BHS/Philip Green etc

[JOHNNYAITCH]

Terrible state of affairs for the employees and pensioners

 

From what I can gather Green did nothing illegal (although that may be challenged) but IMO what he did was morally just so wrong.

 

I well remember when Robert Maxwell plundered his group's pension funds to try to keep the business going and how trustees, regulators etc would have more power to prevent such things. Not suggesting at all that Green has done the same but IMO he should not have been able to do what he did. When I ran my own company I was most conscious of and had it drummed into me that if I took any money out I had to ensure that the company could still meet its liabilities.

 

As to they guy who took over BHS..questions wil be asked as to the due diligence done by those that were involved in that sale.

 

Hopefully something is done by Green, govt, whatever so people don't lose out

[TJHValiant]

Sounds a bit like our old MOLD lot. Take all the money they can and leave the club with nothing.

[Warren]

Terrible state of affairs for the employees and pensioners

 

From what I can gather Green did nothing illegal (although that may be challenged) but IMO what he did was morally just so wrong.

 

I well remember when Robert Maxwell plundered his group's pension funds to try to keep the business going and how trustees, regulators etc would have more power to prevent such things. Not suggesting at all that Green has done the same but IMO he should not have been able to do what he did. When I ran my own company I was most conscious of and had it drummed into me that if I took any money out I had to ensure that the company could still meet its liabilities.

 

As to they guy who took over BHS..questions wil be asked as to the due diligence done by those that were involved in that sale.

 

Hopefully something is done by Green, govt, whatever so people don't lose out

 

Frank Field has drawn a line between Maxwell and Green. Maxwell was running a business empire that was trading when insolvent and borrowing to keep it all afloat showing poor judgement. When it failed he committed suicide, and that may reflect some integrity within him. At the moment Green is deemed to have done nothing in breach of the rules but his integrity and incompetence are challenged over deliberate actions of taking money out of the business in dividends etc. when not addressing the growing pension fund deficit. It remains to be seen if something can be found to challenge him legally, but what he has done seems worse to me than Maxwell. Once again reputation arrives on foot and leaves on horseback, and this time it is overall standing of business and capitalism that is trashed each time a person of this nature or group of people of this nature cause a crash.

[JOHNNYAITCH]

Frank Field has drawn a line between Maxwell and Green. Maxwell was running a business empire that was trading when insolvent and borrowing to keep it all afloat showing poor judgement.

 

I agree that their motives were different as was the situation. My point was that again regulation, trustees etc have not stopped millions being removed by an owner

 

when it failed he committed suicide,

 

A moot point for many

 

Not. Saying green did this but owners loading businesses with debt to finance large dividends needs to be looked at.

[Warren]

I agree that their motives were different as was the situation. My point was that again regulation, trustees etc have not stopped millions being removed by an owner

 

 

 

A moot point for many

 

Not. Saying green did this but owners loading businesses with debt to finance large dividends needs to be looked at.

 

I'm afraid rules and governance have limits to their effectiveness. But that is added to by wrong minded people, for example auditors that are conflicted between retaining a client contract and saying what should be said.

[JOHNNYAITCH]

I'm afraid rules and governance have limits to their effectiveness. But that is added to by wrong minded people, for example auditors that are conflicted between retaining a client contract and saying what should be said.

 

Does not mean that certain practices that are currently legal should remain legal

[For Us All]

Looks like Greens going to lose his knighthood?

[Bea Smith]

Looks like Greens going to lose his knighthood?

 

Big deal. Personally, I'd lock the creep in a room with a few dozen people who have lost their jobs and pensions and see if he comes out with his manhood intact, let alone some phoney knighthood.

[markpvfc]

I'd sell his boat and put the proceeds into the bhs pension fund.

[Bea Smith]

I'd sell his boat and put the proceeds into the bhs pension fund.

 

There are some who would also auction his balls and put the proceeds into the BHS pension fund - sweet(bread) justice.

[TheSage]

I don't know the full details but maybe people like him should not get honours until they have stepped aside and retired, when with hindsight we can all see (and appreciate perhaps) what has been achieved. It says as much for the honours system as it does for him.

[Mario]

While we are on about Maxwell and Green robbing pension funds how about dragging Gordon Brown back to Westminster and getting him to explain his raid on pension funds ?

[bookworm]

don't mention that one eyed scotch ctwat, he milked every pension except the parliamentary one and as for green can't someone sink that bluddy yacht in deep water.

[davidatpreston]

Wicked evil people, a lot of it down to Thatcherism and profit worship.

The law needs urgent review to protect pensions that people have worked hard for.

[Mario]

Wicked evil people, a lot of it down to Thatcherism and profit worship.

The law needs urgent review to protect pensions that people have worked hard for.

 

 

I doubt that Brown was influenced by Thatcher