What company is next to go bust?

Killa_ken · 27 Dec 2008 at 22:59

Alasdair said:
I've not updated that for over 3 years, purely because I moved out of IT and into finance three years ago. I'd forgotten that I'd even put something in there.

Ah

What do you do now/?

Alasdair · 27 Dec 2008 at 23:03

Killa_ken said:
Ah What do you do now/?

I'm currently a service manager in a loans management unit for a large bank in Scotland. By noting my use of the word 'currently', you can probably take an educated guess as to my employer

Killa_ken · 27 Dec 2008 at 23:11

Royal Bank of Scotland? Say "." for yes and "/" for no.

cheets64 · 27 Dec 2008 at 23:13

People in Finance can go and clean the streets for all I care, they talk out of thier **** when it comes to work.

You are just speculating, like you speculated that house prices would rise and rise so buy buy buy.

Strife212 · 27 Dec 2008 at 23:13

Say "." for yes and "/" for no.

haha

Alasdair · 27 Dec 2008 at 23:14

/

the other one.

Then again, I suppose I should have put them right at the top of my list, it certainly feels like we're going through a very bad spell as our debt book is pretty toxic at the moment if our trading statement is anything to go by.

Killa_ken · 27 Dec 2008 at 23:16

cheets64 said:
People in Finance can go and clean the streets for all I care, they talk out of thier **** when it comes to work.

You are just speculating, like you speculated that house prices would rise and rise so buy buy buy.

Are you talking to me? :confused:

Why are people so bitter about people in finance? Tbh they make the world go round, just because they get fat paychecks everyone gets angry. Screw everyone else I say! Enjoy your bonuses and continue to make as much money as possible!

Ricochet J · 27 Dec 2008 at 23:17

I'm sorry, people in finance make the world go round? Pull your finger out.

Killa_ken · 27 Dec 2008 at 23:18

Ricochet J said:
I'm sorry people in finance make the world go round? Pull your finger out.

So all the people in finance decide to go sweep the street. No more banks, no more economy. oh wait wut?! Joe on his tractor is gone secure your monies but wait you dont need no money there's no more treasury OH NO!

The world would regress into a barbaric society without an economy.

Now why don't you pull your head out.

Beansprout · 27 Dec 2008 at 23:19

Dolph said:
You think that is positive? The group made an operating loss of £41m (previous year in profit), they acknowledge very volatile market conditions within the report. The also had a net debt of £141m at the end of H1 2008 (as opposed to £100m in the black last year). They apparently have £300m available from the banks, but this is not actual cash, this is effectively what they have left in their credit lines (ie they haven't exceeded their overdraft limit yet)

Remember this was all before the economics really started to bite into consumer spending.

I'm not saying it's horrific, or that they are obviously going down or anything like that, but the report you linked to, however well it was spun elsewhere, is not a glowing, positive report of health for the company.

It's not fantastic reading, no, though there are good bits. But anyone saying DSGi is disappearing obviously hasn't read it to know all the details and so on. At a really basic level for example - I don't know what Woolworth's figures are but I can't imagine their T/O is higher than DSGi, yet their debts were at least 3x higher than DSGi's are at the moment.

All it really shows is yes they're doing okish at the moment but may be in trouble in the future, and/or are aware of this and taking steps to prepare.....so really all it shows is only those who wrote it really know...there's no obvious signs for us on the outside.

Ricochet J · 27 Dec 2008 at 23:22

Killa_ken said:
So all the people in finance decide to go sweep the street. No more banks, no more economy. oh wait wut?! Joe on his tractor is gone secure your monies but wait you dont need no money there's no more treasury OH NO!

The world would regress into a barbaric society without an economy.

What you said is true. However, likewise, the same can be said for engineers, managers, teachers, scientists, everyone. It's not "people who work in finance", it's everyone who work in their field that makes the world go around.

Alasdair · 27 Dec 2008 at 23:22

cheets64 said:
People in Finance can go and clean the streets for all I care, they talk out of thier **** when it comes to work.

You are just speculating, like you speculated that house prices would rise and rise so buy buy buy.

House prices did rise though. :confused:

I'm not one to defend the finance industry, if anything I think the lending practices were poor at best and they looked at the ability of a borrower to repay during a booming economy and not when things tightened up. Sector-wide lending policies were driven by a desire to increase market share at board level and did not take into consideration a complete collapse in confidence.

