Local view for "http://purl.org/linkedpolitics/eu/plenary/2002-07-03-Speech-3-314"
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"en.20020703.10.3-314"2
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"Mr President, the rapporteur expresses satisfaction with the European institutions’ scrutiny of corporate mergers. This self-satisfaction is ridiculous, because the heads of the large companies that engage in these activities pay infinitely more heed to the interests of their major shareholders than to the opinion of the European Parliament. By affirming that these mergers boost competitiveness and hence economic growth and employment, the report reproduces the employers’ mantra that what is good for entrepreneurs and their shareholders is good for society. However, one need only compile a catalogue of the mergers that have taken place, listing the job cuts and plant closures they have entailed, counting the thousands of workers consigned to the dole queue and the entire regions condemned to economic ruin, to demonstrate clearly that the interests of shareholders are diametrically opposed to those of the majority of society who work for their living.
The Vivendi affair, the latest in a long line of similar cases in the United States, shows how your system transforms production into financial capital, into a mere object of speculation. The stock exchange makes the rich grow richer and impoverishes some speculators, but most of all it impoverishes society. Wealth is not born of speculation but of work, and the only purpose of the stock exchange is to squander the real fruits of labour and convert them into false values."@en1
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