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Realistbear

Mandlesohn Shows Leadership Over M G -rover Rip Off

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http://news.bbc.co.uk/1/hi/uk_politics/8250398.stm

Mandelson calls for Rover apology

Lord Mandelson: "We've not seen an ounce of humility from them"

Lord Mandelson has called for the businessmen who ran MG Rover prior to its 2005 collapse to apologise for taking so much money out of the firm.

__________________________

Saying sorry would go a long way. This shows true leadership from an honest gentleman. *

* :lol::lol::lol:

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If

"These people feathered their own nests and filled their own pockets full of a lot of cash during the course of their time as directors," he told the BBC."

Why..?

"Earlier this year, the Serious Fraud Office chose not to launch a criminal investigation into Rover's collapse and the conduct of the Phoenix Four."

...another sign of Government spin... <_<

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"These people feathered their own nests and filled their own pockets..

The irony :lol:

Ministers have urged the Phoenix Four to voluntarily bar themselves from serving as directors of a company again...

:lol::lol::lol:

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Ministers have urged the Phoenix Four to voluntarily bar themselves from serving as directors of a company again rather than forcing the government to begin proceedings against them.

...should many Ministers not be doing the same and bar themselves from serving as MPs....?... <_<

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There was a time when fraud committed against a company on this scale would lead to lengthy terms in prison.

Same for the banksters, reward for failure and bonuses for simply passing money from one scammer to the next is nothing short of money laundering. Can't "they" see that? Brown's fear of losing the bnanksters to another country shows you that the cut-purses and blaggards now have the upper hand in this country of, er, let's see, is it still ours?

How did they get the money out?

Well the loss-making operating company, MG Rover Group, which made the cars, was separate from the company that held the loan from BMW, Techtronic. Now, although the loan from BMW was interest-free, Techtronic charged interest on the loans it made to Rover.

Hey presto: Techtronic generated a profit, even though Rover was incurring losses.

And Techtronic paid dividends to another company, Phoenix Venture Holdings, which in turns rewarded Towers et al.

Edited by Realistbear

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There was a time when fraud committed against a company on this scale would lead to lengthy terms in prison.

Same for the banksters, reward for failure and bonuses for simply passing money from one scammer to the next is nothing short of money laundering. Can't "they" see that? Brown's fear of losing the bnanksters to another country shows you that the cut-purses and blaggards now have the upper hand in this country of, er, let's see, is it still ours?

...there must be a question mark over the SFO.....are they just not clever enough.....?... <_<

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...there must be a question mark over the SFO.....are they just not clever enough.....?... <_<

There was a feature on R4 a few weeks back making this exact point.

Apparently the investigations are so complex and lengthy thatthey struggle to get convictions. This is now feeding back as a reluctance to take on the big boys for fear of losing and being seen to waste money. Easier to go after the littl guys.

its a similar siuation to the FSA and lack of skills - mostly due to lack of financial compensation.

But then agin dont we pay civil servants to much?

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There was a feature on R4 a few weeks back making this exact point.

Apparently the investigations are so complex and lengthy thatthey struggle to get convictions. This is now feeding back as a reluctance to take on the big boys for fear of losing and being seen to waste money. Easier to go after the littl guys.

its a similar siuation to the FSA and lack of skills - mostly due to lack of financial compensation.

But then agin dont we pay civil servants to much?

...agreed ....civil servants who can't do ...should not be paid...get rid..... <_<

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http://news.bbc.co.uk/1/hi/uk_politics/8250398.stm

Mandelson calls for Rover apology

Lord Mandelson: "We've not seen an ounce of humility from them"

Lord Mandelson has called for the businessmen who ran MG Rover prior to its 2005 collapse to apologise for taking so much money out of the firm.

__________________________

Saying sorry would go a long way. This shows true leadership from an honest gentleman. *

* :lol::lol::lol:

Perfek... :lol::lol:

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...there must be a question mark over the SFO.....are they just not clever enough.....?... <_<

The MG Rover 'bosses payout scandal' shows just how useless the regulatory authorities are.

Make no mistake...they are clever enough, just misguided and politicated* upon.

* if politicated isn't a real word then it d**n well ought to be.

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Is everyone forgetting the politics that drove this?

In May 2000, BMW wanted rid of the pile of sh!te to Alchemy Partners but they were planning a drastic reduction in production and employment and were nasty venture capitalists. We had the 2000 General Election looming and T&GWU leaned on the government to make life difficult for the Alchemy bid while Phoenix suddenly emerged as a potential buyer who would maintain production levels and lots of lovely, union sub paying jobs.

You can't really blame the Phoenix boys as they did what was required by postponing any serious job losses beyond the 2000 election. Alchemy were probably a better long term proposition but the politics didn't fit.

If anybody is responsible for this it's Tony Blair, Patricia Hewitt and Tony Woodley. They forced a completely unsustainable structure and strategy on Rover for political expediency.

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If anybody is responsible for this it's Tony Blair, Patricia Hewitt and Tony Woodley. They forced a completely unsustainable structure and strategy on Rover for political expediency.

That is just passing the buck. If I asset stripped £42m out of a company, I'd be laughing my socks off that people like you were blaming some politicians rather than me.

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That is just passing the buck. If I asset stripped £42m out of a company, I'd be laughing my socks off that people like you were blaming some politicians rather than me.

Asset stripping isn't illegal or even "wrong". They owned the company, they can do what they like with it, within the law. The point is that MG Rover may have had some limited future with Alchemy but instead they were ridden over a cliff by Phoenix because of political considerations.

Edited by jackalope

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Asset stripping isn't illegal or even "wrong". They owned the company, they can do what they like with it, within the law. The point is that MG Rover may have had some limited future with Alchemy but instead they were ridden over a cliff by Phoenix because of political considerations.

If it is not even wrong then why are you blaming the Government for something that you yourself say is not even wrong.

It's either wrong or it isn't. Make your mind up.

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Guest KingCharles1st

It was reported today that the whole investigation has so far cost an even more staggering 60 million while ex employees "may" get a 3 qud payout from some fund or other.

Cuntelson was on Radio 5 at lunchtime- I wanted to throw a brick through the radio.

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In our useless world, populated by useless politicians, I did at least warm slightly to Mandlebum doing his best to rebuke the disgusting Rover spivs who have milked a staggering £42 million from the corpse of the carmaker.

He may be a bum-bandit, but I thought he was at least trying.....

He's just pissed off that he didn't get his snout in that trough. I don't think he can claim the moral high ground on anything. Sacked twice, unelected, running the country, how low have we sunk.

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Sadly two great British motor marques MG and Rover will for ever more be associated with spivery and asset stripping.

Lets try and remember some of their truly great cars.... and hope something nasty happens to the Phoenix 4!

Rover P5B

rover-occasion-28567-1.jpg

Rover P5

RoverP53Litre1960.jpg

Rover P6B

Rover_P6B_6da219577cf0ee55015344bdfe255a0e.jpg

Rover SD1

c_rover_sd_11.jpg

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Guest joeschmo
In our useless world, populated by useless politicians, I did at least warm slightly to Mandlebum doing his best to rebuke the disgusting Rover spivs who have milked a staggering £42 million from the corpse of the carmaker.

He may be a bum-bandit, but I thought he was at least trying.....

What the hell has his sexuality got to do with it you homophobic dinosaur. Praise him or criticise the man for what you think of his ability or lack of it, not his sexuality. This is 2009 ffs

Edited by joeschmo

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