Tuesday, July 27, 2010

IPC to report on pubco progress

If pubcos had been running a balanced and sustainable business for the last twenty years they would not now have to be giving anything away.

As it is, if pubcos do not give quite a lot away right now - to rebalance the relationship with lessees so that average tenants can make a living - they are likely to have their license to print money taken away from them.

Pubcos are damned whichever way they look at it. And it's all their own fault for being too greedy and getting away with it for too long. Like fat fingered kids in an unsupervised tuck shop.

You kind of have to admire Brigid Simmonds' determination to use impressive language and firm words which are designed to obscure the reality...

'pubcos have made “determined progress” on their codes of practice.' Oh! WOW.

Dozens of well paid people in suits in various pubco towers right across the land have been sitting with Tippex and scissors editing and rewriting substantially meaningless drivel called 'codes of practice' which have been available for anyone to download from any pubco website (with BII stamped prominently in the corners) to make themselves feel better about signing a tied lease. Drivel which no one has ever been able to invoke against a badly behaved pubco because non of it is contractual or legally binding.

Crossing t's and dotting i's is 'determined progress' toward doing nothing more than fiddling while Rome burns.

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