@iain1775 – building mag reported that Balfours and Galliford Try will take a combined hit of £80 million on the Aberdeen bypass specifically.

Only they didn’t get away with it they’ve just gone bust

I think the point is that senior management can run a company into the ground whilst trousering huge sums and face little to no consequences when the inevitable happens. Whilst I agree with the need for bankruptcy protection and limitation of liability, the directors of firms like this should shoulder more responsibility. Perhaps if they were liable to pay back a proportion of their salaries and bonuses for the past 5 years (on a decreasing scale say) in the event of liquidation they’d think twice about playing fast and loose with other people’s livelihooods.

Only they didn’t get away with it they’ve just gone bust

Don’t kid yourself. This kind of thinking is why there will be public and government apathy a few weeks from now.

The facts are that people in charge of this company have been running this company into the ground, pulled out millions of pounds for themselves and will walk away.

Anyone with >1 years experience in construction (or any common sense) could see what they were doing and the mistakes that were made. Its the ££££££ > anything else mentality that makes me sick. Also, they are/were horrible to work for.

And Labour are.. Well bat shit crazy.

Compare the policies to what is used in many other countries and they aren’t “bat shit crazy” left wing…

It’s all relative

Only they didn’t get away with it they’ve just gone bust

They definitely got away with it. They payed themselves well, took dividends, and they are now rich. Seems like a win to me?

Ok the company didn’t get away with it but I take your point that the directors/senior management might and I agree there should be consequences for the directors if there has been failed corporate governance. Also such a monumental failure should make them unemployable as directors of even a corner shop in the future however unfortunaltely the executive recuitment market seems to operate like an old boys club.

From the Guardian today “At cabinet today Greg Clark, the business secretary, said the Insolvency Service had been asked to fast-track its investigation into Carillion directors.”

I agree there should be consequences for the directors if there has been failed corporate governance.

I’d bet that would be pretty easy to wriggle out of though. After all, taking some risks is a legitimate business practice.

Do we really want or need hospital beds, prisons, school dinners, probation services, school groundskeepers, forensics etc outsourced

Our strategic Plasma production facility was sold off under Cameron, to a company founded by Wolfowitz. Cameron was then looking to take or did take a job in that investment group, one year later the plasma company was sold to a chinese firm for 10x what the government sold it for. Who says the UK isn’t corrupt?

The company is still not profitable.

Our strategic Plasma production facility was sold off under Cameron, to a company founded by Wolfowitz (wrong). Cameron was then looking to take or did take a job in that investment group (probably wrong), one year later (wrong)the plasma company was sold to a chinese firm for 10x (wrong) what the government sold it for. Who says the UK isn’t corrupt? People who get things wrong?

cite or #jambafact?

Yeah, my recall was wrong, they invested 100 mil…. they did not aquire it for 100 mil.

Apologies.

Also, Mitt Romney not wolfowitz.

gov sold its majority share to bain capital (mitt romneys company) for £200m
https://www.ft.com/content/d83ec55e-efc8-11e2-8229-00144feabdc0

cameron then got a job with em
https://news.sky.com/story/cameron-turns-to-buyout-firm-bain-for-post-downing-street-gig-10615948

which they sold for 830m to chinese company 4 years later (after a £50m investment)

The last experience I had of working for a company who were working for Carillion on a coulple of PFI schools , was that far from putting in low bids etc, that was the most profitable work we ever did (probably 50% more than normal rates)
Did help that my old boss was old skool Mowlem 😉

gov sold its majority share to bain capital (mitt romneys company) for £200m

So I was generally right?

That company is barely making more money than it was durung its 1st year under Bain. My feelings are that it was heavily undervalued if was sold for 200m. I reckon that land they have is worth half that value in itself, considering the amount of residential work going on in the area.

So I was generally right?

On the basis that pretty much every fact was wrong, I struggle to see how you could think that. Pretty much every government sale will look too cheap with the benefit of hindsight, it is hardly a surprise that highly incentivised people in the private sector are far better qualified at exploiting commercial opportunities than career civil servants. The company increased sales by 58%. £300 million to £820 miliion is a very good return but probably only about target. It is certainly nothing to do with corruption, do you honestly think Cameron would try to persuade Vince Cable to sell a company on the cheap for a speaking engagement?

1400 apprentices told to go home today, no redundancy or anything for them, royal liverpool hospital workers havent gone back to work.

You are right Mefty, it’s likely not to be down to currption – ideology played a key role. The comoany will likely go under, or be broken up over the next few years. Creat were blocked from purchasing a US based plasma manufacturer due to national securuty concerns and now we risk not having our own supply of plasma. The marke for plasma is increasing becoming dominated by a few international players.

Even though that company increased output by 58%, they are still only just breaking even.

@iain1775 – building mag reported that Balfours and Galliford Try will take a combined hit of £80 million on the Aberdeen bypass specifically.

projected extra cash contribution to complete the job without Carillion is £60 to £80 million, any shortfall is shared equally
It was a project that was already in a degree of trouble Gallifords for example set aside £98m in May last year for troubled contracts including Aberdeen and Queensferry crossing

Balfours official statement detailing the three JV’s so you don’t have to rely on 2nd hand press interpretations – https://www.balfourbeatty.com/news/statement-regarding-balfour-beatty-s-joint-ventures-with-carillion-plc/

Channel 4 news is just reporting that a number of the directors*, who jumped ship after the last profits warning, will still carry on receiving their full (huge) salaries until October.

Isn’t corporate capitalism brilliant!!!

* one of whom was until recently an advisor to Downing Street on corporate responsibility

Here we go. I think this might have been what I was referring to in the OP. 30000 firms at risk, no accurate picture of who is exposed, and contagion spreading. It’s going to end in another bailout. The alternative is chaos. Perhaps half a million jobs lost? And no doubt an instant recession. And this time Theresa May and her merry band of idiots in charge of sorting it out 🙂

Just in time for Brexit!

Buohahahahahh

Project –

1400 apprentices told to go home today, no redundancy or anything for them,

I thought apprentices had the same employment rights as other staff?

Considering how damaging camerons privatisation of apprenticeships has been, It’s not good for a country supposedly embarking on an economic rebirth, where we don’t need immigrants

https://www.ft.com/content/3a85ac1c-7dd9-11e7-9108-edda0bcbc928

Radio 4 reported that carrilion directors had altered the claw back terms of their bonus payments in 2015/2016 – nice

And where are those directors now?

Disgraced Carillion chief now director of firm in charge of inspections at Hinkley Point C nuclear power station

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?

https://tompride.wordpress.com/2018/01/15/disgraced-carillion-chief-now-director-of-firm-in-charge-of-inspections-at-hinkley-point-c-nuclear-power-station/

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 the Tories politicians in that’s the only route they understand.

FIFY