Socialist Worker

Thomas Cook fat cats should pay up after collapse

Issue No. 2673

A Thomas Cook aeroplane - the firm collapsed this week

A Thomas Cook flight - the firm collapsed this week (Pic: Neil Terry)

The collapse of travel firm Thomas Cook on Monday highlighted rip-off corporate culture.

Over 21,000 jobs are now under threat—9,000 of them in Britain including 1,000 at the Peterborough headquarters and nearly 3,000 at Manchester Airport.

But the firm’s bosses have been paid more than £20 million in the past five years as they led the tour operator to the brink of collapse.

Chief executive Peter Fankhauser alone has taken home more than £8 million since taking over in 2014. He took over from Harriet Green who described herself as a “landa”—a cross between a ferocious lion and a cuddly panda.

And vulture hedge funds that bet on Thomas Cook’s collapse are in line to reap more than £200 million according to Bloomberg financial media.

The firm’s failure could spark a “domino effect” that takes out smaller firms—such as hotel businesses—across Europe.

Manuel Cortes of the TSSA union said, “The prime minister talks about morality but his immoral chums in the City are now making shedloads of cash on the backs of job losses.”

The Tory government refused the company a £250 million handout.

Now the government is spending around £75 million on chartering jets to bring back stranded holidaymakers.

Thomas Cook was nationalised from 1948 to 1972. It should renationalised and run as a public service.

And its fat cat bosses should be squeezed for every penny of the loot they grabbed.

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