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Sir Philip Green
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By *atEvolutionCouple
over a year ago
atlantisEVOLUTION Swingers Club. Stoke |
Seems to me that he is being asked questions that are pre prescribed by the select committee to make him look bad regardless - the biggest failing so far that I can see is that he has an abrasive style but he has said nothing so far that I feel he personally did with malice or dishonesty 
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By *ENGUYMan
over a year ago
Hull |
"Did he not - perfectly legally - remove £400m+ from the company before selling it to a bankrupt for £1?
Oh, and then there's the half a billion pension deficit to consider..."
And what about the former BHS head office sold off.... via a company owned by his wife, who pocketed all the profits? |
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"Did he not - perfectly legally - remove £400m+ from the company before selling it to a bankrupt for £1?
Oh, and then there's the half a billion pension deficit to consider...
And what about the former BHS head office sold off.... via a company owned by his wife, who pocketed all the profits?"
But it's all perfectly legal  |
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By *olgateMan
over a year ago
on the road to nowhere in particular |
"He couldn't have sold it to a bankrupt, that is illegal
Not just a bankrupt, someone who's been bankrupt at least 2-3 times already !"
Most tycoons have gone bust at least once |
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By *oodmessMan
over a year ago
yumsville |
"He'll be attending the select committee hearing today, is that right?
if he wishes to do so, yes
I believe he will attend, but is not forced to do so"
I saw the Dominic Chappell hearing and to say he was painted as an irresponsible, bankrupt man that hands out death threats. It was interesting to hear his version of events. Essentially Green new fully about Chappells business history and had administrators in from the initial sale. He wouldn't release essential cash to help with the turnaround of BHS (much as Chappell was supposed to have cash investment). It seemed like Green had put so many sanctions on BHS that getting a reputable CEO to take it on was impossible, though the business ran for 18 months longer than expected. Much as no one likes the Sports Direct owner Mike Ashley, he was going to buy it, but Green wanted the deal done within 24hrs. Green put the original administrators in after that meeting. Greens wife was also an investor though has kept her accounts in the Caymans not tied to Greens portfolio and was also not releasing cash when needed to improve the business.
It looks like Green new it was failing or lost interest in it and needed to hand it off to someone but retained shares/dividends so he could cash in on its collapse??? |
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By (user no longer on site)
over a year ago
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"Did he not - perfectly legally - remove £400m+ from the company before selling it to a bankrupt for £1?
Oh, and then there's the half a billion pension deficit to consider...
And what about the former BHS head office sold off.... via a company owned by his wife, who pocketed all the profits?
But it's all perfectly legal "
.
Unfortunately Joe you've just hit the nail with the proverbial!.
Immoral, ruining capitalism, smashing free markets, corrupting the political system and cronyism... Yes but illegal no.
Just got to ask yourself WHY it isn't illegal |
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"Did he not - perfectly legally - remove £400m+ from the company before selling it to a bankrupt for £1?
Oh, and then there's the half a billion pension deficit to consider...
And what about the former BHS head office sold off.... via a company owned by his wife, who pocketed all the profits?
But it's all perfectly legal .
Unfortunately Joe you've just hit the nail with the proverbial!.
Immoral, ruining capitalism, smashing free markets, corrupting the political system and cronyism... Yes but illegal no.
Just got to ask yourself WHY it isn't illegal"
Oooooh! What if the people who made the laws benefited from such immoral actions?!  |
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"Did he not - perfectly legally - remove £400m+ from the company before selling it to a bankrupt for £1?
Oh, and then there's the half a billion pension deficit to consider..."
When Green took control the pension fund had a surplus...
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"Odious piece of filth"
this..
that he and other's can do this and ordinary worker's get shafted on their pensions is wrong..
his personal wealth is estimated to be £3.4 billion and one may think that someone with any decency would look after the people who have been treated abysmally ..
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By *icketysplitsWoman
over a year ago
Way over Yonder, that's where I'm bound |
"he got extremely upset and agitated because a select committee member was staring at him, he asked the member so stop looking at him"
That bit was funny too. Given the nature of the hearing and the way that people are seated in order to look at him you'd think he'd be prepared for people to look at him.
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By (user no longer on site)
over a year ago
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"Aka business.
All the rich people play this game to some extent."
Which is why,if we come out of the EU it will be business as usual. Those rich company directors/owners/shareholders won't let themselves become poor. |
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By (user no longer on site)
over a year ago
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"he got extremely upset and agitated because a select committee member was staring at him, he asked the member so stop looking at him
That bit was funny too. Given the nature of the hearing and the way that people are seated in order to look at him you'd think he'd be prepared for people to look at him.
