Reginald Barrington
- Location: Dover
- Registered: 17 Dec 2014
- Posts: 3,257
I thought it was agreed there would be a FUBR warning?!!!
Arte et Marte
Weird Granny Slater
- Location: Dover
- Registered: 7 Jun 2017
- Posts: 3,069
How many is a Carillion?
A legitimate question, but it depends who you ask.
If you're a construction apprentice then it's a sizeable £3.50 an hour followed by the dole.
But if you're Keith Cochrane then it's a pitiful basic salary of £750,000 per annum and, when you cock it up, a position as Chairman of the Advisory Board of Schenck Process.
All together now, 'All things bright and beautiful...'
Jan Higgins likes this
'Pass the cow dung, my dropsy's killing me' - Heraclitus
Weird Granny Slater- Location: Dover
- Registered: 7 Jun 2017
- Posts: 3,069
Oh and how many, by the way, is a Carillion?
debts: £1.5 billion
company worth: £29 million
government contracts: 450
jobs: 43,000
smaller firms at risk: 30,000
death of PFI: priceless
'Pass the cow dung, my dropsy's killing me' - Heraclitus
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
Right after the collapse I read about an owner of a landscaping business that worked for Carillion saying that he had doubts about taking on more work for them as payment was so slow. However when he read that the Government was giving them more contracts he assumed that they had done due diligence and found Carillion to be sound. Well you would, wouldn't you?
Reginald Barrington- Location: Dover
- Registered: 17 Dec 2014
- Posts: 3,257
I think it was the same guy on radio kent as well, I did note he said they would take at least 3 months to pay his invoices and at the time they were awarded more government contracts, he was apparently owed over £100 000!
Me thinks he's scapegoating so the taxpayer picks up his tab instead of losing his company through his own stupidity!
Arte et Marte
Karlos- Location: Dover
- Registered: 1 Oct 2012
- Posts: 2,544
It’s big corporation thing. Pfizer pay 60 days after receipt of invoice (in Dublin)
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
Pfizer seem to be quite altruistic compared to many corporations who pay 120 days after the month of the invoice. This can mean 149 days depending on the day of the month that the invoice was raised, no fun for small companies that have to pay wages every month on the dot.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
Courtesy of the Telegraph, not often Norman Tebbit and I agree on something.
The first thing which struck me about the Carillion affair is that the civil service seems to have changed since my time in office. I am sure that in those days one of my officials would have come long ago to express concerns about the stability of the company and the way in which it was being run. Sadly the conduct of the top management, and indeed that of the auditors, is all too reminiscent to that of their counterparts in the banks which had to be rescued a few years ago.
What on Earth were the members of the Board Audit Committee doing? Did none of them raise any concerns about the state of the company's finances? Then what about the independent auditors? How did they persuade themselves that Carillion's accounts were a true and fair representation of a going concern? Did the non-executive directors question the way the way the company was heading? Or indeed how did the Remuneration Committee persuade itself to authorise large cash payments to executive directors of a company plainly running out of cash?
I have, in the past, expressed my view that the failure to prosecute any of the banks (or their auditors) which had to be rescued during the banking crisis would encourage reckless corporate behaviour. It now seems likely that once again it will be the taxpayers, the shareholders and the ordinary employees who will suffer for the conduct of those at the top of the firm – while the latter get away scot free. I seldom join in the shouts of the disaffected for public enquiries, but the Carillion affair should not be allowed to drift away as just one of those things. It is hard to know whether the wretched practice of the Private Finance Initiative, which was conceived during John Major's premiership and practised so enthusiastically by Gordon Brown, had a role in the Carillon affair, but it is long overdue for the policy scrapheap. At its heart it is hire purchase.
Hire purchase was probably born on the car dealer's forecourt as a profitable way to sell cars to would-be buyers lacking a bank manager ready to advance an overdraft or loan, and was notably expensive for the buyer. PFI was born in the time of John Major's premiership to keep government capital spending on things such as hospitals, out of the reckoning of public sector borrowing. What made it so attractive to the private sector participant was that the PFI contractor for a hospital or school would normally also be the monopoly contractor for maintenance for a period of thirty years.
Button likes this
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
You couldn't make it up, the man that masterminded the Carillion empire which hit the taxpayers given control of another stone bolt certain failure that will punish the taxpayers again.
https://www.thelondoneconomic.com/news/former-carillion-boss-takes-reins-of-uks-hs2-project/15/08/Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,928
If he gets a chance
ALL POSTS ARE MY OWN PERSONAL VIEWS