Senior MPs have savaged ex-BHS boss Sir Philip Green for running the high street chain into the ground while amassing “a fortune beyond the dreams of avarice.”
A joint report published by the Commons business and work and pensions committees accuses Green of trying to blame anyone but himself for the firm’s problems, despite systematically taking huge sums out of its coffers while leaving BHS workers’ pension fund desperately short. MPs said Mr Green has a “moral duty” to make a “large financial contribution” to the 20,000 pensioners at risk of losing a big chunk of their payouts. The pension fund was in surplus before he bought BHS for £200 million in 2000, the report states, but it suffered as Mr Green’s family was paid huge dividends — more than double the after-tax profits of £208 million between 2002 and 2004.
While MPs branded Mr Green the “unacceptable face of capitalism” his actions show him to be the “normal face of capitalism,” Capitalism is a system based on the ruthless maximisation of profit, whatever the human cost. He personifies capitalism and deserves to be its poster boy.