It looks like Interserve may be in a spot of bother as well.
Its just a *ing revolving door/gravy train. And the directors of Carillon (like the bankers before them, post-crash) will just wander off into the sunset, to milk it in their next appointment, with no personal consequences whatsoever.
Meanwhile I wonder just how many people in our wonderful gig economy are already now out of work, and how many small businesses are presently having desperate, emergency meetings to see if they can possibly weather these now forever-unpaid invoices, knowing they probably can't
As someone who's been in the latter position, it absolutely boils my *ing piss that these parasites essentially possess the financial equivalent of diplomatic immunity, and can just do what the hell they like with total impunity, no matter the extent of the wreckage and human misery they leave in their wake!
Because thats what it boils down too. Small businesses will go to the wall. People will lose their houses. They'll lose everything. People will commit suicide due to the stress and desperation.
And this shower of ****s will still be getting their huge salaries until October, and we all know full-well there will be no sanction and they'll retain their huge bonuses for failure. They'll just carry on like nothing ever happened! Completely unaffected, while the 'little people' pick up the pieces
Same old, same old.....
I thought apprentices had the same employment rights as other staff?
The rest of the staff with under two years employment have exactly the same rights, ie. none
Thanks tories
Meanwhile I wonder just how many people in our wonderful gig economy are already now out of work,
BBC Scotland news had an interview with a small business owner last night. He was owed nearly £1m, all on months of payment terms.
He was stood in front two empty desks, and when asked 'what is the impact going to be?' he stated that the lady leaving upset when the film crew arrived was one the two he had let go that morning, with more to go... 😥
I hear Maybot is getting a well deserved kicking in PMQ...
Surprised she bothered turning up TBH.
Oh, it’s because she’s pledging Corporate Responsibility guidelines the Tories put in place, that mean absolutely the square root of wasted ink.
who jumped ship after the last profits warning, will still carry on receiving their full (huge) salaries until October.
To get the best you have to pay for the best*. Just think what would have happened if they werent paid enough or given decent job security.
*Obviously this doesnt apply to the plebs on the shopfloor where you need to pay as little as possible to keep them keen.
Oh, it’s because she’s pledging Corporate Responsibility guidelines the Tories put in place
The very same corporate responsibility guidelines that one of the Carillon directors helped to draft?
Do you think that by any remote chance, he will have made sure that him and his mates are completely exempt from any of their token-gesture, toothless sanctions?
You couldn't make it up.
With this lot in charge, you don't really need too? They're literally making it up as they go along to suit themselves
Now, now, binners. Remember, all these small businesses and gig economy workers are nimble and flexible.
And where are those directors now?
TBF he joined the Wood plc board in April 2016, so the title is wrong it's not 'now' it should say 'also'. The Hinkley point C is also a red herring, sounds scary, but reality is for Wood Plc that is a tiny fraction of their business, they are a global comapany delivering industrial engineering, primarily to Oil & Gas, but also to wider industries like Wind and Nuclear.
Sure Richard Howson sounds like he's behaved a bit iffily to say the least, but the story about his involvment with WOod Plc is just minor sideshow and not really a big deal in the whole scheme of things.
Sure Richard Howson sounds like he's behaved a bit iffily to say the least
I wish I could get a job where after my catastrophic ****-up led to me bankrupting the company, I just waved a cheery goodbye, and was still receiving my massive six-figure salary 14 months later.
So... how would I go about getting one of those then? I'm sure theres plenty of them around, isn't there? Available to one and all in our marvellous meritocracy?
I wish I could get a job where after my catastrophic ****-up led to me bankrupting the company, I just waved a cheery goodbye, and was still receiving my massive six-figure salary 14 months later.So... how would I go about getting one of those then? I'm sure theres plenty of them around, isn't there? Available to one and all in our marvellous meritocracy
dont be silly binners theres nothing really wrong with all that
the problem is definitely not the fault of our capitalist utopia ,obviously its eurocrats & immigrants, lets spend billions on that & devote all government towards that one goal and the sunlit uplands await
deadlydarcy - Member
Now, now, binners. Remember, all these small businesses and gig economy workers are nimble and flexible
And don't forget we have strong and stable leadership in the UK now.
