Socialist Worker

Equity


Reports round-up

Social work students hold campaigning conference | Final curtain for Opera pay dispute | Holiday hold-up for hot cross buns | Electric action at Network Rail | Heathrow Tube strike takes off | Buses set to stop around Manchester | Coop lorry drivers win talks at Acas | London left rallies against bosses’ EU

English National Opera singers promise songs of resistance

English National Opera singers promise songs of resistance Singers at the English National Opera (ENO) in central London have voted to strike against redundancies and pay cuts.

Solidarity on the National Gallery picket line

Solidarity on the National Gallery picket line Trade unionists from a number of London universities visited picket lines at the National Gallery today, Thursday—the third day of an all-out strike.

News round-up

£2 fire sale to equity firm All of London’s fire engines have been sold to a private equity company—for just £2. AssetCo, the troubled private firm which owned the engines, disposed of them in a "fire sale" to AB&A Investments.

Vulture funds bring chaos, study shows

When private equity firms buy out public services job losses and bankruptcies follow fast, research by the GMB union shows.

BBC workers vote to strike over pensions

BBC workers have delivered a stunning vote for strikes in defence of their pensions. Members of the NUJ, Bectu, Unite, Musicians and Equity unions voted by more than 90 percent to take action.

Letters

13 April 2010
Rover gives a warning on the future of Corus Bosses and some politicans are telling Corus steel workers on Teesside that the only way to save jobs is to look towards a buy-out by a private equity consortium. The workers should remember what happened at Rover Longbridge in Birmingham after a similar takeover.

Wave of strikes to hit Royal Mail

16 June 2009
Business secretary Lord Mandelson’s plans to hand a chunk of the Royal Mail to a private equity firm are set to receive a blow on Friday, as 10,000 postal workers in London prepare to strike.

Negative equity comes back to haunt homes

03 March 2009
A spectre from the 1990s is returning to haunt the streets of Britain—negative equity and the threat of home repossession. Only this time things could be much worse. The new Lloyds Banking Group, formed from Lloyds TSB’s rescue of HBOS last year, has said that over 543,000 customers owed more on their mortgages than the value of their homes.

Who says?

04 November 2008
"There’s absolutely going to be a lot of pain to go around. The big question is how apocalyptic it will be."Josh Lerner, professor of investment banking at Harvard Business School on the credit squeeze facing private equity companies

The White Tiger: how India's poor pay for market's failings

21 October 2008
"Growth will be our mount, equity will be our companion, and social justice will be our destination."

Ministers and Civil servants on the PFI gravy train

23 September 2008
Alan Milburn, Health Secretary from 1998 to 2003 Alan Milburn is listed in his declaration of members’ interests at the House of Commons as a director of Covidien, which describes itself as "a $10bn global healthcare products leader". He is also a member of Lloydspharmacy’s Healthcare Advisory Panel. Milburn is an advisor to the European advisory panel of leading private equity firm Bridgepoint, which specialises in healthcare investments. Milburn declares his income from these senior appointments as over £30,000 a year from Bridgepoint; over £25,000 from Lloydspharmacy; nothing listed for Covidien; and a further over £20,000 as

Double standards over Nazi candidates

29 April 2008
There is an institution that sacks trade unionists and allows its workers to stand for the fascist British National Party (BNP) in elections. It’s not a union-busting private equity company, but the government’s Department for Work and Pensions (DWP).

Opposition to Private Equity

18 September 2007
Richard Lambert, director-general of the CBI, was challenged over the tax arrangements of private equity firms as the unions claimed their jobs and conditions were affected by company takeovers.

Unions sceptical of Walker review of private equity

17 July 2007
"The industry has come to be seen as needlessly secretive, feeding suspicion and in some quarters close to hostility," said Sir David Walker at the launch of a review on the private equity industry.

Private equity firms: the new vultures of capitalism

20 June 2007
Until this year the words "private equity" meant very little to most people. But now private equity companies are at the centre of a major row about how big business operates.

Private equity industry accused of raiding pensions at GMB conference

05 June 2007
The GMB union has accused the private equity industry of raiding workers’ pensions and dumping liabilities into insolvent pension funds.

Private equity firm scraps O2 workers pensions after company take over

24 April 2007
‘Within 60 minutes of Macquarie’s move, they had abolished the final salary pension scheme.

Letters

03 March 2007
Letters

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