Who’s going to be on the fucking profit committee?

From the comments:

I happen to do a little work for a company started by a South African (now a billionaire, but had fuck all but brains when he started). He bought a British company and pitched up at a board meeting (chaired by a peer) where they were discussing which particular knob should be on the ethics committee or the audit committee. His contribution was “who’s going to be on the fucking profit committee?”

Important question that one really.

14 thoughts on “Who’s going to be on the fucking profit committee?”

  1. Profits are sinful. The purpose of a company is to pay taxes, and work for social justice. This is the purpose of the economy in a Progressive society.

  2. If he had been British he might have known that everyone there was on the profit committee – it’s called the Board of Directors.

  3. So Much For Subtlety

    john77 – “If he had been British he might have known that everyone there was on the profit committee – it’s called the Board of Directors.”

    Too many of them seem to think they are a Remuneration Committee. Which is I think his point.

  4. ” Mr. Cromwell, Teldar Paper has 33 different vice presidents each earning over 200 thousand dollars a year. Now, I have spent the last two months analyzing what all these guys do, and I still can’t figure it out. One thing I do know is that our paper company lost 110 million dollars last year, and I’ll bet that half of that was spent in all the paperwork going back and forth between all these vice presidents.”

    Gordon Gekko

  5. Reminds me of a program I saw about Canterbury. They had a Dean for the gift shop, a Dean for the caff, a Dean for the roof fund, but no one seemed to be about God.

  6. You eem to have got things wrong.
    The committee must be suitably diverse- Females of assorted ethnicites and sexualities must be paramount. Next other ethnics and of course the religion of peace in all varietes.
    Sordid profits are irrelevant. The government will always support a properly shaped business.

  7. just as an aside, getting back to the fons et origo of this thread – the 3% number comes from Prem Sikka doesn’t it? Amazing how much credence can be given by the faithful to a statement that basically says “if I divide the tax they paid by a number I HAVE JUST MADE UP, the answer is 3%. THIS IS AN OUTRAGE”

  8. Prem Sikka is a “Professor of Accounting” – WTF? How can you be a ‘professor’ of double entry bookkeeping, something that can easily be explained to an intelligent 11-year-old? Once you’ve learned that “debits go in the column nearest the window”, what else is there?

  9. Pingback: Roundup | The Oilfield Expat

  10. Almost the only thing I remember from my MBA accounting classes (30 years ago) was the statement from the (Oz) lecturer that “profit is an accountant’s fiction”. And he went on to prove it!
    Of course, you’ve got to get the right degree of plausible deniability in your fiction, so you need profs to teach how to do it and not get caught.

  11. Many years ago had to interview candidates for an accountant job, the ones with accounting degrees had a very poor grasp of both technical and practical skills compared to those that had professional qualifications. At the end of it my colleague and me were both puzzled as to what the hell they spent 3 years learning.

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