Hartlepool MP Iain Wright says the collapse of BHS tells a "sorry and tragic story".
A damning MPs' report found Sir Philip Green, the billionaire former owner of BHS, extracted large sums and left the business on "life support".
Mr Wright, the chairman of the Business Committee, has spoken out about the doomed retailer in a column for the Daily Mirror.
In it, he said: "Our damning report into the collapse of BHS tells a sorry and tragic story. The actions of greedy people have left a stain on the reputation of British business.
"Decent businessmen and women will be shocked at what has happened, and angry at the way in which this saga unfairly tarnishes their reputation, as if all businesses are run like this.
"They're not. Fatcat businessmen lined their pockets while board members neglected their duties at the expense of ordinary BHS employees, past and present."
He goes on to say that Sir Philip and Dominic Chappell, who bought the business from him, were only concerned with their own bank balances.
Mr Wright also says that newspapers should be "applauded" for the way they have stuck up for the people on the shop floor and "called out the incompetence at boardroom level".
He added: "Just a few weeks on from his rude, unprofessional and bad-tempered appearance at our inquiry, Sir Philip has been pictured on board his multi-million pound super-yacht.
"Back in Britain, the demise of BHS has left a trail of destruction of job losses, squeezed pensions and uncertain futures for companies."