BBC and ITV state at 7.00 that Carillion plc in compulsory liquidation.
£900 million in the RED. Surely this should haemorrhage of money should have been stemmed months of not years ago…?!?
Bernard Jenkin, the Conservative chairman of the House of Commons Public Administration Committee, said: “This really shakes public confidence in the ability of the private sector to deliver public services and infrastructure.”
Some of us never had that confidence in the first place! Crooks and bloody shysters!
The banks have pulled the rug, and suggested that the Government bails this firm out by guaranteeing the outstanding loan book.
Talk about “Wanting your cake and eating it”!
The banks, a private sector “industry” managed to get even a Socialist government to take money from taxpayers - without any T&Cs being levvied upon them whilst those bailout monies were put to use paying the huge bonuses again.
Let’s not blame Carillion for what’s happened here.
This is yet another Banking sin laid bare.
I reckon the government should order the banks to keep on funding Carillion - and revoke their banking licences if they fail to comply. 
Our government is so weak right now though, that the betting is odds-on that they’ll let the banksters get away with it yet again. 
Sorry, I got it all wrong…
£1.5 BILLION in the RED
Winseer:
The banks have pulled the rug, and suggested that the Government bails this firm out by guaranteeing the outstanding loan book.Talk about “Wanting your cake and eating it”!
The banks, a private sector “industry” managed to get even a Socialist government to take money from taxpayers - without any T&Cs being levvied upon them whilst those bailout monies were put to use paying the huge bonuses again.
Let’s not blame Carillion for what’s happened here.
This is yet another Banking sin laid bare.
I reckon the government should order the banks to keep on funding Carillion - and revoke their banking licences if they fail to comply.
Our government is so weak right now though, that the betting is odds-on that they’ll let the banksters get away with it yet again.
Agreed.
However I cannot but help feeling that this is nemesis, even if it will affect the innocent. My real wish would be for the directors and other fat cats involved to lose their houses.
cav551:
Winseer:
The banks have pulled the rug, and suggested that the Government bails this firm out by guaranteeing the outstanding loan book.Talk about “Wanting your cake and eating it”!
The banks, a private sector “industry” managed to get even a Socialist government to take money from taxpayers - without any T&Cs being levvied upon them whilst those bailout monies were put to use paying the huge bonuses again.
Let’s not blame Carillion for what’s happened here.
This is yet another Banking sin laid bare.
I reckon the government should order the banks to keep on funding Carillion - and revoke their banking licences if they fail to comply.
Our government is so weak right now though, that the betting is odds-on that they’ll let the banksters get away with it yet again.
Agreed.
However I cannot but help feeling that this is nemesis, even if it will affect the innocent. My real wish would be for the directors and other fat cats involved to lose their houses.
I’d like to see some of the old boys club doing some porridge but the chances of that are slim to none and slim’s left town…
mardybum:
Sorry, I got it all wrong…£1.5 BILLION in the RED
And no doubt their accountants only noticed a loss a fortnight ago… 
Bully’s…
mardybum:
Sorry, I got it all wrong…£1.5 BILLION in the RED
You were sort of right first time as well.
£900 million in debt + £600 million pensions deficit.
Winseer:
The banks have pulled the rug, and suggested that the Government bails this firm out by guaranteeing the outstanding loan book.Talk about “Wanting your cake and eating it”!
One of the potential deals was the Government bail Carrilion out, like they did for the Banks. I believe if you buy a company you buy its debts, which is why Rover was sold for a £1, but included millions in money owed.
Winseer:
The banks, a private sector “industry” managed to get even a Socialist government to take money from taxpayers - without any T&Cs being levvied upon them whilst those bailout monies were put to use paying the huge bonuses again.
Which “Socialist” government was that?
But yes banks do seem to want special treatment, they take the risk when they lend money that it won’t be paid, which is why they should practice due diligence before lending.
Winseer:
Let’s not blame Carillion for what’s happened here.This is yet another Banking sin laid bare.
Why not blame Carrillion, they were running the business and it failed.
Unless the banks have been lending more money than they have to bad risks like they did before the financial crash, then what sins have they committed, after all they’re supposed to lend money and expect it to be paid back, that’s how it works.
It doesn’t work when they risk money they haven’t got on dodgy deals with the hope of short term bonuses and it goes ■■■■ up.
Winseer:
I reckon the government should order the banks to keep on funding Carillion - and revoke their banking licences if they fail to comply.Our government is so weak right now though, that the betting is odds-on that they’ll let the banksters get away with it yet again.
Why should the banks be forced to support a bad risk, that’s how we ended up in the doggy doo last time?
It’s a business failure, the banks should have to ■■■■ up the loss, but the people who’ll suffer most are the small business who see naff all from the liquidation.
What the government needs to do is bring the operation in house, but honour the contracts of the small businesses in this.
Winseer:
I reckon the government should order the banks to keep on funding Carillion - and revoke their banking licences if they fail to comply.
This should all have been sorted out ten years ago by allowing the banks in serious trouble to go to the wall. It would have meant problems back then but it would have drawn a line in the sand that the banking industry couldn’t cross without parliamentary approval, and that wouldn’t have happened without the approval of the investors, large and small, who had been severely burnt.
Instead we now have a banking industry which calls the shots, holds parliament and the country to ransom, and carries on to the next crisis unfettered. And there will be another crisis, all the signs are there . . .
muckles:
It’s a business failure, the banks should have to ■■■■ up the loss.
The old adage of being too big to fail comes to mind, especially with government contracts backing it up.
Easy to see how it happened,£1.5bn was the agency bill for December…
If the Govt bails it out then is that less for the NHS 
Stanley Knife:
muckles:
It’s a business failure, the banks should have to ■■■■ up the loss.The old adage of being too big to fail comes to mind, especially with government contracts backing it up.
I don’t think the government have bailed it out, as the news reports say it’s gone into liquidation after negotiations with its lenders and government to save it have failed.
The government are just taking on the public service contracts as they have to continue, although they also seem to be offering them round the industry to people like Kier.
AFAIA the reason they’ve gone pop is because the government refused to bail them out. If that is true I for one am relieved.
The important part for the government now is to get those contracts covered, but that could come at a premium.
Winseer:
The banks have pulled the rug, and suggested that the Government bails this firm out by guaranteeing the outstanding loan book.I reckon the government should order the banks to keep on funding Carillion - and revoke their banking licences if they fail to comply.
Our government is so weak right now though, that the betting is odds-on that they’ll let the banksters get away with it yet again.
Snipped what you’ve said a little, but basically the Government were damned if the do and damned if they don’t. They probably didn’t assist as they’ll be seen as nationalising losses but privatising profits.
Sadly Carillion are the ones that have overspent on many projects they’ve been involved with.
Didnt they win the hs2 contract a few months. Do people not check there liquidity when awarding big contracts.