Reggie Perrin Posted January 16, 2018 Share Posted January 16, 2018 10 hours ago, Cardinal Richelieu said: Nah. Bought them a few months back when they were in free-fall. Without wanting to sound like Theo Paphitis, it was a bit of a punt so I won't be homeless if the share's end up worthless. I also sold all my William Hill shares due to the imminent gambling review and the limitation on the FOBT cash cows. They've been on the up since the second I clicked the SELL button. Not sure I'm cut out for this malarkey Be proud! You are obviously not capitalist scum. Link to comment Share on other sites More sharing options...
Scary Bear Posted January 16, 2018 Share Posted January 16, 2018 I think that was Brookfield Multiplex. A vulture of a company who I despise as well. I believe Carillion are responsible for some of the FM tasks at the ‘Death Star’ hospital. Link to comment Share on other sites More sharing options...
MEADOWXI Posted January 16, 2018 Share Posted January 16, 2018 Whilst hard to be shocked by another collapse, empty pension fund and all, The forethought of greed that went into ensuring the board protected the bonuses they have been paid, but clearly didn't deserve as they were losing money, https://www.theguardian.com/business/2018/jan/15/carillion-highly-inappropriate-pay-packets-criticised “There are some worrying signs. The relaxation of clawback conditions for executive bonuses in 2016 appears in retrospect to be highly inappropriate. It does no good to the reputation of UK business when top managers appear to benefit in spite of the collapse of the organisations that they are responsible for.” His comments on clawback refer to a change in the company’s pay policy made in 2016 that limited the criteria under which the company could demand the repayment of executive bonuses. Previously the firm could ask for cash back if the business went bust but the revised policy said it could only do so in the event of gross misconduct or if the financial results had been misstated. Corporate greed at it's worst. Link to comment Share on other sites More sharing options...
strichener Posted January 16, 2018 Share Posted January 16, 2018 31 minutes ago, MEADOWXI said: Whilst hard to be shocked by another collapse, empty pension fund and all, The forethought of greed that went into ensuring the board protected the bonuses they have been paid, but clearly didn't deserve as they were losing money, https://www.theguardian.com/business/2018/jan/15/carillion-highly-inappropriate-pay-packets-criticised “There are some worrying signs. The relaxation of clawback conditions for executive bonuses in 2016 appears in retrospect to be highly inappropriate. It does no good to the reputation of UK business when top managers appear to benefit in spite of the collapse of the organisations that they are responsible for.” His comments on clawback refer to a change in the company’s pay policy made in 2016 that limited the criteria under which the company could demand the repayment of executive bonuses. Previously the firm could ask for cash back if the business went bust but the revised policy said it could only do so in the event of gross misconduct or if the financial results had been misstated. Corporate greed at it's worst. I think when the inevitable investigation into this company is completed there may well be the opportunity to claw back even under the current provisions. Link to comment Share on other sites More sharing options...
MEADOWXI Posted January 16, 2018 Share Posted January 16, 2018 2 hours ago, strichener said: I think when the inevitable investigation into this company is completed there may well be the opportunity to claw back even under the current provisions. http://www.bbc.com/news/business-42703549 Looks like they getting investigated ASAP. The sums they were getting paid, and are due to be still paid, are stunning considering it was a loss making company. Link to comment Share on other sites More sharing options...
ICTChris Posted January 16, 2018 Share Posted January 16, 2018 Here’s a good FT article on the collapse https://www.ft.com/content/a4dd80be-f9f1-11e7-a492-2c9be7f3120aFor all the talk of billions of pounds on these contracts their profit margins were tight and they ended up chasing new work to pay their liabilities. Link to comment Share on other sites More sharing options...
sophia Posted January 16, 2018 Share Posted January 16, 2018 41 minutes ago, ICTChris said: For all the talk of billions of pounds on these contracts their profit margins were tight and they ended up chasing new work to pay their liabilities. This is not really news though is it. The way some sectors choose to culturally behave is disgusting. The thing is, it seems to be encouraged by an elite who serve only themselves. The chance to robustly and fairly set our national procurement strategies might seem like a strange driver for looking after ourselves, but I think it is a very important one. Link to comment Share on other sites More sharing options...
