What's going to collapse next...

[sancho panza]

1 hour ago, Castlevania said:

Who wants to bet that John Whittaker will buy The Trafford Centre out of administration?

Dunno...although it looks like he'll have nto pay next to nothing for it.

https://en.wikipedia.org/wiki/John_Whittaker_(businessman)

According to The Sunday Times Rich List in 2019, Whittaker is worth £1.95 billion, a decrease of £300 million from 2018.^[10] In June 2019, The Sunday Times reported that Peel was liquidating stakes in Peel Ports and Liverpool airport to cover losses at Intu Properties where Peel Group owned 27.3%

 

[spygirl]

1 hour ago, eek said:

Councils aren't really pyramid schemes, they (just like all large businesses) use money from one source to pay for other things. Covid stopped the merry go round which meant money isn't coming in from some sources and won't be coming in for a while.

That's a certainty no-one sane would take that bet.

Well .... they are close to a Ponzi.

Their pensions are meant to be fully funded. Except theyve been taking morw n more of current tax payers payments to pay for services delivered to people 20-30 years ago.

 

 

[spygirl]

15 minutes ago, Ash4781b said:

Councils going under would be mayhem in light of the funding that is routed through them (schools, adult social care, nurseries I can think of). Government if it want to could could make a land grab but there probably wouldn’t be much left to manage locally plus they’d have to administer it all. There would also be no point to the local politicians.

No.

A lot of schools are academies, away from LA.

A lot of important services are outsourced - bins etc.

You can drop a civil servant to administer to new  contracts/facilities.

Most of the money is pissed away non statuary stuff, sick oay and and feather bedding doleys

 

 

[spygirl]

1 hour ago, Castlevania said:

Who wants to bet that John Whittaker will buy The Trafford Centre out of administration?

Who wants to bet Whittaker has borrowed lots of money against his shares?

 

Hes a control freak so would have never given up votes on the company.

 

[spygirl]

EY failed to ask for Wirecard bank statements for 3 years

Auditor of insolvent payments group under fire for failing to detect fraud

https://www.ft.com/content/a9deb987-df70-4a72-bd41-47ed8942e83b

 

Time to add EY to the list ....

 

[Wight Flight]

2 hours ago, spygirl said:

EY failed to ask for Wirecard bank statements for 3 years

Auditor of insolvent payments group under fire for failing to detect fraud

https://www.ft.com/content/a9deb987-df70-4a72-bd41-47ed8942e83b

 

Time to add EY to the list ....

 

Wow.

Admittedly a long time ago but when I did audits we had to write to the bank directly to get the figures.

We didn't even accept the statement handed to us by the company.

[spygirl]

57 minutes ago, Wight Flight said:

Wow.

Admittedly a long time ago but when I did audits we had to write to the bank directly to get the figures.

We didn't even accept the statement handed to us by the company.

And I guess it your case youd be talking 10s of 1000s.

1bln.....

[One percent]

5 hours ago, spygirl said:

No.

A lot of schools are academies, away from LA.

A lot of important services are outsourced - bins etc.

You can drop a civil servant to administer to new  contracts/facilities.

Most of the money is pissed away non statuary stuff, sick oay and and feather bedding doleys

 

 

Teachers in the private sector are also in the teacher’s pension. Wtf are the working class doing subsidising this?   

[Option5]

5 hours ago, spygirl said:

Who wants to bet Whittaker has borrowed lots of money against his shares?

 

Hes a control freak so would have never given up votes on the company.

 

He settled the loans backed by shares at the start of the year so he could bid for the company. Deal fell through but he's in the clear. 

[spygirl]

On 19/06/2020 at 11:35, spygirl said:

A picture tells a 1000 words....

The German regulator was trying to prevent short sellers (anglo saxon capitlists ....)  and suing the FT jounnos for doubting the fine updating german company.

Wirecar is much more than a a ow crap German company.

It was meant to show that Germany - and by extension, Europe could get down the with the kids and produce a Fintech,, internetty company. A new ebay, Apple, facebook, whatever.

The only other German computery company is SAP, which was created in 1972.

It was meant to be a Fuck You US. Fuck You Brexit/UK - We can do tech companies and equity floatations.

Were are with it, not just a bunch of tired, out of date plodding statist bureaucrats.

 

 

 

 

Hedge funds reap €1bn in a week from Wirecard collapse

Company’s stock has been one of the most shorted in Europe this year

https://www.ft.com/content/15bfed4e-ee44-4cff-9452-5d17359d570b

“Their record on this has not been good,” said one hedge fund executive. “Their starting point has been a distrust of shareholders generally, particularly short sellers.”

“When the regulator is as incompetent and craven a regulator as BaFin, the German market becomes a paradise for financial criminals,” said Muddy Waters’ Mr Block.

