Debate Magazine

City AM Has Lucid Moment - Shock.

Posted on the 25 February 2019 by Markwadsworth @Mark_Wadsworth

City AM is normally a cheerleader for rent seekers everywhere, so today's editorial (second page of pdf) on Persimmon being "stripped of its right to participate in Help To Buy" is a remarkable turnaround:
However, the case of Fairburn was always uncomfortable - an executive compensation scheme imposed without a sensible cap, the folly of which was exposed when housebuilders' shares soared thank to a government policy that doped up the sector in a flawed bid to fix an affordability crisis. 

The aftermath appears even worse - a mega-rich boss whose company is accused of profiting from unfair leaseholds and shoddy workmanship. This is more like corporate cronyism than capitalism, and proponents of free, fair markets should call it out.


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