The_Kincardine Posted January 16, 2018 Share Posted January 16, 2018 On 1/15/2018 at 18:51, Granny Danger said: Sadly this type of corporate greed and corruption will all be forgotten in a couple of months and won’t become an issue again until another company does the same. There are a fair few fake companies like Carillion just waiting in the wings. Capita is likely to be next. On 1/15/2018 at 19:04, Cerberus said: Corbyn should be all over this like a fat guy at a Pizza Hut buffet. Why? These fools are largely the creation of Blair and Brown with their determination to offload government accounts from the balance sheet. Fake companies and fake accounting is very much the Labour way. Link to comment Share on other sites More sharing options...
sophia Posted January 16, 2018 Share Posted January 16, 2018 4 minutes ago, The_Kincardine said: There are a fair few fake companies like Carillion just waiting in the wings. Capita is likely to be next. Why? These fools are largely the creation of Blair and Brown with their determination to offload government accounts from the balance sheet. Fake companies and fake accounting is very much the Labour way. If not Labour, if not the conservatives, who do you think will bring this chicanery to an end? Link to comment Share on other sites More sharing options...
The_Kincardine Posted January 16, 2018 Share Posted January 16, 2018 7 minutes ago, Melanius Mullarkey said: Doubt Crapita will go. They're so far into the trough, they are the trough. Carillion only helped build the trough. Capita is still operating on wafer-thin margins and only exists by dint of the Blair and Brown model of siphoning government money from the tax payer to private shareholders. Link to comment Share on other sites More sharing options...
welshbairn Posted January 16, 2018 Share Posted January 16, 2018 Is it normal pitch to aim a huge building project at 3% profit? I'd have thought there would be too many variables to give a decent prospect of returns at those margins. Link to comment Share on other sites More sharing options...
The_Kincardine Posted January 16, 2018 Share Posted January 16, 2018 6 minutes ago, sophia said: If not Labour, if not the conservatives, who do you think will bring this chicanery to an end? If I had an answer to that then I'd be PM (and that would be popular of P&B). The current Tory leadership are fucking useless and a general embarrassment. However, we're due an economic 'correction' after about 7 years of general business growth with wage stagnation so I expect a 'concomitant' political shake-out as absolutely no one is watching the economy. Certainly not the buffoons of May, Boris and the wee Gove shite. A couple of rocky economic years before 'someone' decides that building business is a good idea again? Link to comment Share on other sites More sharing options...
welshbairn Posted January 16, 2018 Share Posted January 16, 2018 1 minute ago, Melanius Mullarkey said: Contractors pitch in with low profits to win work then try to scam the client etc on contractual issues. So a mate tells me. Is that your substandard concrete in an earthquake zone mate? Link to comment Share on other sites More sharing options...
The_Kincardine Posted January 16, 2018 Share Posted January 16, 2018 4 minutes ago, Melanius Mullarkey said: Contractors pitch in with low profits to win work then try to scam the client etc on contractual issues. This is true. There's also a massive food-chain of consultants>prime contractors>secondary contractors>main suppliers>subsidiary suppliers> ad infinitum. The numbers of snouts in the trough and the the barriers to good business practice would amaze many. Link to comment Share on other sites More sharing options...
ICTJohnboy Posted January 16, 2018 Share Posted January 16, 2018 I regard it as an utter obscenity that Michael Gove has emerged to assure the nation that : "No stone will be left unturned" in the fast track inquiry the government are going to launch into this unholy mess. Link to comment Share on other sites More sharing options...
Honest_Man#1 Posted January 17, 2018 Share Posted January 17, 2018 11 hours ago, Melanius Mullarkey said: Contractors pitch in with low profits to win work then try to scam the client etc on contractual issues. So a mate tells me. It's also very difficult to win any work without bidding extremely low now, so most companies will pitch at a ridiculous level that will likely in the end give them little/no profits (as the budgeted spend always goes over unless corners are cut) and then try to make it back through doing extra works after the main projects are complete. Link to comment Share on other sites More sharing options...
Jacksgranda Posted January 17, 2018 Share Posted January 17, 2018 12 hours ago, Melanius Mullarkey said: Doubt Crapita will go. They're so far into the trough, they are the trough. Carillion only helped build the trough. While the rest of us fill the trough for them. Trebles all round! (Except for the trough fillers, of course.) Link to comment Share on other sites More sharing options...
Jacksgranda Posted January 17, 2018 Share Posted January 17, 2018 12 hours ago, Melanius Mullarkey said: Contractors pitch in with low profits to win work then try to scam the client etc on contractual issues. So a mate tells me. "Claim for legitimate extras, shirley?" Link to comment Share on other sites More sharing options...
L. Brilliant Posted January 17, 2018 Share Posted January 17, 2018 Nationalise everything Link to comment Share on other sites More sharing options...
Scary Bear Posted January 18, 2018 Share Posted January 18, 2018 There’s an Official Receiver. Never heard of this before.Hope they don’t get stiffed. Link to comment Share on other sites More sharing options...
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