Thursday, June 11, 2009

Punch: We agree with many BEC points

It's window dressing unfortunately. There is so much to criticise here it's hard to know where to start. The working of their profit model bears no relation to reality. Ask any tied licensee.

Neither do any of the laudable statements from Mr Whiteside bear any relation to what will happen in reality. Roger may be committed to cultural change which leads to a massive shift of profit being left with tenants but, apart from the fact it is already way too late, his company will not do it. These companies are not capable of change from what they know, It is fundamentally against the nature of what they were set up to do.

Remember prior to BEC all the rhetoric Punch was pumping out telling the world they looked forward to the inquiry as it was an opportunity to prove 'how far we have come since 2004'.

What really comes out of this is a serious admission of long term serial wrongdoing by Punch from within. In a normal company it would be expected that heads should roll following such an admission. But, as we all know from long experience, this sort of expectation holds no truck with pubcos.

Time to take Greg Mulholland's advice and hand the keys back Giles.

No comments:

Post a Comment