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TSSA Hits Out At City Traders Cashing In On Thomas Cook

23 September 2019

TSSA General Secretary, Manuel Cortes, has hit out after it emerged City hedge funds traders are set to make over £200m from the collapse of Thomas Cook.

Bloomberg are reporting several hedge funds had invested in derivatives which pay out when a company defaults. The news comes after Prime Minister, Boris Johnson, suggested it would be a “moral hazard” for the Government to step in and stop the tour operator going bust.

Manuel Cortes said: “The Prime Minister talks about morality but his immoral chums in the City are now making shedloads of cash on the backs of 9000 job losses and 150,000 holidaymakers stranded abroad.

“We do indeed need a higher morality but it is not one which the Tories can produce because of their ideological commitment to the market.” 

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