[Castlevania]

Good video here from one of the FT journalists that covered Wirecard

https://www.ft.com/video/37cb70e6-72df-471e-943d-2d32c2785650

[201p]

Chart for this historical record. Oh dear!

[Virgil Caine]

2 hours ago, 201p said:

Chart for this historical record. Oh dear!

Amazing the shares traded so high for so long given the first hints of malpractice appeared in the German financial press as long ago as 2019.

[dgul]

1 hour ago, Virgil Caine said:

Amazing the shares traded so high for so long given the first hints of malpractice appeared in the German financial press as long ago as 2019.

FTAlphaville has been going on about how they're dodgy since 2015.

There was a case about a guy saying that they were corrupt in 2008, but he ended up in jail for share price manipulation (suggestion is he was short when he made the statement).  He was definitely guilty, as EY looked into it for the court (well, they were paid by Wirecard).

[arbitrage]

On 26/06/2020 at 18:32, One percent said:

Teachers in the private sector are also in the teacher’s pension. Wtf are the working class doing subsidising this?   

This is rapidly coming to an end. Teachers are moving from private schools back to the state sector; many private schools have withdrawn, or are planning to do so. In addition, this year the state sector will get a 2% pay rise. Private schools are offering their staff a 1% rise.

Due to the lock-down, I can see many private school's being forced into liquidation. The big players in the Premier League - Eton, Harrow, Cheltenham Ladies - should be okay. However, even mid-table Premier League (Charterhouse) could get badly smashed-up by a loss of fee income

[Castlevania]

Percy Ingle is to close all it’s stores. For those of you not from East London, they were a budget version of Greggs. 

https://www.google.co.uk/amp/s/inews.co.uk/opinion/percy-ingle-closing-down-bakery-working-class-london-gentrification-453325/amp

[Don Coglione]

3 hours ago, arbitrage said:

This is rapidly coming to an end. Teachers are moving from private schools back to the state sector; many private schools have withdrawn, or are planning to do so. In addition, this year the state sector will get a 2% pay rise. Private schools are offering their staff a 1% rise.

Due to the lock-down, I can see many private school's being forced into liquidation. The big players in the Premier League - Eton, Harrow, Cheltenham Ladies - should be okay. However, even mid-table Premier League (Charterhouse) could get badly smashed-up by a loss of fee income

I hope you are not an English teacher...

[Harley]

On 26/06/2020 at 11:55, Harley said:

Shoe shop Hotter going for a CVA.  Partner and MIL panic!  Partner just cashed the voucher MIL sent her and shoes on the way(?).  Not a good time to be holding vouchers! 

Shoes arrived.  Very nice.  Partner happy.  You can all stand down now, for now!

[Ash4781b]

I wonder if those now I’m control of a Intu Plc will close any shopping centres? Would have thought the rents would drop but presumably a risk  Might be it destabilises local markets pulling rents down hitting asset values etc. So would it be better to just board some up and remove capacity?

[dgul]

3 hours ago, Castlevania said:

Percy Ingle is to close all it’s stores. For those of you not from East London, they were a budget version of Greggs. 

https://www.google.co.uk/amp/s/inews.co.uk/opinion/percy-ingle-closing-down-bakery-working-class-london-gentrification-453325/amp

The mind boggles.

[Wight Flight]

45 minutes ago, Ash4781b said:

I wonder if those now I’m control of a Intu Plc will close any shopping centres? Would have thought the rents would drop but presumably a risk  Might be it destabilises local markets pulling rents down hitting asset values etc. So would it be better to just board some up and remove capacity?

I had the same thought.

Effectively the tenants are now in control. They can say what rent they are prepared to pay which will determine the asset price.

Could have a very interesting trickle down effect on the whole commercial property market.

[The Idiocrat]

17 minutes ago, Wight Flight said:

I had the same thought.

Effectively the tenants are now in control. They can say what rent they are prepared to pay which will determine the asset price.

Could have a very interesting trickle down effect on the whole commercial property market.

Aren't a lot of commercial property lease contracts "upwards only"? (Scandalous that such clauses are permitted anyway).

[Wight Flight]

3 minutes ago, The Idiocrat said:

Aren't a lot of commercial property lease contracts "upwards only"? (Scandalous that such clauses are permitted anyway).

Yes. Until they are re-negotiated.

[Chewing Grass]

10 minutes ago, Wight Flight said:

Yes. Until they are re-negotiated.

My unitary authority, population 225,000 has a council that has 'invested' £600 Million buying business parks and warehouses off private property companies.

One has to wonder what motivates, private companies to divest their physical assets and conversely why local authorities would borrow money to buy them.

Edited June 28, 2020 by Chewing Grass

[AWW]

Christ, that's going to be something like 8 grand per council tax paying household. There are either people who are personally in on it, or they're fucking thick.