Our babbling brook of bullshit, the mainstream media, are reporting the recent BHS event as if something had gone wrong. As far as capitalism is concerned it worked out perfectly. A guy buys it, makes a fortune and bleeds it dry, then walks away, much richer than when he bought it, capitalism at its best. Is there any idiot out there who thinks that BHS was all about the employees and the customers? These latter two are just components, just the disposable ball-bearings that make the system function, but can be dumped and a replaced by a new set. The BHS can be registered as one of the UK's greatest capitalist success stories, all that effort by the people, creating all that wealth for a small bunch of parasites. Sure some shareholders might have lost some of their filthy loot, but they made a fortune over the life of the company, and the really big fish made a real killing.
Philip with one of his buddies.
Let's look at the facts, a guy, let's say Philip Green, buys this "enterprise" and over 15 years he pays his wife £400 million in dividends, that averages out at around £28 million a year, and to add some cream to their cake, it is channelled through a tax haven. No sense in giving any of it back to the people who created that wealth. There are other avenues where the shysters can make more money, that illusion known as the "pension fund". This is where the employee and the employer put money aside so that when the employee retires there will be something there to help them get by. In the case of this particular, "pension fund", when our friend Philip bought the company, its "pension fund" was in surplus to the extent of £5 million. After his 15 years of plundering, wheeling and dealing, slicing and dicing, "stewardship", that £5 million surplus, is now a whopping £571 million deficit. So having cleaned the pot out, and saddling the company with a massive £1.6 billion debt problem, our bold entrepreneur, sells the company to a serial bankrupter, for £1.
Philip's wee boat, paid for by people like you.
Meanwhile, Philip walks off into the sunset, with an estimated £3.6 billion bank balance, to take control of his new £100 million+ super yacht, with some serious Bahamas sailing to think about. Far from being a disaster, BHS is text book capitalism, for other "entrepreneurs" to follow. We have seen it in the past, and we will see it in the future, as long as we tolerate this stinking system of greed and plunder. So get used to it, capitalism, milk the masses and live happily ever after, Ah, the beauty of capitalism.www.radicalglasgow.me.uk