Demise of The Co-operative Group / Part 5 - The Trust
Throughout all of the foregoing, there is a constant, mollifying sub-text being trotted out and re-emphasised at every opportunity by our newly non-elected leaders and betters.
“Trust us….” “We know what we're doing (better than you ever did).” “We have the organisation's and your best interests at heart.” “You may not understand what we're doing, but you needn't trouble your pretty little heads.” “All your fears and concerns are safe with us.”
The fact that trusting senior executives and “professional” “independent” advisers was what got us into this insufferable mire in the first place doesn't appear to figure in this sub-textual messaging. The very type and “calibre” of person being foisted upon us now is, at one and the same time, castigating and condemning us for having trusted their ilk previously and for not trusting their ilk now.
We shouldn't have to trust them.
We should have contracts in place which require them to do their jobs (including not exceeding their competence and authority by interfering with our democracy) and require us to sue their arses if they don't.
Toshiba has just announced enormous losses arising out of an accounting black hole of $1.3 billion accumulated over several years of senior management subterfuge. Is anyone suggesting the shareholders are to blame?
Glencore's CEO has recently misinterpreted the company's debt to the extent that dividends are suspended and more than $7 billion in recapitalisation is required. Have the shareholders been pilloried?
Even closer to home, Tesco has been selling off assets left right and centre to “restore the balance sheet”. Nobody is talking about “trust us”.
In all these situations, executive arses are being kicked to kingdom come.
Why are we not doing the same?
tbc / Part 6 - The Implications
....to be continued.
Does any of this matter?
© 2015 Deacon Martin
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