In a Daily Telegraph that could easily have appeared in the Morning Star Alex proud asks 'Why aren't the British middle class staging revolution?' "Phones4U was bought by the private equity house, BC Partners, in 2011 for £200m. BC then borrowed £205m and, having saddled the company with vast amounts of debt, paid themselves a dividend of £223m. Crippled by debt, the company has now collapsed into administration.
The people who crippled it have walked away with nearly £20m million, while 5,600 people face losing their jobs. The taxman may also be stiffed on £90m in unpaid VAT and PAYE."
The article actually uses the Phones4u closure as an example of how even the middle class can become victims of what Proud calls the 'financial elite' or the '0.1%'* who have
"abandoned any sense of restraint. They now appear incapable of even enlightened self-interest; it’s all naked self-interest. They want everything, they want it now and they want from it from you."
In language normally expected from a trade union leader he adds:
"All these guys care about is money. They don’t care about society. They certainly don’t care about jobs and they don’t care about you........If there’s a buck to made jacking up your mortgage, or asset-stripping the company you work for, privatising some local service you rely on or selling a publicly-owned amenity you enjoy, they won’t think twice. In fact, they won’t even think once. If they could figure out a way to sell your body from under you, they would. Then they’d get some business school shill to write an op-ed in the Wall Street Journal about how this was inevitable – and how, really, you should be grateful."