BHS 'the unacceptable face of capitalism' (how much, house, taxes)

[geoff956]

Is the BHS fiasco - having been described as 'the unacceptable face of capitalism' - a glimpse of the real face of capitalism?

[Brave New World]

Originally Posted by geoff956

Is the BHS fiasco - having been described as 'the unacceptable face of capitalism' - a glimpse of the real face of capitalism?

As far as I am concerned the following needs to happen.


1. Make sure any money from asset stripping is paid back, and ensure the workers get their pensions.

2. Make New Laws protecting Pension Monies, so they can not be used to prop up companies. Perhaps even have a seperate state run pot for Company Pension Money run by HMRC, and which can not be touched under any circumstances. This should have been done after the Mirror Group Pension Scandal.

3. I agree with Theresa May that Workers should be represented on Company Boards as is the case in countries such as Germany.

4. If found guilty of any fraudulent or misappropriate activity, then Philip Green should be stripped of his Knighthood. All I know about Green is what I have read in the papers and that he lives in Monaco, a tax haven.

[Razza94]

It raises an interesting question over how much should the state intervene in private free-market capitalism. If it interferes too much it stifles innovation and dynamism, if it distances itself too much, this happens.

Obviously new regulations need to be put in place to avoid this happening again.

[kas982]

Originally Posted by Razza94

It raises an interesting question over how much should the state intervene in private free-market capitalism. If it interferes too much it stifles innovation and dynamism, if it distances itself too much, this happens.

Obviously new regulations need to be put in place to avoid this happening again.

Well, the thing is, governments don't even enforce the laws they have at present, it's a world wide epidemic, even countries like Iceland... yes Iceland are not imune from this world wide business/political corruption. Bankers, politians, big business etc, operate outsidle the law in EVERY western country!
However, a small business gets ripped off by governments red tape/taxes & it's acceptable. Smh.
Iceland Erupts In Protest As Panama Papers Reveal Secret Corruption In Government

[Razza94]

Very true, the response needs to be international. One country alone can't fight this, businesses are flexible in evading laws enforced by individual nations.

[cracklepop]

This is the TRUE face of capitalism. Its not just BHS - Phillip Green's testimony before the House of Lords is also worth a watch to see the comparisons.