BHS: Something is trickling down Sir Philip Green’s leg

But it doesn’t look like wealth

peegreen

11,000 employees in the Green pee soup

SQUARE.JW.01With demand in Britain’s “strong and growing economy” so poor, BHS is about to undergo a demise of grizzly proportions. But here’s a nice bit of double-talk to start the week:

BHS

OK, fair enough – I know what this is saying. But rejoicing about the administration having no effect on the pension scheme is a bit like saying “The Führer’s dead but his teeth will continue the fight”. What we’d all like to know is what percentage of the pension is half a billion quid (an awful lot, I’d imagine) and why has it gone walkabout? What were the auditors and trustees doing all that time?

Well, it’s five weeks since Phil Green sold the entire business for £1, and we’re no clearer how it happened. It has been reported that he could be asked to stump up £280m to save many BHS staff from having their pensions cut. This would represent around 12.8% of his personal wealth. But could and would means nothing nowadays.

But ‘pension deficit’ is another of those anodyne phrases like ‘unfunded civil service pensions’. What they mean is ‘who’s been eating my porridge?’

Here, we can be a bit more specific: 6,700 of former employees will be unaffected: being already retired, their pensions are ring-fenced. But just over 7,000 will face a cut of at least 10%…and younger employees are bound to lose more. So 7/11ths of those thrown out of work will also have a lower pension

This is, of course, the first of many retail collapses to come throughout Europe. And proof once again “that our longterm economic plan is working”.

And further proof that wealth trickles down. Of course it does. We all know that. Keith Joseph said so. Nothing wrong with the late Keith that a Venusian mindmeld couldn’t have sorted out.

If only they’d called in Jewels Altmann; she’s good at this sort of stuff. She’s also big mates with Avid Cameldung. And Sir Philip gave Dave Cameo his first (and only proper) job.

S’a small world, innit?

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22 thoughts on “BHS: Something is trickling down Sir Philip Green’s leg

  1. Yes, it stinks – and, as with bank and steel bailouts, the taxpayer is left footing the bill. Walking down my local high street the other day, I was shocked at how many of the units were empty, or occupied by charity shops or pound stores. Many household names are zombie firms that have only kept going with the promise of better times ahead. But as most of us know, these better times aren’t coming.

    Liked by 1 person

  2. When he made a takeover bid for M&S a few years back (2004 ?) did not his vile wife make a large sum from buying shares ahead of the bid and selling out at the top of the market. No investigation from the city bodies , always sounded to me a scam buy some shares , launch a takeover bid that will never stick , and sell the shares during the bid , make a tidy sum. He was always a spiv.

    Liked by 1 person

  3. There is only so long a company can continue in subdued econonic conditions and I just cannot help feelng BHS will be the first of many. Why?

    Because of the long drawn out period of subdued trading conditions, people without an excess money to spend since 2008.
    Not one year since then has there been a “blow your socks off fantastic economy year” happened or if it did it I missed it.
    Just covering your costs may be possible for a long time if you do not live the high life and maximize all efficiencies == sack everybody, cut everything you do not need,

    Ignore it at your peril, but to do so you must ignore the words of the politicians and the fantastic economy we have.

    But you can’t blame business JW, go look at government pension promises “policy” WITH NO MONEY. The £570 million by BHS is small fry and just the tip of a very big pension iceberg the government is hidng.

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  4. “The Führer’s dead” – I thought David Cameron was still alive.

    As to BHS, it is facing the problems of a world where the rich can spend money on Bond Street, and the rest can only afford the discounters. Like the extinction of the American Middle Class, the demise of BHS shows the contraction of the British middle classes – at least in their purchasing power.