We all know it’s “jobz f’d boys”
With the Tories in that’s the only route they understand.
What I’d like to hear right now is a statement from IDS, something along the lines “ah yes, well plenty of jobs in McDonnalds aren’t there”
That ought to fulfil the attitude of the Nasties..
I think we all need to tweet our Conservative MP's and ask if they are on camera laughing about a situation of job losses for thousands of their constituents in PMQ's...
We all know it’s “jobz f’d boys”With [s]the Tories[/s] politicians in that’s the only route they understand.
FIFY
Focusing on the directors is pointless.
How about - I don't know, someone at random - George Osborne?
In 2014, as chancellor, he proudly trumpeted the fact Carillion were the first beneficiaries of a scheme called the Direct Lending Facility, the Cameron government providing a £34 million loan to help secure a contract in Dubai, taking full credit for that.
Fast forward to last week - a US investment fund called BlackRock joins in with a frenzied shorting of the Carillion share price, effectively hammering the coffin shut. BlackRock has a guy called George Osborne on its payroll as an adviser (£650k per annum for a one day week, apparently).
Forward again to yesterday - the Evening Standard's editorial on the matter places the blame for the demise of Carillion firmly at the feet of civil servants, as apparently they decide who government contracts are awarded to, not ministers. Who's the editor of the Evening Standard? I forget.
This is little more than a game to the Tory party leadership, one in which they can win but not lose, in any meaningful way.
Jeremy needed to have it explained to him that the government are [u]customers[/u] of Carillion.
"why aren't the government running Carillion ?"
He really is as thick as mince.
Jeremy needed to have it explained to him that the government are customers of Carillion.
Is that not the wrong way around? Govt is subbing out contracts to build roads or rail, run our public services etc...
He really is as thick as mince.
Is that an actual quote. Can you provide the transcript since the reports dont quite put it that way.
Jeremy needed to have it explained to him that the government are customers of Carillion."why aren't the government running Carillion ?"
He really is as thick as mince.
yeah who'd expect the government to be running government infrastructure projects like building hospitals, roads, running prisons, etc etc etc
as for thick as mince....... thatd be like paying £3 to join labour & voting for corbyn because itd mean no one will vote for them- Id suggest you look at cranberrys posts at the start of the corbyn megathread 😆
Insolvency Service stops Directors Bonuses (apparently)
From the Guardian, [b][i]Former Carillion chief executive Richard Howson has just resigned as a non-executive director at oilfield services company John Wood Group.[/i][/b] so it's not quite the gravy train people on the last page made out.
thatd be like paying £3 to join labour & voting for corbyn because itd mean no one will vote for them- Id suggest you look at cranberrys posts at the start of the corbyn megathread
That £3 has brought me a lot of laughs and not a little consternation at the stupidity of the nation's youth.
then again, there is hope:
[i]"After his success in galvanising support last summer, Mr Corbyn enjoyed a plus-20 popularity rating in Scotland only three months ago. The latest YouGov poll for The Times has found this has crashed to minus 3, a drop of 23 points since October."[/i]
then again, there is hope:
For the middle aged who wish to pull up the drawbridge, yes.
That £3 has brought me a lot of laughs and not a little consternation at the stupidity of the nation's youth.
Oh man, that's weak. 😆
SKANSA, are already planning to reduce their head count, eg sacking staff 3000 jobs to go.
Quite a lot of smaller suppliers are now refusing to supply any carrilion based firm, and Interserve appear to have something going on.
Its going to be a very traumatic time for the construction world in the uk and their suppliers, one trade mag is advising supliers not to break into sites to seize their products, tools, equipment back, even if its not been paid for and probably never will
so it's not quite the gravy train people on the last page made out.
Yeah im sure he is down the foodbank as we speak
It’s not a gravy train Dragon?
Really?
Which bit proves it’s not a gravy train then?
1) still being paid a £660,000 salary for over a year by the company who’s bankruptcy you presided over?
