"quite literally every penny that [the English privatised water industry] has borrowed this century has been used to make payment of dividends to shareholders. Even more money was used to pay interest to those from whom funds had been borrowed to finance these dividends"
@researchbuzz Not mine, I live in Scotland where we never privatised water. But all the English water companies were literally engaging in Ponzi-style activity, yes.
@simon_brooke it is a bubble, but it is not politicians job to subvert the market. The lenders knew the deal when they lent the money, it is purely their problem.
Make the banks lose money because they over lent. Make the shareholders lose money because they invested in a business with all those risks.
Nowt to do with the gov, this is free market capitalism.
"obsessing about how debt might be repaid is absurd. That debt never funded useful activity. As a result, the means to make its repayment do not exist. It is not repayable, as a matter of fact. That is why insolvency happens, and these companies are bust" -- @RichardJMurphy
ALL the people who have served as directors in English water companies this century need to be disbarred from serving as directors of any company.
"Thames Water is bust. Its shareholders need to accept that they have lost their money. Most, if not all, of its debt financiers need to do the same thing. They took the risk of losing their money. They have done so. That's how markets work" -- @RichardJMurphy
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