He tells Planet Rock: "Record companies were a gift from heaven. Yeah, they're greedy, but they wanna make money just like you do. But they gave you money - millions. And if it wasn't for record companies, there'd be no Sex Pistols, there'd be no punk, there'd be no nothing. There would be punk, but it would be in a small club. It would never become huge.

"Record companies gave bands money that they never had to pay back. If the band failed and the records were a complete disaster, the advance money was all yours. What other business would give you that? If you go to a bank and they give you a million dollars, and your business goes under, they don't care it failed - they want their money back."