Mannerisms

Fourteen years ago the private equity people were described as 'barbarians' in a famous book by Burrough and Helyar (Barbarians at the Gate).

In their sorties into buying up British companies like the AA, they have lived up to the description, not only because of their business practices but because of their conduct.

Their conduct boils down to lack of transparency, lack of an acceptance of accountability, and a lack of social responsibility.

While it's OK, if unattractive, to say: 'My sole objective is to make money', it's not OK if you seek to attain that objective by taking control over the livelihoods of thousands of people and treating them badly.

The private equity people come across as swaggering, arrogant pirates. That's not illegal, but the odd thing about them is that they don't try to soften that image. They even seem proud of it.

There are bound to be such people but, in a modern advanced society, they should be treated with caution and carefully controlled.

The private equity people are saying they have huge funds to invest, and will be back next year when asset prices may be lower, and they can buy up even more of our companies.

'I'll be back' has always been the cry of the beaten bully.