When it was thought that our venerable banks were going to “fall prey” to private equity firms last December, there was uproar – I wrote about it here.
Yet, now that Waterford Wedgewood looks like its going to be “rescued” by those self same nasty private equity vultures, it suddenly becomes “an important step towards our key objective of maximising value for stakeholders”.
Unless of course, maximising the value for stakeholders (or shareholders) in the case of the Irish banks wasn’t the number one priority.
Anyway, I don’t know why we’re bothered. According to the AP, Waterford is a British “icon” – think Gazza and Jade Goody, rather than an Irish one.
Waterford Wedgwood, which employs around 7,700 worldwide, is the latest on a growing list of iconic British companies to succumb to the global economic slowdown and credit squeeze.