Thames Water is in trouble - not the illegal sewage dumping trouble that it still runs rings around the regulators to profit from, this time it's far more serious for the debt-laden company apparently unable to remain solvent having gambled that it would be able to force massive customer bill increases out of the economic regulator Ofwat.
It wants over 40% more, out of the billpayers and if Ofwat won't deliver this with a cap on fines and other guarantees to keep pollution profitable (some may call that blackmail) we hear that the shareholders won't put in more money - but wait!
There has never been a year since privatisation when shareholders contributed more cash than they took out.
So much for the benefits of privatisation - but you might not believe it, because it is hard to accept that successive governments would let this scam happen to us - so here is the evidence.
Stanley Root, a former audit partner, with 29 years’ experience at one of the Big Four accountancy firms has been working with WASP for some time. Here is his blog.
So, let's not get worried about shareholders walking away, it's probably the best thing that could happen - unless anyone out there likes paying people for doing nothing but damage?
But please don't accept a government having the taxpayer fix it and then giving it back to a bunch of parasites, or predators. OUR water is far too precious for that.
Howon earth did it come to this ? The busk surly must stop with people at Government level?