So many safeguards and reputable individuals were supposed to stop a disaster like BHS from happening. Where were they when 11,000 needed them?
Last week was a bad one for capitalism. Two Commons committees, and an astonished outside world, watched a long list of highly paid individuals blame the downfall of BHS on everyone but themselves. Meanwhile, Mike Ashley did accept some responsibilty for goings-on at his Sports Direct but he had a mighty admission to make: some of his workers had effectively been paid less than the minimum wage.
The reaction to these revelations has been enlightening. No chairman or chief executive of a FTSE 100 company has risen to express outrage. Professional bodies of accountants and lawyers have not called for a fundamental examination of ethical standards in their industries. The Daily Telegraph, in a leader column, told its readers that capitalism “remains a force for good”. It’s as if the establishment would prefer the caravan to move along so that everyone can get back to the business of making money.