Gordon’s ghost

This is bullshit:

David Cameron will fly to Aberdeen on Thursday to announce a £250m package to prop up the North Sea oil industry, the first stage of an infrastructure investment for the city.

The prime minister will promise a new “oil and gas technology centre” in Aberdeen to fund future research, including into innovative ways to extract oil and gas.

His visit comes as the North Sea struggles against slumping oil prices, which have left many of its companies facing big losses. The industry is seeking £3bn in funding.

The last 10 years has seen Aberdeen’s wealth grow exponentially to the point that it became the most expensive city in the UK for house prices outside of London and a large portion of its residents became very wealthy with more than a few becoming staggeringly so.  A cruise past the offices of the oil and gas companies, the engineering companies, and service providers would show the car parks full of Audis, BMWs, Mercedes, Porsches, Jags, and Bentleys, enabled by soaring wages and full employment of those who work in the oil industry.

And now they need a bailout?  Fuck them.

They’ve made the same mistake as Gordon Brown when he infamously declared that he’d abolished boom-and-bust: he thought the good times were here to stay and he could go on spending money with gay abandon.

These companies that are now seeking £3bn in funding – which will be paid for in part by the taxation of British people working minimum wage jobs – ought to have managed their affairs taking into account the cyclical nature of the industry and implemented sensible reforms and sound business practices during the boom instead of feathering their own nests, bloating their office overheads, and lording it over everybody else as deeply unintelligent individuals found themselves presiding over multi-million dollar enterprises that their mate happened to own.

As I said: fuck them.

The companies should be allowed to go bust: directors, managers, and employees can remortgage their houses if they want to keep them going, but they shouldn’t be given a red cent of taxpayers’ money.  Inevitably some innocent workers will find themselves in financial strife while their former directors and managers retire into the sunset, but this is the regrettable and unavoidable consequence of people having believed the good times would never end and putting their faith in chancers and incompetents who ought to have been hounded out of the industry at the end of a long, sharp, pike.  If this lesson can get learned, and learned well, then it will be worth it.

“I hear ya.”


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