ALEX BRUMMER: John McDonnell is a wolf in sheep's clothing with absurd economic ideas

Wolf in sheep's clothing: Shadow Chancellor John McDonnell would damage the economy

Senior civil servants are precious about sharing personal views. Freed from this convention, former treasury of the Treasury Lord Nick Macpherson can withdraw and describes the most important nationalization policy of Labor as & # 39; corrosive & # 39 ;.

The behavior of the privatized utilities was scandalous.

The water companies have passed billions in dividends that should have fallen into clean water, not the pockets of overseas buccaneers.

Wolf in sheep's clothing: Shadow Chancellor John McDonnell would damage the economy

Wolf in sheep's clothing: Shadow Chancellor John McDonnell would damage the economy

The railways have produced nothing but higher prices, rotten service and missed deadlines for modernization.

And the energy companies have opted for the rocket-and-ferry approach to setting tariffs, the rapid raising of tariffs when wholesale prices are rising and they hardly decrease when prices fall.

The reaction of shadow chancellor John McDonnell is public property. But that can never be the right answer.

Macpherson wants to see Post-Brexit UK maintain the state aid regime that puts a lid on the government subsidy for companies.

An unwanted legacy of the financial crisis was the long-term support of RBS and the way low interest rates made it possible for zombie companies to continue, including that of the owner of unscrupulous private equity players.

The case against nationalization is that ministers are not good at managing themselves, let alone big companies. When it comes to big decisions about ending strikes, investments and firing people, they will never make the right choice.

The answer is not the Marxist nationalization of McDonnell, but the strict regulations. It is not impossible. Sharon White at Ofcom has called BT & # 39; s Openreach to account and is almost certainly partly responsible for the departure of Gavin Patterson as chief.

In the light of the nationalization threat, the water companies try to clean up their act, close the foothills of Cayman Island and clean up their sub-registers. Macpherson says he is a big McDonnell fan. You can not possibly think why.

The shadow chancellor is a wolf in sheep's clothing, with ridiculous economic ideas. The damage that he would cause to the economy by nationalization, the flexible labor market of Great Britain and high taxes, does not have to be forgotten.

Bad sport

Mike Ashley from Sports Direct is Britain's most enigmatic entrepreneur. He has ruined Great Britain's most elegant sports store Lillywhites, making it a flea market, but he does want to say that he wants to turn House of Fraser into the Harrods of the High Street & # 39 ;.

He challenged the corporate governance missions by refusing to take part in his chair Keith Hellawell and the long-standing non-executive director Simon Bentley. Then he left their services on the day of the annual meeting.

He says he will not attend the meeting in Soho and then appears. Bentley reveals that the board has talked about buying all Debenhams, after which the company denies it.

Ashley accepts the cloak of Sir Philip Green as the so-called Savior of the High Street. The big difference is that Ashley runs a public limited company so that shareholders and advisory groups can call him to account. The new chairman David Daly, a former executive of Nike, may look very good, but if he is strong enough to curb Ashley's excesses, such as love deals for family members, is unknown.

If confidence in Sports Direct is to be restored, a robust chairman is needed who keeps the shareholders informed and eventually dismisses the chief executive – even with 61% of the shares.

Until that time it is best to give shares in Sports Direct a spacious berth.

Egos unleashed

JP Morgan has a long history of playing a central role in times of financial turmoil.

Chairman Jamie Dimon followed in this tradition during the financial crisis and absorbed rival merchant bank Bear Stearns and retail bank Washington Mutual.

It was anything but supple and JP Morgan eventually paid £ 10.7 billion in fines in connection with the previous behavior of the stored banks.

Dimon plans to step back from the day-to-day operations and hands over the power to co-presidents Gordon Smith and Daniel Pinto, leaving him with room for the American president. He joins a list of bosses, including the founder of Starbucks, Howard Schultz and Michael Bloomberg, who think they have a chance.

After Trump everything is possible – but voters may think that a dealmaker is enough.

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