Thursday, 26 September 2019

Hands in the cookie jar


Subject: Hands in the cookie jar.

The collapse of Thomas Cook and the huge bonus the directors have paid themselves over the years of gradual demise of the company highlights another fault line in capitalism, the unfettered ability to get away with financial shananiigans which we, the general public would find ourselves on the wrong side of the law if we practiced the same moves.

From awarding bonuses for assumed good governance when clearly the governance was poor, to the tax evasion of Amazon and Goggle where billions of pounds of profit are sidelined, not in the country where they are made through the sale but in obscure, tax efficient (what a deceitful description) islands or countries such as Luxembourg or Ireland which set themselves up as places where the tax is scandalously  low for businesses.
You would think that it would be easy to stop. Bonuses and other perks should bear some reference to the financial health of the company and tax should be born on the sales in a particular country where they are made not some illusory place where the head office is situated.
One is drawn to the conclusion that the powers that be don't want it that way. 
Drawn from the same well the politicians cover these financial diversions, what we in our ignorance would deem illegal (or should be)  by  obfuscation, they promise to reform the system but never do, perhaps they are too close to the people who practice the deceit, old school tie comes to mind, and whilst they will come down like a ton of bricks on a small business who try's to claim an expense such as a lunch they seem totally unable to pursue millions which are placed in these tax efficient schemes. 
And so the bonuses are paid out, 4 million to the last chief executive who oversaw the final stages of the companies dive into bankruptcy. The staff who go home today are penniless other than their last salary, no golden handshake to tie them over, no special dispensation for them since they are the mere chattels in this feudal system which has blossomed since the neo liberals took over. We sit and watch it unfold, unable to do a damn thing as the power has been gathered by market forces unanswerable to anyone. No wonder Greta Thunberg shows her in frustration at the powers which lie at the root of our system.

No comments:

Post a Comment