However, I do resent the accusation that I do not know what I am talking about. As with many of the comments in this thread, it is completely unfounded and with zero substance.

Killa_ken · 27 Dec 2008 at 23:23

Alasdair said:
House prices did rise though.

However, I do resent the accusation that I do not know what I am talking about. As with many of the comments in this thread, it is completely unfounded and with zero substance.

Don't worry he's just uninformed and feels the need to blame someone.

Killa_ken · 27 Dec 2008 at 23:28

Ricochet J said:
What you said is true. However, likewise, the same can be said for engineers, managers, teachers, scientists, everyone. It's not "people who work in finance", it's everyone who work in their field that makes the world go around.

So why would you tell these people to go sweep the streets? :confused:

[TW]Fox · 27 Dec 2008 at 23:32

Killa_ken said:
Why are people so bitter about people in finance?

Because the lack the capacity to understand what its about, so they lash out against it. This is what people normally do with things they do not fully understand. Further case in point: 'OMG THE GOVERNMENT IS USELESS'.

Ricochet J · 27 Dec 2008 at 23:34

Killa_ken said:
So why would you tell these people to go sweep the streets?

I didn't.

It was Cheets who said that. I simply asked you to "pull your finger out" at the remark you made that "people who work in finance make the world go around" when in fact thinking about it logically, it's many different people in many different fields working together.

Not exactly business based but it will affect our long term security, the Queen Elizabeth class aircraft carriers have been put behind schedule for a year due to sourcing the money. The estimated launch for sea trials is now 2014 at the earliest.

CaptainComedy · 27 Dec 2008 at 23:40

[TW]Fox;13165085 said:
Because the lack the capacity to understand what its about, so they lash out against it. This is what people normally do with things they do not fully understand. Further case in point: 'OMG THE GOVERNMENT IS USELESS'.

that comment did make me lol I will further demonstrate this by endulging myself with helping of my box of celebrations - 1 for each letter of the acronym "lol" I think should suffice

gareth.e · 27 Dec 2008 at 23:41

codec said:
that comment did make me lol I will further demonstrate this by endulging myself with helping of my box of celebrations - 1 for each letter of the acronym "lol" I think should suffice

I've been lulzing all the way through this thread due to the awesomeness of foxs' and Kens' presence

like these two are just classic:

Killa_ken said:
Don't worry he's just uninformed and feels the need to blame someone.

[TW]Fox;13165085 said:
Because the lack the capacity to understand what its about, so they lash out against it. This is what people normally do with things they do not fully understand. Further case in point: 'OMG THE GOVERNMENT IS USELESS'.

Also:

Skull said:
As far as I can tell Amazon are probably going to go bust soon, I'll explain why.

Amazon rely on credit to buy the goods that they fill up their huge warehouse with. But they can only pay this debt back when they sell the goods. My friend used to live near to the warehouse and he says that the credit crunch has taken a big bit out of their working capital and they can't afford to buy the goods anymore because the banks are collapsing and won't lend them money.

This is backed up because on the website I saw that on the 26th of December they started doing sales that were offering up to 65% off the price of items such as electronics, so I think they're doing it to get enough money to be able to sell off their shares and buy off their debts and so they're going to go bust.

This is also a contender

'my mate said there wernt no apples in sainsburys, i think this is a sign that they are struggling to pay their suppliers cos of the credit crunch.. Suppliers are not giving them credit now and they not got any more cash flow. My mate sed his gf is loosing her job there too, i dont shop there no more either as its too expensive so they havent got many customer now and basically think they will get liquidated soon.'

Skull · 27 Dec 2008 at 23:43

Killa_ken said:
Wow aren't you cool!? Get over it.

Easy tiger, was just playing

cheets64 · 28 Dec 2008 at 00:18

Killa_ken said:
So all the people in finance decide to go sweep the street. No more banks, no more economy. oh wait wut?! Joe on his tractor is gone secure your monies but wait you dont need no money there's no more treasury OH NO!

The world would regress into a barbaric society without an economy.

Now why don't you pull your head out.

Yes, because hard working people on earth never survived beyond 90 day repayment dates.