Declaring one’s interest when indulging in bollocks.

Another classic ‘Britain not open for business’ attempt from the Barclay Brothers in today’s Telegraph.

Invesco Perpetual fund manager and rentagob Neil Woodford has said the criticism directed by MPs at G4S CEO Nick Buckles over Olympics security was like a “medieval persecution’.

You see Neil, the thing with witch hunts is, you need them when catching witches.

Woodford said Parliament’s grilling of Buckles last month could make companies reconsider business ties with the UK. The government was forced to draft in members of the armed forces to help with Olympic security last month after G4S said it would not be able to provide the 10,400 members of staff to which it had committed. But the appalling appalled Woodford said the home affairs select committee’s actions were “terribly damaging for the economy and this country…If this is the way Parliament wants to treat business, please Parliament, don’t be surprised when businesses decide this isn’t the country for them,” he whined pointlessly.

So tell me Neil Woodford, what was it that first decided you on the route of defending huge Invesco portfolio member G4S?

Move over David Buik, there’s a new kid on the block.

16 thoughts on “Declaring one’s interest when indulging in bollocks.

  1. So if I failed to perform my contractrual obligations with Barclays – i.e. pay my mortgage installments – then I can expect a warm and fluffy attitude from them so that they do not damage the Barclays economy?

    No, thought not.

  2. Sadly, the Telegraph’s finance pages are full of people pushing an agenda.

    Oftentimes it’s fund sales ‘XXX is fund manager at’

    Even the intelligent ones can’t be trusted. Liam Halligan has rose-tinted spectacles about Russia… where he runs money.

    Then, as you say, you get the people popping up offering comment. They don’t do it because they are some sort of Mother Teresa, they do it to push an agenda.

    Neil Woodford would make a dog sick.

  3. It must be a small factor weighing the minds of chief executives that if something goes wrong they will be hauled up in front of the select committee for a few hours of ineffectual show-boating and abuse, as happened to Buckles, whose company had been doing very well until the Olympic disaster. One of the ways in which it was a disaster for his company was the public humiliation in front of the select committee on live TV. What with being human and all, most people would rather avoid that sort of jeopardy.

    As a fund manager, Woodford is well placed and perfectly entitled to comment on the effect of such things on his investments. A conflict of interest? No – an interest.

  4. So, what he is saying is that, if you take a Government contract and go hugely over budget and fail to deliver, that’s ok and you shouldn’t be bought to book? Because that suggests to others, that they won’t get away with it either so, they should try the scam elsewhere where they will. Put another way, Britain is not open to dodgy business. Well, I suppose that does make life difficult for a lot of them….

  5. The contract already had clawbacks and penalty clauses written in. It’s the personal humiliation which is not businesslike. Select committees have proved themselves very poor at getting at the truth or the heart of matters because the members are simply falling over themselves to abuse the bete noire of the week without co-ordinating their questioning.

  6. KFC1404,
    It seems likely that it is a REQUIREMENT for government contractors to go way over budget and deliver sub standard goods and services,. That way, they get to be near the top of the “preferred bidder” list for the next contract. I don’t know why but it seems to be so.

    DECLARING AN INTEREST. This is standard procedure in any local authority. Generally speaking, those who declare an interest are not allowed to speak or vote. Yet in the House of Lords, EU pensioners like Neil Kinnock, Leon Brittan et al) receive large, tax-free, EU pensions which are conditional on their never doing or saying anything contrary to the interests of the EU. The Members’ Interests Committee (which included a former Lord Chief Justice) decided that this was an interest which noble lords should, at least, declare before speaking on EU matters. The bought-and-paid-for euro-peers appealed to the Privileges Committee which decided that they need not do so. I do not know the grounds for this – whether it was that peers are such honourable people that they could not be swayed by monetary considerations, or that the EU was so much a superior part of our constitution as to be immune. The noble lord who told me was so incandescent with fury that I feared a heart attack and did not question him further.

  7. Off topic…..evidence-based bollocks deconstruction everyone should see. If you still dont believe 9/11 was a con after watching this short video then you have the intelligence of a lobotomised baboon. Eleventh anniversary of this fraud next week.

  8. I was told that G4s had a very naughty habit of tying applicants up on the promise of a job (just waiting for final contract paperwork blah blah blah) for months, to keep them out of rival agency clutches.
    Of course when the job actually materialised -like Olympics- people had got fed up waiting and gone off to other things, or even re-registered with G4s.
    So all the staff they claimed were available, didn’t exist. Typical UK shabby behaviour nowadays. Led by accountants and salesmen with no clue how to run a business. Buckles deserves all the abuse he gets.

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