Oh no! Can you believe it, a public asset is sold off for peanuts to the private sector and the govt. shills who ran the deal become multi-millionaires and national defence becomes the property of corporations and…the Carlyle Group was involved. Who’d a thunk it?
The part-sale of QinetiQ was ordered by the Treasury in the late 1990s and led to government assets being snapped up by a US private equity company at an eighth of their value.
“The report will be highly critical of the whole process, in particular the over-incentives given to senior civil servants to privatise part of QinetiQ,”
“…both US research workers and British research workers funded from the public purse would resent the fruits of their work going to enrich individuals in a private company.”
Sir John Chisholm, chairman of QinetiQ – and also chairman of the Medical Research Council – and Graham Love, the chief executive, turned investments of £129,000 and £108,000 into assets worth £22m and £18m respectively when the firm was floated in 2006.
At the same time Carlyle, the private equity group, which bought a stake in QinetiQ for £42m in 2003, was able to sell at a £300m profit three years later.
What you have to ask yourself is, the politician’s (Brown!) who did this, whose interests do their actions serve? The public who were robbed, or the corporations who were enriched, ok not a hard question. So what do we do when our elected representatives have betrayed us and are working against us? Because y’know a vote every few years ain’t really cutting it. Meanwhile the US part of this deal is simply more of the same pattern of public funds and liabilities being harvested into private hands by means of the ‘defence’ industry and great big lovely wars which turn a loss for the public commons but a profit for the corporations. So again can you guess who the politician’s are serving? Is there still the death penalty for treason?