chrisp65 Posted January 17, 2018 Share Posted January 17, 2018 On 1/16/2018 at 22:05, chrisp65 said: funny thing is, she paid the DUP a billion to save her own job On 1/16/2018 at 22:42, tonyh29 said: The money goes to NI doesn’t it ? sort of related to this David Young the Ireland Editor for the Press Association is reporting today that the proposed boundary changes in Norn Ireland have been 're-redrawn' and the latest proposal suggests the DUP would go from being expected to lose one seat, to potentially gaining an extra seat. probably an absolute coincidence 4 Link to comment Share on other sites More sharing options...
blandy Posted January 17, 2018 Author Moderator Share Posted January 17, 2018 2 hours ago, Risso said: I honestly don't know Pete. Being a bit of an accounts geek, I've looked at a few 'clawback and malus' provisions in various Plc accounts today, and most of them have that misstatement line in. Corporate Governance says that big companies have to have the provisions in their accounts, but the act doesn't prescribe what the triggers for clawback should be. It could be that "corporate failure" is just too wide a definition to have any chance of being legally enforceable? I mean, it's possible to think of circumstances where a company goes bust through no fault of the directors, and in that case would it be legal to strip them of their remuneration? Obviously that isn't the case with Carillion, but I would think that in general clawback might only be enforceable for actions that the directors themselves were responsible for, and if so, the 2015 accounts might just not have drafted it very well. Another point is, there are surely times when you'd want to take a bonus back, even if the company hadn't gone bust? If say the profits had been overstated and bonuses had been paid accordingly, you'd surely expect the bonuses to be paid back? If the only trigger is corporate failure, then theoretically the directors would be free to keep the cash. By putting the misstatement and fraud line in, I would think that would lead to more refunds than when companies go bust, albeit that very obviously isn't the case here. All fair comment. Ithinkthe niggle isn’t about the rules of the game in this case, rather than it’s about the apparent gaming of the rules. Link to comment Share on other sites More sharing options...
bickster Posted January 18, 2018 Moderator Share Posted January 18, 2018 2 hours ago, chrisp65 said: sort of related to this David Young the Ireland Editor for the Press Association is reporting today that the proposed boundary changes in Norn Ireland have been 're-redrawn' and the latest proposal suggests the DUP would go from being expected to lose one seat, to potentially gaining an extra seat. probably an absolute coincidence Just to confirm, I have two feet, (thread crossing but...) Link to comment Share on other sites More sharing options...
darrenm Posted January 18, 2018 Share Posted January 18, 2018 Seems a remarkably good ROI for this investment strategy. Pay £50k to the Tory party to get a seat at the dinner party, get told which businesses to short, make £7.6m from it. Genius. https://www.mirror.co.uk/news/politics/theresa-branded-total-hypocrite-trousering-11868280.amp "A register held by the Financial Conduct Authority states Naya held “short positions” in Carillion between 2015 and July 12, 2017 – two days after the construction giant issued its first profit warning. The drop in Carillion’s shares happened within days at the start of July. A Reuters report at the time claimed London firm Naya, founded in 2012 by former Goldman Sachs banker Masroor Siddiqui, made £7.6million. It made its donation to the Conservative Party on June 1 – exactly a week before the election" Link to comment Share on other sites More sharing options...
darrenm Posted January 20, 2018 Share Posted January 20, 2018 Yes this is terrifying 1 1 Link to comment Share on other sites More sharing options...
bickster Posted January 21, 2018 Moderator Share Posted January 21, 2018 16 hours ago, darrenm said: Yes this is terrifying Can they start with the £350 mil and any other bollocks promoted by certain members of the caninet Then move on to closing down The Heil and the Express 2 1 Link to comment Share on other sites More sharing options...
snowychap Posted January 21, 2018 Share Posted January 21, 2018 (edited) 24 minutes ago, bickster said: members of the caninet Dog-whistle politicians? Edited January 21, 2018 by snowychap 1 Link to comment Share on other sites More sharing options...
Xann Posted January 22, 2018 Share Posted January 22, 2018 Link to comment Share on other sites More sharing options...
darrenm Posted January 22, 2018 Share Posted January 22, 2018 Daily 'in any other time this would bring down the government' story https://www.theguardian.com/business/2018/jan/21/conflict-of-interests-rampant-in-firms-such-as-carillion-warns-labour Labour has warned that the crown representatives who are supposed to police public sector suppliers such as the failed construction company Carillion face potential conflicts of interest, as its own research showed that several hold external directorships and one is a Tory donor. A dossier produced by the party showed that the former admiral Sir Robert Walmsley, who is responsible to the taxpayer for monitoring the outsourcing multinational Serco, also sits on the board as senior independent director of two defence contractors, Ultra Electronics and Cohort plc. Daniel Green, the crown representative for the energy sector, is a Conservative donor who has given £330,000 to the party and £15,000 to Theresa May’s successful leadership campaign in 2016. His profile on the LinkedIn network says he is the chief executive of a private equity firm, Liquid Business. Link to comment Share on other sites More sharing options...
