Directors at collapsed engineering giant Carillion were too busy "stuffing their mouths with gold" to worry about the workers and should face the possibility of disqualification, according to a scathing report by MPs.
Frank Field, chair of the Work and Pensions Committee and MP for Birkenhead, added: "Same old story". Both need a change of culture and outlook, the MPs said.
He added: "Government urgently needs to come to Parliament with radical reforms to our creaking system of corporate accountability". In it, government is accused of lacking "decisiveness or bravery" whilst Carillion's directors are described as "delusional" and "shysters". "Their colossal failure as managers meant they effectively pressed the self-destruct button on the company".
Its auditors and consultants also came under fire: Deloitte, KPMG, PWC and EY are described as a "cosy club incapable of providing the degree of independent challenge needed". They are guilty of failing to tackle the crisis at Carillion, failing to insist the company paint a true picture of its crippling financial problems.
Big Four accountancy firms "waved through" Carillion sign-offs, MPs claimed.
They said Ernst & Young was paid £10.8m for "six months of failed turnaround advice", while Deloitte received £10m to be Carillion's internal auditor, but was either "unable or unwilling" to identify failings in financial controls, or "too readily ignored them".
It employed 43,000 people, about 20,000 of them in the United Kingdom, thousands of whom have lost their jobs.
Adam's sale of £776,000 shares shortly before Carillion's collapse "were the actions of a man who knew exactly where the company was heading once it was no longer propped up by his accounting tricks", the report says.
"And when we had the directors in front of our Select Committee, they seemed to be in total denial about what happened to their company. I look forward to contributing to the due process and conclusion of the various investigations that are still ongoing".
Carillion employed thousands of people on cleaning and catering contracts nationwide
Drawn up jointly by MPs from the Work and Pensions and Business committees, the report is one of the most strongly worded ever produced by MPs.
The report warns that without corporate governance reforms, a collapse on the scale of Carillion could happen again.
One of the most shocking findings is that Carillion's directors focused on bonus pay-outs to senior executives even as the firm teetered on the brink of collapse.
Following the collapse of the firm, £150m was made available by the government to support the insolvency in 2017-18, as well as an unquantified contingent liability to indemnify the Official Receiver, and public services have been largely unaffected by the firm's closure, with some provision, such as construction of the HS2 rail lines, moving to partner firms in joint ventures and other aspects, such as prison maintenance, being taken in house by government. The plans we put in place have ensured this.
"The Government wants to see a strong and varied supplier base where companies of all sizes benefit from long term and stable Government contracts". Measures taken to improve the business environment, such as the code for prompt payment of suppliers, have proved "wholly ineffective".
She says: "We are now a very different organisation; we are clearer about what we expect, quicker to intervene and tougher on those who do not act in the interest of members".
Ms Reeves told the BBC that the four providing auditing services for virtually every listed company. Carillion went into liquidation in January 2018 with liabilities of almost £7bn, including a £2.6bn pension deficit and around £2bn owed to suppliers, sub-contractors and other short-term creditors.
These were "lucrative fees", said the report. "It's time for that whole rotten culture of corporate greed to be swept away for good".