Starbucks makes their own cups and this allows them to operate at a higher profit margin. Apple designs their own packaging, processor’s and software as this allows them to operate at a higher profit margin. The same would be true for governments.
  The problem is we elect people that don’t believe Goverment can be run effectively and efficiently. We shouldn’t be suprised when these politicians don’t run the Goverment effectively and efficiently.
  
  The cheapest electricity in North America comes from a crown corporation. Quebec's government got a loan from the US, passed a law to buy all the stocks of energy companies for a set price and just started running the thing. Three years later the loan was repaid and profits started going to the government's coffers instead of investors.
  People believe that nationalisation means starting from scratch but nationalisation just means changing the investors for the government. Hell, the new crown corporation can even keep the same board if the board members are willing to work with the government's internal regulations.

And these are the same dickheads that have been given permission to increase their bills by 35%.

If you would not want to do X in public because you would look like monsters, consider not doing it in the first place.

Treasonous dogs

And? Were they right?

Discussions – held in secret – considered the risk of a public and regulatory backlash
I can only assume said discussions came to the conclusion.
They don't give a shit about the public, and nor do the regulators.
The lack of "regulatory backlash " makes me wonder how well spread these bonuses were.

Dirty fucking creeps.

So they went out of their way to siphon (pun intended) off the money, showing utter contempt for everyone apart from themselves and shareholders.
They should be dragged from their homes and everything they own siezed. Then they can clean drains for the rest of their lives.

We should privatize the air the plebs breath!
The final Frontier
- Do you work for Nestlé?
  
  Air is the biggest market there is, once we meter it, we rich bro!

14 comments