As the news filters through that G4S’s failure to fulfil its Olympic Games contract will cost the company about £50m, it is bizarre that Neil Woodford, an investment manager at shareholder Invesco Perpetual, should vent his anger at the House of Commons select committee that dared to give the failing firm’s CEO a dressing down. Woodford reckons the private sector might be put off doing business with government.
G4S’s failure threatened the security of the Olympic Games and disrupted the army to such an extent it may take two years to recover. Yet Woodford appears to be most embarrassed that G4S chief executive Nick Buckles might have been humiliated by MPs who had every right to humiliate him.
Clearly, Woodford needs to grow up. He should be more concerned about Tory ministers losing their pro-private sector prejudices; that’s a much graver threat to his dividend.