"
I thought exactly the same, and with him being in the high position he is in, he must be well accustomed to board meetings and interrogations |
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By (user no longer on site)
over a year ago
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The way the media, and the people involved in the committee have spoken about him, have been very poor at times.
The questions were quite leading / frames today, which is easier to offer generic answers for. Very clever man, and nothing was done illegally it seems, so - can't we fix the system better? |
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By *icketysplitsWoman
over a year ago
Way over Yonder, that's where I'm bound |
"The way the media, and the people involved in the committee have spoken about him, have been very poor at times.
The questions were quite leading / frames today, which is easier to offer generic answers for. Very clever man, and nothing was done illegally it seems, so - can't we fix the system better? "
He has at least apologised to staff and says he will fix the pension deficit.
Let's judge him on the actions that follow this pledge.
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By (user no longer on site)
over a year ago
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"Aka business.
All the rich people play this game to some extent.
Which is why,if we come out of the EU it will be business as usual. Those rich company directors/owners/shareholders won't let themselves become poor. "
Yep, it just changes the rules of the game. |
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By *olgateMan
over a year ago
on the road to nowhere in particular |
"Aka business.
All the rich people play this game to some extent.
Which is why,if we come out of the EU it will be business as usual. Those rich company directors/owners/shareholders won't let themselves become poor. "
This has happened under EU law, do you not want to change that? |
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By (user no longer on site)
over a year ago
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Sadly for the NHS staff and pensioners Green represents the very worst of capitalism. While he will have been smart enough not to do anything illegal, he loaded the company with debt in order to pay himself enormous dividends, all paid out offshore to his wife in Monaco and therefore not subject to any tax. By underfunding the pension fund while at the same time stripping cash out of the company is morally corrupt. The business was sold for £1 due to the huge debts that went with it which made the ultimate collapse inevitable, even more so as it was sold to th only idiot in town who would buy it, stripping out the last remaining cash before seeing it go into receivership. No corporate governance for years, no investment, no morals and nothing remotely illegal. The law should be reviewed and quickly. |
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By *eavenNhellCouple
over a year ago
carrbrook stalybridge |
"Sadly for the NHS staff and pensioners Green represents the very worst of capitalism. While he will have been smart enough not to do anything illegal, he loaded the company with debt in order to pay himself enormous dividends, all paid out offshore to his wife in Monaco and therefore not subject to any tax. By underfunding the pension fund while at the same time stripping cash out of the company is morally corrupt. The business was sold for £1 due to the huge debts that went with it which made the ultimate collapse inevitable, even more so as it was sold to th only idiot in town who would buy it, stripping out the last remaining cash before seeing it go into receivership. No corporate governance for years, no investment, no morals and nothing remotely illegal. The law should be reviewed and quickly."
dont hold your breath with this lot in power
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"Sadly for the NHS staff and pensioners Green represents the very worst of capitalism. While he will have been smart enough not to do anything illegal, he loaded the company with debt in order to pay himself enormous dividends, all paid out offshore to his wife in Monaco and therefore not subject to any tax. By underfunding the pension fund while at the same time stripping cash out of the company is morally corrupt. The business was sold for £1 due to the huge debts that went with it which made the ultimate collapse inevitable, even more so as it was sold to th only idiot in town who would buy it, stripping out the last remaining cash before seeing it go into receivership. No corporate governance for years, no investment, no morals and nothing remotely illegal. The law should be reviewed and quickly."
One Green company charging another rent on premises (£150m) another Green company charging groundrent on the bus head office (£3m), £10m interest on a bond issued to bhs. The whole point was to strip cash from the business at every opportunity then as you say find a mug yo take the cane for it |
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Before we draw conclusions shouldn't all of the evidence be considered.....and we haven't had it all yet?
Of course this business may be full of scumbags, throwing accusations at each other but the point is that the reasons behind the demise of BHS haven't been fully explored yet.
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By *ty31Man
over a year ago
NW London |
It all appears like legalised Asset Stripping. I read somewhere that the BHS collapse Was hastened when Arcadia Group called in a large loan at short notice.
It's a shitty system which allows a company to be run in such a reckless manner and results in ordinary people losing their jobs and facing cuts to their pensions. |
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By *ty31Man
over a year ago
NW London |
"[Removed by poster at 15/06/16 19:35:45] isn't arcadia group owners of the stores in BHS"
Arcadia is Philip Greens company and the parent company of Topshop Etc. BHS was formerly part of Arcadia until it was sold to Dominic Chappell for a nomibal fee of one pound Owing to outstanding debts and liabilities including monies loaned to it by Arcadia as a patent company |
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By *oodmessMan
over a year ago
yumsville |
The second part of the committee hearing has now been put on iplayer - it's just as long as the first session though they do get him under control a lot better and don't let him get away with going off on tangents. The business secretary does snap at him - others do tie him in knots too |
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