£42,000,000 - anyone?

[RGDave]

"Criticism of how five executives extracted £42m in pay and pensions from MG Rover will be made tomorrow in a report by independent inspectors appointed by the Business Department.

The inspectors - Gervase MacGregor of the accountants BDO Stoy Hayward and Guy Newey QC - will not accuse the so-called Phoenix Four and the chief executive they appointed of breaking the law (and the Serious Fraud Office recently concluded that it would not launch a case against them).

But their report is a humiliating 800-page catalogue of how they enriched themselves while the last UK-owned mass market motor manufacturer hurtled towards insolvency.

Each of the Phoenix Four - John Towers, Nick Stephenson, Peter Beale and John Edwards - received around £9m, according to the report. Their chief executive, Kevin Howe, pocketed £5.7m."

- - - - -

So, here's how it works. Buy a company for a few quid, fleece it for £42,000,000 and stick two fingers up at the law.

Nothing illegal?

The report itself cost £16,000,000?

I am lost for words.

- - - - -

I lived a 5 wood distance from Rover and knew many who lost their jobs and pensions. Shouldn't they get some of the £42 million?

Shameful......what sort of democratic capitalist monarchy can we claim to be.

 

[SS2]

It is an absolute disgrace.

 

[RGDave]

It is an absolute disgrace.

Thank you. I'm hoping I'm not alone.

 

[Dave3498]

The cost of the report is more of a disgrace. I would have done it for £1M.

 

[Parmo]

Reports for this and that no wonder this country is skint, its all the PC brigades fault :shakeyfist:

 

[RGDave]

The cost of the report is more of a disgrace. I would have done it for £1M.

Yes, "one" has to wonder how on earth a report can cost SO much money. I could put together a team of business brains and accountants who would have studied all the evidence for "decent pay", certainly under £200k for a few months work.

 

[stevie2722]

Reports for this and that no wonder this country is skint, its all the PC brigades fault :shakeyfist:

totally agree the pc culture has gone totally mad, and whats more the idiots in charge continue to put human rights and pc above the law.
that combined with a communistic government has made this country a disgrace.
Why on earth should people be paid not to work!!!! Unless that is they have a genuine disablility.
Our armed forces and public services have nose dived into the floor while taxpayers support people who wont get a job.
and yet no political party seems to offer any sort of solution to this. not even the conservatives who should be against this sort of welfare state.
Vive la revolution

 

[Parmo]

Why on earth should people be paid not to work!!!! Unless that is they have a genuine disablility.

Maybe because our industries where sold off in the 1980s & 1990s leaving little or no work about and since I have spent the last 15 years working and paying taxes I and my family should at least receive the min security for the massive contributions in taxes we have paid. Yes I have just been made redundant and take no pride in being unemployed.

 

[drawboy]

You have to look at where MP's get their money from. Once you are in the privileged position they are in they put their money into all the stocks and shares we would never be privy to. Cars ,oil, etc. They do not and never will care a jot about anyone else but themselves. As long as they line their bank accounts thats fine. The trouble with us British is we blow up a storm for a week then forget it a week later,all the government has to do is ride it for a few days and look embarrassed, it always blows over, leaving them to get on with important policies like war for oil and claiming more expenses.

 

[Hendy]

shocking really to think that this goes on...