Carillion: Joint Report of the Business, Energy and Industrial Strategy and Work and Pensions Committees

Parliamentary investigation into Carillion's collapse documenting aggressive accounting, underbidding on contracts, £2 billion owed to 30,000 suppliers, and governance failures. Concludes directors displayed 'recklessness, hubris and greed.'

Carillion exemplifies extinction through overextension during benign conditions. The company optimized perfectly for low interest rates, government spending, and lax oversight - then collapsed within six months when those conditions reversed. The parliamentary report provides authoritative documentation of the extinction vortex from profit warning to liquidation.