Carillion select committee findings

[Redstreet]

So , the MPs can rhetorically lambast the failures and inadequacies of the performance of the directors of Carillion and it is very easy to say “ they stuffed their mouths with gold “ .. All true and rhetorically impressive . However, unless the directors concerned are now prohibited from future directorships then the enquiry is an empty vessel signifying nothing . I applaud Rachel Reeves questions and analysis but if nothing is done to  impact these guys moving on to a new lucrative position then it is a waste of tax payers money . I watched the enquiry ( I know , get a life ) but the performance of those concerned from. Carillion was eye wateringly not only highly prepared by their lawyers but actually they came over as very unimpressive . The government knew about this demise and as for the so called “ Big 4 auditors ( total monopoly ) why are their practices also not being scrutinised as it would appear they were incapable of seeing assessing the financial implosion . It is not about taking low Margin contracts they could not deliver a profit on , it is probably the biggest case of senior level incompetence post 2008 . And yet again reveals the inability of so say “ directors “ to run large businesses 

[northsomersetred]

1 hour ago, Redstreet said:

So , the MPs can rhetorically lambast the failures and inadequacies of the performance of the directors of Carillion and it is very easy to say “ they stuffed their mouths with gold “ .. All true and rhetorically impressive . However, unless the directors concerned are now prohibited from future directorships then the enquiry is an empty vessel signifying nothing . I applaud Rachel Reeves questions and analysis but if nothing is done to  impact these guys moving on to a new lucrative position then it is a waste of tax payers money . I watched the enquiry ( I know , get a life ) but the performance of those concerned from. Carillion was eye wateringly not only highly prepared by their lawyers but actually they came over as very unimpressive . The government knew about this demise and as for the so called “ Big 4 auditors ( total monopoly ) why are their practices also not being scrutinised as it would appear they were incapable of seeing assessing the financial implosion . It is not about taking low Margin contracts they could not deliver a profit on , it is probably the biggest case of senior level incompetence post 2008 . And yet again reveals the inability of so say “ directors “ to run large businesses 

It's happened before and unless there's serious changes, especially the 4 accountancy firms, it'll happen again. I worked for a medium sized company, about 8k employees, that went tits up, i seen the writing on the wall and left before they went under but i still lost my pension. Corporate greed at it's ugliest.

[Redstreet]

13 minutes ago, northsomersetred said:

It's happened before and unless there's serious changes, especially the 4 accountancy firms, it'll happen again. I worked for a medium sized company, about 8k employees, that went tits up, i seen the writing on the wall and left before they went under but i still lost my pension. Corporate greed at it's ugliest.

Yes it certainly has and will as the hierarchy and financial institutions are so well entrenched . The select committee enquiry is toothless unless these useless directors are at least prohibited from new directors positions or even better prosecuted for dereliction of duty .  I doubt anything will change in my lifetime however . 

[Lanterne Rouge]

You should read the last few issues of Private Eye if you want to know what really goes on. The case of Premier Motor Auctions and the actions of  of Lloyds Bank & PwC make interesting reading to say the least.

[ScottishRed]

13 hours ago, Red Right Hand said:

You should read the last few issues of Private Eye if you want to know what really goes on. The case of Premier Motor Auctions and the actions of  of Lloyds Bank & PwC make interesting reading to say the least.

Check out the actions of RBS's Global Restructuring Group after the crash!

And they are owned by the taxpayers!