The assets of those who accrue wealth through the degradation of the natural environment should be confiscated, writes David Humphreys
So creditors wishing to take over Thames Water want the company and its senior management to be granted clemency from rules on sewage spills and environmental protection (Bidders demand Thames Water granted immunity over environmental crimes, 7 June). The rights of investors, it would seem, should prevail over the rights of communities to a clean environment.
It is the failure of rigorously enforced regulation that led to the mismanagement of Thames Water, with loans being used to increase shareholder dividends and bloated bonuses for incompetent managers. In many countries the law can now be used to confiscate private assets gained from immoral activities, such as drug-running and prostitution. There is no reason why those who accrue wealth through the degradation of the natural environment should be treated any differently.
The assets of those who accrue wealth through the degradation of the natural environment should be confiscated, writes David HumphreysSo creditors wishing to take over Thames Water want the company and its senior management to be granted clemency from rules on sewage spills and environmental protection (Bidders demand Thames Water granted immunity over environmental crimes, 7 June). The rights of investors, it would seem, should prevail over the rights of communities to a clean environment.It is the failure of rigorously enforced regulation that led to the mismanagement of Thames Water, with loans being used to increase shareholder dividends and bloated bonuses for incompetent managers. In many countries the law can now be used to confiscate private assets gained from immoral activities, such as drug-running and prostitution. There is no reason why those who accrue wealth through the degradation of the natural environment should be treated any differently. Continue reading… Thames Water, Business, Water, Pollution, Environment, Public finance, Society Business | The Guardian
