The collapse in January 2018 of the construction giant Carillion,
outsourcer of huge Government building contracts, is one of the great
financial scandals of modern times. When it folded it had only GBP29
million in the bank and debts and other liabilities adding up to a
staggering GBP7 billion. When the total losses were counted it was
established that the banks were owed GBP1.3 billion in loans and that
there was a hole in the pension fund of GBP2.6 billion.That left British
taxpayers picking up the tab to salvage the pensions owed to Carillion
workers.
On one level, this is a familiar story of directors
who systematically looted a company with the aim of their own
enrichment. But in a wider context the Carillion catastrophe exposes
everything that is wrong about the state we are in now - the
free-for-all of company laws which govern directors' dealings, the
toothless regulators, the crime and very little punishment of the Big
Four auditors, and a government which is a prisoner of a broken model
born of a political ideology which it cannot forsake. Through the story
of Carillion, Bob Wylie exposes the lawlessness of contemporary
capitalism that is facilitated by hapless politicians, and gives a
warning for the future that must be heeded.
Bandit Capitalism charts, in jaw-dropping detail, the rise and rise of the British Oligarchy.
Bandit Capitalism : Carillion and the Corruption of the British State - Bob Wylie
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