Xann Posted January 22, 2018 Share Posted January 22, 2018 Quote Across Britain, councils have been forced into costly and ineffective PFI contracts. Now many are breaking free. The era of “private good, public bad” is drawing to a close. Unshakeable faith in Margaret Thatcher’s privatisation creed is being killed off not just by counter-ideology, but by the sheer irrationality, expense and failure of so many private contracts. Carillion’s spectacular collapse makes big headlines, but out of the spotlight local councils, under extreme stress from cuts, are cancelling contracted-out services. Why? Because it saves them money and improves services. I have been talking to councils around the country where in-sourcing is how they best cope with savage budget reductions... Grauniad - Toynbee 3 Link to comment Share on other sites More sharing options...
Popular Post bickster Posted January 23, 2018 Moderator Popular Post Share Posted January 23, 2018 15 hours ago, Xann said: Grauniad - Toynbee Competitive Tendering it used to be called. Councils were allowed to bid for the work themselves but if someone came in with a lower price they had to outsource the contract. Just meant council payrolls dwindled and eventually the private companies pushed the prices up but the council had no workforce as such to tender with. It's a huge reason why Britain's roads are in such a shocking state, the cheapest quote gets the job. My Dad was an Assistant City Engineer back then, he said this would happen and he was right Its also linked to why tragedies like Grenfell happen, for the exact same reasons 5 Link to comment Share on other sites More sharing options...
Amsterdam_Neil_D Posted January 23, 2018 Share Posted January 23, 2018 2 hours ago, bickster said: Competitive Tendering it used to be called. Councils were allowed to bid for the work themselves but if someone came in with a lower price they had to outsource the contract. Just meant council payrolls dwindled and eventually the private companies pushed the prices up but the council had no workforce as such to tender with. It's a huge reason why Britain's roads are in such a shocking state, the cheapest quote gets the job. My Dad was an Assistant City Engineer back then, he said this would happen and he was right Its also linked to why tragedies like Grenfell happen, for the exact same reasons I don't know for sure but I am betting the roads in Knightsbridge do a lot better than the people in Grenfell for care and attention though ? 1 Link to comment Share on other sites More sharing options...
chrisp65 Posted January 23, 2018 Share Posted January 23, 2018 maybots 2 Link to comment Share on other sites More sharing options...
a m ole Posted January 23, 2018 Share Posted January 23, 2018 (edited) 19 minutes ago, chrisp65 said: maybots Difficult to pick out the real Theresa May at first but the pearls they gave the robot to make it seem more human are a bit of a giveaway. Edited January 23, 2018 by a m ole 1 Link to comment Share on other sites More sharing options...
chrisp65 Posted January 23, 2018 Share Posted January 23, 2018 you've got to ask who'd give her a pearl necklace in the first place Link to comment Share on other sites More sharing options...
a m ole Posted January 23, 2018 Share Posted January 23, 2018 24 minutes ago, chrisp65 said: you've got to ask who'd give her a pearl necklace in the first place This guys got sacks full! 2 1 Link to comment Share on other sites More sharing options...
NurembergVillan Posted January 23, 2018 Moderator Share Posted January 23, 2018 1 hour ago, a m ole said: This guys got sacks full! For a bonus point, which one is full of tenners and which one is full of poor people's heads? Link to comment Share on other sites More sharing options...
bickster Posted January 23, 2018 Moderator Share Posted January 23, 2018 13 minutes ago, NurembergVillan said: For a bonus point, which one is full of tenners and which one is full of poor people's heads? neither, ones full of strength the other is full of stability 2 Link to comment Share on other sites More sharing options...
Popular Post NurembergVillan Posted January 26, 2018 Moderator Popular Post Share Posted January 26, 2018 On 16/01/2018 at 21:53, peterms said: There was talk of a bailout the other day. It seems what was being discussed was bailing out the company and the banks to whom they owe money, not the innocent victims like the staff and the supply chain. The government should cover these debts, and recoup it at least in part by seizing all the personal assets of the directors (and probably the partners of the auditors as well). My Mom, who's 82, called me a couple of days ago. Her final job before retirement back in the late 90s and early 00s was with "the railway", working as a low level accounts and ledger clerk. Her final employer after things had changed hands was GTRM - GEC Tarmac Railway Maintenance. On the call to me, she was worried. She's received a letter saying that the pension scheme she'd paid into at GTRM was in part owned by Carillion. As such work was underway to ascertain if her pension was at risk, and they would be in contact again in due course. It's not a lot of money in the grand scheme of things. It pays enough per month for a couple of weeks worth of groceries. But it's her money. And money that my parents rely upon. Neither of them earned much during their working years, but what they did earn they were careful with. They've put enough aside to be able to live now, but not enough that they can afford to lose any of it. She's been telling me for years to put more into my pension funds as I won't be able to rely on the government when I retire. Turns out you can't trust the private pension schemes that much either. I'll be absolutely fuming if that money is stolen away from her. Fuming. I'll also be a couple of hundred quid a month lighter myself, as it'll need replacing somehow. Sticky-fingered, corporate cum-flingers. 6 Link to comment Share on other sites More sharing options...
Popular Post chrisp65 Posted January 26, 2018 Popular Post Share Posted January 26, 2018 1 hour ago, NurembergVillan said: I'll be absolutely fuming if that money is stolen away from her. A few of us on here believe it only fair and reasonable that the directors pay themselves a few millions in bonuses ahead of worrying about little people like your mom. Personally, I'm fuming on her behalf. 3 2 Link to comment Share on other sites More sharing options...
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