Don't you wish you could have worked there as a boss

jas72

jas72

jas72

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Belgium land of chocolate
http://news.bbc.co.uk/2/hi/business/8248923.stm

They walked away with 42 million before the plant shut.

No fraud was committed perfectly legal to empty the coffers whilst 6000 are put on the dole.

Be an interesting read on Friday.

The four took control of MG Rover in May 2000 after buying it from previous owner BMW for a nominal £10

not a bad return on 10 quid
 
The Serious Fraud Office (SFO) has said it does not intend to launch a criminal investigation into the collapse, which saw about 6,500 people lose their jobs.

The four executives in control of MG Rover, the so-called Phoenix Four, have always denied any wrongdoing.

Former MG Rover chairman John Towers, ex-vice chairman Nick Stephenson, Peter Beale and John Edwards came in for criticism after the firm's collapse when it was revealed that they had taken millions in pay and pensions from the company.
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And people will still swear till they're blue in the face that union greed was what did for Rover and the British car industry.
 
Ah, private industry. Dolph's favourite pet.

Screwing the workers while stealing from their own company. Raging against "government intrusion" while begging for huge government handouts. Crying poverty, then walking off with millions of pounds in taxpayers' money.

High five! :rolleyes:
 
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if i ever win big on the lottery i want their accounts/legal team to help me FSO can't find anything wrong.
 
Evangelion said:
Ah, private industry. Dolphs favourite pet.

Screwing the workers while stealing from their own company. Raging against "government intrusion" while begging for huge government handouts. Crying poverty, then walking off with millions of pounds in taxpayers' money.

High five! :rolleyes:
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Surely being a private business they would have weeded out all the bad workers and made it the best company ever?

How long before we hear the word 'strawman' in this thread when Dolph wakes up.
 
Wicksta said:
Surely being a private business they would have weeded out all the bad workers and made it the best company ever?
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It wasn't the workers that were bad: not long before the end, out of a company at that time of 16,000, only 10,000 actually made cars.


M
 
Meridian said:
It wasn't the workers that were bad....
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... it was the cars. It wasn't the bosses or the trade unions fault. No body wanted to buy a rover so they went broke.

Also, what an epic waste of £16,000,000. That money isn't going to bring Rover back from the dead now is it? What was the point of the report? To prevent all those other British car manufacturers from the same fate?
 
Evangelion said:
Ah, private industry. Dolph's favourite pet.

Screwing the workers while stealing from their own company. Raging against "government intrusion" while begging for huge government handouts. Crying poverty, then walking off with millions of pounds in taxpayers' money.

High five! :rolleyes:
Click to expand...

What is it with you and your idiotic 'high five' posts and vendetta against Dolph? I'm intrigued, is it simply trolling everyone, or just Dolph specifically?
 
16 millions is believable cost given its a QC and a Partner at an accountancy firm doing it who will both bill by the hour at high rates and including their juniors working pretty easy to wrack up that kind of bill.

42million in remuneration for board level executives over a number of years doesn't sound that unreasonable. To be honest if i was going to take on the risk of trying to run MG Rover after BMW couldn't make it work, i'd want sizeable compensation for the personal risk i'd be taking.
 
They owned the company, from what the article says. Therefore unless they did something which breaks the covenants set by any lenders, what's wrong?
 
fus said:
What is it with you and your idiotic 'high five' posts and vendetta against Dolph? I'm intrigued, is it simply trolling everyone, or just Dolph specifically?
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It's not a vendetta. We simply disagree with each other - very strongly - on certain points of economic theory. I don't have anything personal against the man, and I should point out that we've agreed on quite a number of issues in the past.

Since he tends to be the most vocal (and rational) of the free market advocates here, he gets the most attention. I'd love to diversify, but there's really no-one else in his league.

Frankly, I'm amazed that he hasn't jumped on this thread yet. He's usually in like Flynn, waving the "laissez-faire economics" flag with pride, and hitting people with the pole. In fact, he's famous for it.

BTW, is there something wrong with saying "high five"? I think I've used it about three times in the past six months. Is that too many? Do you keep a secret quota? And do you have anything to contribute to this thread, or are you just trolling?

:)
 
BUSH said:
16 millions is believable cost given its a QC and a Partner at an accountancy firm doing it who will both bill by the hour at high rates and including their juniors working pretty easy to wrack up that kind of bill.

42million in remuneration for board level executives over a number of years doesn't sound that unreasonable. To be honest if i was going to take on the risk of trying to run MG Rover after BMW couldn't make it work, i'd want sizeable compensation for the personal risk i'd be taking.
Click to expand...

the risk of about £2 each :D
 
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