Carillion another gov bail out?

[Anna B 1,417]

I would go further and say no bonuses until its met All its financial responsibilities

 

Absolutely. But this is the result of years of deregulated, unfettered, 'light touch' business and banking. The chickens are finally coming home to roost, and what a mess we're in....

[Obelix 11]

I refer you to my previous post Anna.

 

It's a company that went bust. It's hardly some seismic shift. It happens more or less every day. It just happens to be a larger one than normal.

[Naive 10]

So basically no change from status quo then?

 

So, how do firms like Carrilion, or Tata/Thyssen get away with virtually bankrupting their pension schemes whilst paying huge bonuses and ridiculously generous severance packages for executives?

[Obelix 11]

So, how do firms like Carrilion, or Tata/Thyssen get away with virtually bankrupting their pension schemes whilst paying huge bonuses and ridiculously generous severance packages for executives?

 

In case you hadnt noticed carillion hasnt got away with it - they went bust!

[ez8004 10]

So, how do firms like Carrilion, or Tata/Thyssen get away with virtually bankrupting their pension schemes whilst paying huge bonuses and ridiculously generous severance packages for executives?

 

All pensions are protected. So what is the issue with pensions exactly?

 

I have a very sizeable pension pot with British Steel and there was no way I was going to let them continue handling the pot. I decided to take a 10% hit and let it drop into the PPF.

 

The PPF has a surplus of £6bn. Even with the Carillion pensions transferring over, it is still very easily manageable.

[Naive 10]

In case you hadnt noticed carillion hasnt got away with it - they went bust!

 

The company went bust.

 

The very well remunerated executives, on the other hand, did not. They have been handsomely rewarded for failing and adversely affecting the lives of thousands of people.

 

The pension fund is in deficit. Undeserved bonuses have been paid in full.

 

Or, perhaps you didn’t notice that bit:rolleyes:

 

---------- Post added 16-01-2018 at 00:15 ----------

 

All pensions are protected. So what is the issue with pensions exactly?

 

.

 

Very simple.

 

The people paying in are not going to get what they paid for.

 

Meanwhile, a few rich blokes have wandered off with that money. Money that my kids now have to pay back.

Edited January 16, 2018 by Naive

[Anna B 1,417]

I refer you to my previous post Anna.

 

It's a company that went bust. It's hardly some seismic shift. It happens more or less every day. It just happens to be a larger one than normal.

 

As Jeremy Corbyn says, it's a watershed moment. Things have to change.

[I1L2T3 10]

I refer you to my previous post Anna.

 

It's a company that went bust. It's hardly some seismic shift. It happens more or less every day. It just happens to be a larger one than normal.

 

It is/was a flagship for PPP

 

Highly significant

[Obelix 11]

The company went bust.

 

The very well remunerated executives, on the other hand, did not. They have been handsomely rewarded for failing and adversely affecting the lives of thousands of people.

 

The pension fund is in deficit. Undeserved bonuses have been paid in full.

 

Or, perhaps you didn’t notice that bit:rolleyes:

 

---------- Post added 16-01-2018 at 00:15 ----------

 

 

Very simple.

 

The people paying in are not going to get what they paid for.

 

Meanwhile, a few rich blokes have wandered off with that money. Money that my kids now have to pay back.

 

Serious question. Do you understand what a pension fund in defecit is? It's often touted about by the red ragtop media as being something important but do you really understand what it is.

 

As for your kids paying it back please. The whole point of a company going bust is that your kids wont have to pay for it. The PFI contracts are underwriten by senior debt - they will get recovered first and the rest will just be handed to anther company, or the relevant workforce will get tuped over to the new contractor.

 

Isn't it weird how the left wlawys whine like hell about the banks being bailed out, yet as soon as something like this come along theres a mad frantic scramble to save it.

 

Oh yeah. Bank workers dont vote Labour do they. Funny that.

Edited January 16, 2018 by Obelix

[Cyclone 10]

I guess that explains why the tories did save the banks though, bank executives do vote conservative? And they give out board positions to ex MPs who helped them out in the past.

 

---------- Post added 16-01-2018 at 07:31 ----------

 

In case you hadnt noticed carillion hasnt got away with it - they went bust!

 

It's not that simple though is it

 

http://www.independent.co.uk/news/uk/politics/carillion-collapse-bonuses-investigation-inquiry-liquidation-government-outsourcing-a8160946.html

 

Carillion bosses face an investigation into a “shameful” bid to protect their bonuses before the firm went bust, with the company’s collapse now threatening to turn into a major corporate scandal.

 

The pension scheme is massively in arrears, but the directors were attempting to extract more money for themselves before declaring the company bust.

 

(Knowingly) Under funding a pension scheme should be a criminal offence.

[Obelix 11]

I guess that explains why the tories did save the banks though, bank executives do vote conservative? And they give out board positions to ex MPs who helped them out in the past.

 

---------- Post added 16-01-2018 at 07:31 ----------

 

 

It's not that simple though is it

 

http://www.independent.co.uk/news/uk/politics/carillion-collapse-bonuses-investigation-inquiry-liquidation-government-outsourcing-a8160946.html

 

 

 

The pension scheme is massively in arrears, but the directors were attempting to extract more money for themselves before declaring the company bust.

 

(Knowingly) Under funding a pension scheme should be a criminal offence.

 

Arrears or a deficit? They are rather different things.....

[iansheff 88]

These three didn't do too badly out of Carillion.

 

CEO Richard Howson will carry on getting paid a £660,000 salary and £28,000 in benefits until October despite Carillion’s collapse.

 

Former finance director Richard Adam, who retired at the end of 2016, earned £6.6million in pay, bonuses and pension rewards since 2009.

 

Chairman Philip Green has collected more than £500,000 since taking over in 2014.