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One percent

Cronyism and too big to fail

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http://www.bbc.co.uk/news/business-42595874

Carillion, the troubled services and construction group, will reveal a new business plan this week in a bid to avoid collapse.

The company, one of the government's biggest contractors, has issued a series of profit warnings in recent months.

The turmoil has sent its shares tumbling by 90% since July.

The HS2 contractor said it was in discussions about ways of reducing debt and obtaining new funding.

 

Given the number of public sector contracts it holds, some analysts think it is "too big to fail" and that ministers may be forced to step in.

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Posted (edited)
8 minutes ago, One percent said:

http://www.bbc.co.uk/news/business-42595874

Carillion, the troubled services and construction group, will reveal a new business plan this week in a bid to avoid collapse.

The company, one of the government's biggest contractors, has issued a series of profit warnings in recent months.

The turmoil has sent its shares tumbling by 90% since July.

The HS2 contractor said it was in discussions about ways of reducing debt and obtaining new funding.

 

Given the number of public sector contracts it holds, some analysts think it is "too big to fail" and that ministers may be forced to step in.

How the feck do you loses money on government contracts ,that requires a realy special type of Incompetence 

Edited by Long time lurking

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Just now, Long time lurking said:

How the feck do you loses money on government contracts ,that requires a realy special type of Independence 

Paying yourself and cronies too high a salary?  Not screwing your workforce enough? 

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1 minute ago, One percent said:

Paying yourself and cronies too high a salary?  Not screwing your workforce enough? 

Well, it will not be for not charging twice what the job is worth.

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34 minutes ago, One percent said:

http://www.bbc.co.uk/news/business-42595874

Carillion, the troubled services and construction group, will reveal a new business plan this week in a bid to avoid collapse.

The company, one of the government's biggest contractors, has issued a series of profit warnings in recent months.

The turmoil has sent its shares tumbling by 90% since July.

The HS2 contractor said it was in discussions about ways of reducing debt and obtaining new funding.

 

Given the number of public sector contracts it holds, some analysts think it is "too big to fail" and that ministers may be forced to step in.

Itll fail.

Someone one else will pick up the contract.

Why are Tarmac (as was) failing? Ditto Serco and Cpaita - under bidding for contracts and then hopinh to bump up the cost ;ater. Worked with Labour, no longer workds now.

As far as construction and civil engineering Id i9nveite in French and German contractors, scare the shit about the useless halfwits that make up the UK sector.

 

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Posted (edited)
43 minutes ago, Long time lurking said:

How the feck do you loses money on government contracts ,that requires a realy special type of Incompetence 

Accountancy trickery just for starters.   No contractor ever makes money - at least that what they will say on every contract "We aren't making any money on this contract boo hoo" then directors award themselves massive pay rises and bonuses all at taxpayers' expense. 

Isn't it true that many big companies never make a profit and regularly make losses  to avoid tax - somehow the money gets diverted and "they haven't done anything wrong".  Many companies regularly go bankrupt but money gets squirreled away somewhere so that the directors can immediately start up another identical company without the liabilities of the previous company

Their chums in government accept the spurious claim of losing money and don't bother investigating and then lo and behold it's bailouts all round and cushy sinecure jobs in future for said politicians.

Edited by twocents

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19 minutes ago, Hopeful said:

Didn't know where to post this, and it doesn't deserve a thread but

Do workwomen like to wear clean overalls when they kow they will be having their photo taken ?

http://www.bbc.co.uk/news/business-42675427

_99564838_carillion.png

Oh I was hoping that was the question that the #vileBBC were asking too in that article.

Even better if it was under the "Fact Check" bollocks they peddle. xD

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As long as the entire board of directors and most of the senior management lose their jobs with legal minimum payoffs and as long as all shareholders, bond holders and banks are wiped out, a government bailout - followed by a very quick re-float - is probably the least bad option. Oh wait....

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On 1/7/2018 at 18:34, One percent said:

Paying yourself and cronies too high a salary?  Not screwing your workforce enough? 

you have a lot of accountants who do interesting accounting.

 

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18 minutes ago, One percent said:

Here we go, more bailouts 

http://www.bbc.co.uk/news/business-42680585

funny how we can let things like the steel industry go to the wall yet can save our mates in the cithey 

You have to wonder with all those high profile UK government contracts how they are so much in debt. I know they have big Pension liabilities but they also must have a huge income stream. Something very, very rotten here. All these PFI and outsourcing contracts seem to end up as giant turds sooner or later.

Edited by Virgil Caine

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21 minutes ago, Virgil Caine said:

You have to wonder with all those high profile UK government contracts how they are so much in debt. I know they have big Pension liabilities but they also must have a huge income stream. Something very, very rotten here. All these PFI and outsourcing contracts seem to end up as giant turds sooner or later.

Too many unproductive people at the top and middle taking out lots of money would be my guess. 

What's really interesting is that these private sector companies are meant to be more efficient than the public sector. Excuse me a moment 

 

 

 

 

😂😂😂😂😂😂😂😂😂😂😂

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2 minutes ago, spygirl said:

Not been bailed yet.

95% bet itll go the wall by end if Monday.

I'll lay a bet of a pound to a penny that they will be bailed. We might not hear about it but they will be. 

Can't let their chums in the cithey suffer, not like all those dirty working class smelly people. Oh no.  

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Just now, One percent said:

Too many unproductive people at the top and middle taking out lots of money would be my guess. 

What's really interesting is that these private sector companies are meant to be more efficient than the public sector. Excuse me a moment 

😂😂😂😂😂😂😂😂😂😂😂

The joke is that before PFI and PPP all big public building contracts were done by the private sector. It was simply that the state borrowed the money and ultimately ran the Projects rather than hiding the costs by shuffling off the cost to big outsourcing companies. Given the government can borrow cheaper than any private contractor and does not have to pay dividends it was ultimately less risky than giving it all to some huge enterprise that subsequently goes bust and has to be bailed. Both political parties have conspired to create this situation with Goerdon Brown being the most notorious proponent using it to hide billions of government expenditure of the record books.

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1 minute ago, One percent said:

I'll lay a bet of a pound to a penny that they will be bailed. We might not hear about it but they will be. 

Can't let their chums in the cithey suffer, not like all those dirty working class smelly people. Oh no.  

Nah. Carillion is basically a dirty working class company.

 

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6 minutes ago, One percent said:

Eh?  How so? 

The pvi cintracts are held offshore by a finance company eho get Carillion to subcontract and shovel shit.

There are too many outsoyrces, bidfing too low. Ukgov needs to let one go yo the wall so the outsourcer and its backers gets the lesson.

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