This rampant greed is a gift for Corbyn

IT hardly needs saying that this newspaper is an ardent champion of capitalism.

Society has not come up with a more successful way of sharing prosperity among the greatest numbers.

So we have no quibble with business leaders who create wealth, jobs, profits and tax revenues being handsomely rewarded.

But the public rightly finds it repugnant when directors pocket obscene amounts for performance which is downright poor.

Today, we highlight three cases of arrogant firms showing utter contempt for consumers from whom they’ve generated fortunes.

First, the abhorrent crisis involving Neil Woodford, a multi-millionaire boasting mansions and sports cars. Countless savers in Middle England invested with the star fund manager to build nest eggs.

But his stock picks bombed, turning their precious retirement pots to dust. Yet sickeningly, he has continued to rake in millions in management fees even as his empire collapses – profiting from their pain.

Next, Barclays faces a humiliating Commons probe for banning account holders from withdrawing money from post offices.

Scandalously, the bank reneged on this agreement after closing hundreds of branches and cashpoints – leaving loyal customers, often elderly in rural areas, high and dry. But has chief executive Jes Staley suffered? No... he’s trousered £11.7million.

Last but not least, Thomas Cook bosses are refusing to shoulder blame for the spectacular collapse of the world’s oldest travel company. With cavalier disregard for stranded holidaymakers and unemployed staff, they have loaded their suitcases with eye-watering salaries and bonuses.

We warn respectfully that business breaks its contract of trust with the fair-minded masses at its peril. Too frequently this pact has been shredded by greedy, incompetent executives who couple avarice with a shameful refusal to meet social responsibilities.

Such egregious derision for customers and investors gives capitalism a dreadful name – and hands Jeremy Corbyn a powerful cosh to pummel those who believe in the virtues of a free-market economy.