David Cameron’s call for ‘responsible capitalism’ provokes public hygiene problem as millions wet themselves.
Thanks to Private Eye for the following.
“David Cameron’s speech calling for ‘responsible capitalism’, promising to “put the right rules and institutions in place” to “improve markets and make them fair as well as free”, showed that the PM, a former PR man, knows how to say the right thing even when it’s totally at odds with what he actually does.
Last year Cameron asked private equity boss Adrian Beecroft to write a review of employment law. Beecroft proposed letting bosses sack workers more easily, tearing up tribunal and maternity leave rights and generally freeing employers from responsibilities and rules.
The PM can’t have been surprised by Beecroft’s cavalier attitude to responsibility and fairness, given that he is chairman of Dawn Capital, the private equity firm that owns Wonga.com. This payday loan firm pursues poor folk, students and old people with loan rates running from 360 percent up to a staggering 4,000 percent APR.
Cameron accused the last government of being “frightened of challenging vested interests, believing too often that the interests of big business were always one and the same as those of the economy as a whole”. So Dave will presumably now chuck the Beecroft report in the bin - and the fact that he has given the Conservatives £587,000 since 2006 will of course not play on the PM’s mind at all.” HP Sauce
Those not yet donning the incontinence kit should be prepared...
“There can be few areas more in need of David Cameron’s new moral capitalism than the business of putting companies into administration.
Two years ago Eye 1255 reported how high-street chain Woolworth’s was put into administration by its bankers on the advice of beancounter Deloitte, rejecting management’s plans to save it. The administration contract was duly handed to .....Deloitte. The banks were paid in full, Deloitte trousered more than £9m and 30,000 staff lost their jobs, with no redundancy payments.
Now a tribunal has found that Deloitte failed to consult properly on the redundancies and the workers are due compensation totalling £67m. This of course, will be paid not by Deloitte, but by the taxpayer. We’re all in it together?” Private Eye 27/1/12