Socialist Worker

Vampires grab Britain's blood bank

Issue No. 2363

The Tories have sold off the state-owned NHS plasma supplier to a US private equity firm.

The Department of Health has sold an 80 percent stake in Plasma Resources UK to Bain Capital. It overlooked several healthcare and pharmaceutical firms, and at least one blood plasma specialist, before making the move.

Bain Capital was co-founded by Republican presidential candidate Mitt Romney in a £230 million deal. The firm specialises in buying companies using “leverage”—debt—and then making the firms pay its interest.

Mike Earnest used to work at American Pad and Paper, a firm that shut in 1994 and was acquired by Bain. “Out of the blue one day, we were told to build a 30-foot stage,” he said. 

“Gathered the guys, and we built that 30-foot stage, not knowing what it was for. Just days later, all three shifts were told to assemble in the warehouse. 

“A group of people walked out on that stage, and told us that the plant is now closed, and all of you are fired. Turns out that when we built that stage, it was like building my own coffin.”

Bain Capital made over £60 million by shutting the paper company. 

Romney is no longer with the company, though he got over a £1 milllion from them last year. He once gloated over the “creative destruction inherent in a free economy”. 

We can’t say we weren’t warned. 

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Article information

Tue 23 Jul 2013, 16:10 BST
Issue No. 2363
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