Home > Uncategorized > Bhs. A test case in so many ways

Bhs. A test case in so many ways

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Could the recent collapse of BHS be a pivotal moment in the world of corporate greed? I believe so on a number of counts

Firstly Philip Green is a very recognisable but not especially likeable figure. His public profile has been cultivated and his very high. The public is watching this with interest

There is I believe a growing and probable irreversible impatience with the super rich seemingly endlessly profiteering from their business failures. This goes back to and is most resonant with Fred Goodwin and assorted bankers. Stripping knighthoods is not seen as enough

Philip Greens very open “tax planning” leads us to the wider concern that large businesses and their directors are simply not paying their share.

Then there is the very issue of the law. This is a fairly strong quote from the parliamentary committee

Lord Myners, the former city minister and adversary of Sir Philip who is advising the MPs on their inquiry, said: “There are clearly issues here of potential fraudulent preference, of creditor preference and of misappropriation of corporate assets under the direction of the directors of the company.”

To many the most serious issue of all is the pension pot. Rightly so and throw this into the mix with the added impact of the loss of a  fairly well liked high street brand then we have a fairly ugly picture

How significant is this? I would suggest very much so. Look across the ocean to the presidential campaigns and look at who has made the most unexpectedly significant advances. Sanders and Trump may not win and even though it’s a little hard to stomach from Trump, they are firing off at the financial and business establishments with a high degree of success.

Big business and  banking are seen as poisonous self serving and arrogant. My belief is that if there is not a huge improvement in governance and behavior then we may well witness a public anger that will drive a severely anti capitalist agenda.

 

 

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