The Collapse Of Carillion PLC - Pay yourself until you go bust
http://www.bbc.co.uk/news/business-42687032
"Construction giant Carillion is to go into liquidation, threatening thousands of jobs."
Why has Carillion PLC collapsed?
One of its many problem projects was the £335m Royal Liverpool Hospital. The Completion date was repeatedly pushed back amid reports of cracks in the building.
A lot of the concrete was not properly pre-treated beforehand. This was down to the decision of the directors. Almost all the directors/managers running this site were incompetent. They had been brought up from the South of England by their mates to get paid.
The articles says
One company, which provided services for Carillion's prisons contract, told the BBC that it might fail if it is not paid the £80,000 owed to it.
Only £80,000? Waow! Carillion pays it horde of directors and managers on each site £50-100sK bonus' every few months or phase despite the actual work done.
Another quote from the article...
"You've got to treat yourself much more as a branch of the public service, not as a private company just there to enrich the shareholders and the directors,"
If only someone had told them not to pay themselves for positions they shouldn't have been hodling.
Carillion PLC has been in the ground for some time now. It is just a vehicle to extract money from the tax payer.
@RiskDebonair
Irish Writer, Poet, & Lover
It's a shame to see another story like this but the world is full of corporations that are essentially self governing, with the power to coerce governments and legislation to their benefit, hell America is even worse for that kind of thing but with Brexit and Rupert Murdoch eyeing up the carcass of the UK like a vulture I can't see the UK being much different for long. One of the many reasons I think Crypto is going to succeed, if the worlds 1% didn't get so greedy the world wouldn't need the kind of wealth redistribution that Crypto offers.
We better see more of these "vehicles" colapsing!
I hate this so fucking much man, worst of all I hate that it's been in like, free fall for years and it was still landing major contracts while everyone looked the other way. The whole world is just smoke and mirrors.
Unrelated (mostly) but have you seen Enron: Smartest Guys In The Room ? It's a nightmare, I think you'd like it.
I have not, but I know the synopsis :D
great information,i like your post
thanks for good sharing
one of the best part of crypto money is that you don't need to pay tax, carillion plc is now where to go!
As if Carillion bosses are going to disregard their bonuses. Its all greed
Captialism makes capitalists more greedy to enrich themself.....why not PLC!