Jon Moulton, long-time Tory party donor till 2012 when he absconded to UKIP, owner of the private equity company Better Capital (sic!) that controls City Link, perfectly portrays how capitalists like him, when the going gets rough, abandon all sense of responsibility towards the 2,760 workers losing their jobs because of his managerial incompetence, transfer even basic redundancy rights to be managed and funded by the taxpayers, and used a secured loan as investment to ensure that if the company collapsed he would rank ahead of staff when the proceeds from the liquidation came to be distributed. As a result he now expects to screw off £20m from the liquidation whilst leaving nearly 3,000 workers high and dry. This is a modern form of private equity asset-stripping. Continue reading →