this post was submitted on 20 Apr 2024
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Thames Water nationalisation plan could move bulk of £15bn debt to state (www.theguardian.com)
submitted 4 months ago by [email protected] to c/[email protected]
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[–] [email protected] 19 points 4 months ago (3 children)

Why not let it collapse. Let them claim bankruptcy. It might mean lenders in the future require better governance. Or it might lead to pushes to reclaim monies inappropriately siphoned off.

[–] [email protected] 26 points 4 months ago* (last edited 4 months ago) (1 children)

Yep, bankruptcy and let the state or a cooperative buy the assets, not the liabilities.

[–] [email protected] 16 points 4 months ago

Exactly. Let the investors and banks that allowed them, eat the losses. That's what privatization is. Risk.

Unfortunately, commercial interests in the governments ear will try to say that it will cost them as they will get less for future provatisations. Good. If they are not commercially viable, don't do them. They forget in that argument that they may get more but they would be on the hook for more later to clean up similar messes.

[–] [email protected] 4 points 4 months ago* (last edited 4 months ago)

Yep. The UK in the past has had the military distribute water. 1976 when heat caused shortage issues. But other times as well when communities have had issues.

Same thing can be done in 2024 while the company struggles to survive. I'd much rather money spent on that. Then paying of investors who made loans based on bad company investment.

Why tf teach lenders that the UK will bail out companies that fail to invest in the inferstructure they manage.