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Thread: Taxpayers to foot £148m bill for failed Carillion - National Audit Office

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    Taxpayers to foot £148m bill for failed Carillion - National Audit Office

    Just to confirm that this is what I was saying all along about Carillion. Just another bailout, which made some Hedge Fund Managers lots of money.

    https://www.theguardian.com/business...anage-collapse
    those princes have accomplished most who paid little heed to keeping their promises, but who knew how to manipulate the minds of men craftily.

    Machiavelli, The Prince

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    Tony Blair again with his chums in the city and their PFI's.
    17,410,742 people said LEAVE!

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    In the greater scheme of things it's about £2 per person living in the UK. There are half built hospitals which need completing, it's going to need a gov.uk building firm to take over the staff and projects.

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    Just to be clear, this is not a "bail out" for Carrillion but a way to support the numerous sub-contractors who will have to continue the essential work. Having run a company and also been a part of a PLC I do have a dim view of many, though not all, accountancy companies. In my experience they devise methodologies that are sufficiently, though often unneccessarily, complicated to keep themselves in a job. Often so complicated that the biggest source of errors arise in the accountancy schemes used. It really should be just simple arithmetic but it is often opaque and is carried out for a significant percentage of a company's turnover. I doubt they will lose out over Carrillion's insolvency but many of Carrillion's subcontractors will.

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    Quote Originally Posted by grumzed View Post
    Just to be clear, this is not a "bail out" for Carrillion but a way to support the numerous sub-contractors who will have to continue the essential work.
    It's not clear why you wouldn't call it a bailout. Carillion collapsed, taxpayers are paying a large bill for it, certain Hedge Fund managers made big money. To me, that pretty much defines bailout.
    those princes have accomplished most who paid little heed to keeping their promises, but who knew how to manipulate the minds of men craftily.

    Machiavelli, The Prince

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    It is a bail out, but not for Carrillion, just their sub-contractors. We still need the work done.

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    Quote Originally Posted by scott777 View Post
    Just to confirm that this is what I was saying all along about Carillion. Just another bailout, which made some Hedge Fund Managers lots of money.

    https://www.theguardian.com/business...anage-collapse
    The "bailout" is not making "Hedge Fund Managers lots of money". They made their money months ago by short selling way ahead of any fees yet to be paid to lawyers and administrators that are handling the mess...
    The poster reserves the right to amend or completely change any opinions he has posted at any time...

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    Quote Originally Posted by grumzed View Post
    It is a bail out, but not for Carrillion, just their sub-contractors. We still need the work done.
    Well look, I think really it's splitting hairs. It's not literally a bailout for Carillion, which went down, but it amounts to a bailout of the remains of Carillion for the sake of Hedge Fund managers. First they made money by selling stock which they knew would be worthless. Then taxpayers have to pay to keep afloat the remains (contractual) after the collapse. That to me is the same principle as a bailout.
    those princes have accomplished most who paid little heed to keeping their promises, but who knew how to manipulate the minds of men craftily.

    Machiavelli, The Prince

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