2) changing the pay structure of the company you were about to bankrupt, so that you get to keep the enormous bonus’s paid to you while you were bankrupting it
3) jumping before you’re pushed from your next carriage on the gravy train because you’re last monumental multi-billion-pound-spunking **** up, which is now bankrupting small businesses all over the country, is now attracting some understandablely adverse publicity?
If you can just run through that for me. Extra points for pointing out his public-spirited dedication to industry and the British economy, and maybe his work for blind orphans, or donkey sanctuaries, or whatever....
At least he was spared the humiliation of having to give his knighthood back, eh?
He mustn’t have donated enough to party funds yet
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Stop press. Did I hear that bonuses have been stopped?
Oh my god! Won't someone think of their children? I'm going to set up a trolley alongside the foodbank one in my local Sainsbury's - I bet it fills up in no time. Non-perishables only folks please.
EDIT: Where's his nearest Cash Converters - looks like that watch might be going cheap. 😀
jumping before you’re pushed
I bet Wood Group more than clearly told him to leave..
Wonder what his ‘compensation package’ is?
Another years six figure salary plus bonuses?
This won't happen. Insolvency service will eventually (if they haven't yet done so) tell people the rules. Anything still o/s will be treated like other employees (at best).1) still being paid a £660,000 salary for over a year by the company who’s bankruptcy you presided over?
More likely directors will get not a lot and be reminded their obligations include working with the Official Receiver to recover assets etc - should be able to get them to do a fair bit of work for nothing. Used to do that in the days I worked in Insolvency / restructuring.
not a bankruptcy
it's a liquidation
totally different
Define ‘not a lot’?
Two directors who jumped ship when the profit warning was issued last July - who were on salaries of 660,000 and 425,000 respectively - have continued to be paid that salary up to this point, and would have been contractually obliged to up to October, and may still might! I’ll believe any ‘sanctions’ when I see ‘em! Not when some Tory says it’s going to happen
Wish I could scrape by on ‘not a lot’
But it’s definitely not a gravy train, right?
No sympathy for howson and other board directors.
I've already posted that I worked for Carillion as an interim and my comments are a few pages back
BUT
Let's not lose sight of what really caused their demise - c£200million witheld payment/bad debt in quatar, delayed groudworks on aberdeen bypass - fixed price jv with substantial delay penalties, sandwell & liverpool hospitals - some of the problems could/should have been forseen, others not.
In my experience their scheme planning was robust but there was an increasing drive to minimise risk allowances leading to lower bid prices.
As for pension deficit - how few ftse100 companies are running a pension surplus?
I get it that it's a great opportunity to vent about......politicos, banks, big biz, the little guy taking tbe hit - and that's good but let's not make carillion whipping bots for a multiplicity of issues.
Anyone going to put their house on their not being some form of government/taxpayer bail-out then?
They’ll try everything for it not to referred to in those termst, of course, but you can see it coming a mile off!
Too big to fail
.... again 🙄
Binners - it's likely that any fines imposed by the insolvency service will significantly outweigh the salaries/bonuses which you're frothing about.
Why not convert your animosity to carillion directors into support for the subbies who were reliant on carillion?
I worked with and knew some of them.
Ex finance director called in the auditors due to his concern.
Will post more details later; on a train with intermittent connectivity at present.
it's likely that any fines imposed by the insolvency service will significantly outweigh the salaries/bonuses which you're frothing about.
Can you give some examples of when this has happened?
Yeah, right.
Always happens that, doesn’t it?
I remember watching Fred Goodwin weeping as it was all taken away from him, and he was publicly brought to justice for his reckless arrogance, and made to realise the consequences of his actions
Oh.... no..... hang on a minute.....
It looks like Interserve may be in a spot of bother as well.
Yep 🙁
Also heard that on the grapevine.
I think Amey are a spanish company ?
Yeah, go Brexit !
When a company that size goes down, owing that much money, it’s like domino toppling. Mixed with Russian Roulette.
It’s just a question of who’s next. Because if you think this is the end of it, you’re either hopelessly naive or just thick.
All this has done is flicked the first domino
Yep, and it is a big domino.
The ripple effects are going to be huge.
