CORPORATIONS THROUGH HISTORY: HSBC
The 'world's local bank' started off as a British company that took over the lucrative trade with China, after the Opium wars of the mid-nineteenth century had opened up the economy to foreign traders. Eventually the Chinese government could only pay off the massive fines demanded by the victorious imperialist powers by turning to such merchants as the Hong King and Shanghai Bank (HSBC). According to one historian, 'They...had the effect of placing the revenues of China almost totally in foreign control.' (Harrison, John A., China Since 1800, New York, Harbinger, 1967, p.75). Another indication of the power of foreign companies and armies over China was the fact that, during the Chinese Revolution in the 1920s the European and American Shanghai merchants, led by the head of HSBC, armed themselves and siezed the city, with help from British warships. (op cit, p.132). This past humiliation is all very much in the minds of Chinese politicians and business leaders, who are hoping that very soon, the boot will be on the other foot. Will the car workers at MG Rover have to pay for the past misdeeds of HSBC executives? GETTING AWAY WITH MURDER
This July five rail executives escaped charges of corporate manslaughter over the Hatfield rail crash, in which four people were killed and 102 injured in October 2000. During the trial the judge instructed the jury to find the five men (three from engineering firm Balfour Beatty and two from Railtrack/Network Rail) not guilty, stating, 'It is not open to you to convict any of the six defendants on charges of manslaughter' but without giving any reasons for this claim.. A case on the health and safety issue is proceeding. The corporate manslaughter laws, although they were prevented from being exercised in this case, have very little teeth in any case. An article in the anarchist newpaper Freedom noted that, when Balfour was found guilty of causing the death of temp worker Michael Mungova by sending him to work on a live railway line, the fine (£150,000) was the same as a temp worker -- like one of Mongova's colleagues -- being fined just 48p for killing him. WE'RE AHEAD OF THE GAME
An essay in July's Le Monde D by Philip S Golub argues that 'liberal globalisation and interdependence have been superseded by naked imperial power politics' because 'the US has chosen to wreck the global system' (see http://mondediplo.com/2005/07/02usa). This is a point made in the April/May edition of Corporate Watch newsletter some three months previously (Babylonian Times, 'GWB, anti-globalisation activist'). Do keep up, Professor Golub!
References
1- Guardian, Judge throws out Hatfield charges, Mark Tran, July14, 2005, www.guardian.co.uk/business/story/0,3604,1528372,00.html
The 'world's local bank' started off as a British company that took over the lucrative trade with China, after the Opium wars of the mid-nineteenth century had opened up the economy to foreign traders. Eventually the Chinese government could only pay off the massive fines demanded by the victorious imperialist powers by turning to such merchants as the Hong King and Shanghai Bank (HSBC). According to one historian, 'They...had the effect of placing the revenues of China almost totally in foreign control.' (Harrison, John A., China Since 1800, New York, Harbinger, 1967, p.75). Another indication of the power of foreign companies and armies over China was the fact that, during the Chinese Revolution in the 1920s the European and American Shanghai merchants, led by the head of HSBC, armed themselves and siezed the city, with help from British warships. (op cit, p.132). This past humiliation is all very much in the minds of Chinese politicians and business leaders, who are hoping that very soon, the boot will be on the other foot. Will the car workers at MG Rover have to pay for the past misdeeds of HSBC executives? GETTING AWAY WITH MURDER
This July five rail executives escaped charges of corporate manslaughter over the Hatfield rail crash, in which four people were killed and 102 injured in October 2000. During the trial the judge instructed the jury to find the five men (three from engineering firm Balfour Beatty and two from Railtrack/Network Rail) not guilty, stating, 'It is not open to you to convict any of the six defendants on charges of manslaughter' but without giving any reasons for this claim.. A case on the health and safety issue is proceeding. The corporate manslaughter laws, although they were prevented from being exercised in this case, have very little teeth in any case. An article in the anarchist newpaper Freedom noted that, when Balfour was found guilty of causing the death of temp worker Michael Mungova by sending him to work on a live railway line, the fine (£150,000) was the same as a temp worker -- like one of Mongova's colleagues -- being fined just 48p for killing him. WE'RE AHEAD OF THE GAME
An essay in July's Le Monde D by Philip S Golub argues that 'liberal globalisation and interdependence have been superseded by naked imperial power politics' because 'the US has chosen to wreck the global system' (see http://mondediplo.com/2005/07/02usa). This is a point made in the April/May edition of Corporate Watch newsletter some three months previously (Babylonian Times, 'GWB, anti-globalisation activist'). Do keep up, Professor Golub!
References
1- Guardian, Judge throws out Hatfield charges, Mark Tran, July14, 2005, www.guardian.co.uk/business/story/0,3604,1528372,00.html