    Liked by 2 people

  5. Flaming brands and pitchforks are the only arguments that will bring these crooks to account. Unfortunately, by the time most realise they have had their future stolen, they are too infirm to make much of a dent in the face of the elites’ stormtrooper riot squads. The young, who should be in support of their defrauded elders, are too busy playing in a virtual reality where consequences may be avoided by just restarting the game. As Hiero pointed out on yesterday’s thread, the deliberate promotion of identity politics has meant that there is no longer any concept of a common cause. Divide and conquer is an all too effective strategy. It may be a tired cliche, but Martin Niemoller’s words seem as relevant as ever.

    Liked by 3 people

  6. BHS was insolvent, whilst owned by Green, and he knew it.It is ILLEGAL to continue trading when the directors know or should have known of the insolvency, as this worsens the position of unsecured creditors.

    Liked by 1 person

  7. Radio 4 informed this morning that the current owners siphoned off barrow-loads of the old spondoolicks for themselves within weeks of the purchase.

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  8. Wouldn’t it be a shame if Philip Green had to dispose of his superyacht to top-up the BHS pension fund? As he claims to live on it he might become homeless and have to move move-in with his children on their superyacht!

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  9. Dear All
    For myself, I think that Dave Scamoron should elevate Sir Phil to being Baron Green. Then we could create a new collective noun: ‘A barongreen of arseholes’.

    Liked by 2 people

  10. We appear to live in an insane matrix of filth and corruption, controlled by sub human sociopaths. What on earth does it take for people to even be remotely interested in challenging or even acknowledging this? Our world revolves around ghastly, vacuous celebs foisted upon us as ‘useful idiots’ to keep the masses ‘entertained’ dumbing the poplulation down to the lowest common denominator. Aided and abetted by our media – controlled by more right wing sociopaths skilled in filth and corruption who help sculpt or maintain our plastic reality. What will it take, I ask myself?

    Liked by 1 person

  11. @Jane: Nothing short of bloody revolution and, it will take a hungry belly for this to come about, at present the masses are too distracted by the likes of Ant and Dec, the Kardashians and so forth, the distraction will be less attractive when the hungry belly kicks in, which it will, as sure as night follows day. The greedy elite want it all. They are going to get more than they bargained for.

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  12. @ Jane: Yes “The Hunger Games” looks more and more like reality.

    @ kfc; It will take a revolution but I don’t think the revolution will be on the internet – they have that covered. The snoopers charter and the militarization of the police are not really directed against a foreign terrorist threat so much as the domestic threat to the hegemony of the elite. The multi -culti experiment and identity politics rigidly enforced by the thought police ensures that it is difficult for a cohesive opposition to arise.

    How passive is the general population? Will they notice that the NHS has gone and they cannot afford to be treated for common illnesses. They seem to have accepted the fact that an ever growing segment of the population will never be able to afford a home outside the clutches of the rentiers. How bad will it have to get before folk come together on the streets.
    Truly there are not enough lamposts.

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  13. @ Jane: Yes “The Hunger Games” looks more and more like reality.

    @ kfc; It will take a revolution but I don’t think the revolution will be on the internet – they have that covered. The snoopers charter and the militarization of the police are not really directed against a foreign terrorist threat so much as the domestic threat to the hegemony of the elite. The multi -culti experiment and identity politics rigidly enforced by the thought police ensures that it is difficult for a cohesive opposition to arise.

    How passive is the general population? Will they notice that the NHS has gone and they cannot afford to be treated for common illnesses? They seem to have accepted the fact that an ever growing segment of the population will never be able to afford a home outside the clutches of the rentiers? How bad will it have to get before folk come together on the streets?
    Truly there are not enough lamposts.

    Like

  14. Previous sloggers posts said it all for me. You mad me belly laugh though JW ref; Baron Green, —– nowt like a bit of humour lad.

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  15. I thought David Cameron’s only ‘proper job’ was given to him by Michael Green of Carlton Communications at the suggestion of a relative.

    Journalists dealing with him then have been quoted as saying:

    “In my experience, Cameron never gave a straight answer when dissemblance was a plausible alternative, which probably makes him perfectly suited for the role he now seeks: the next Tony Blair,”: Jeff Randall.

    Sun business editor Ian King, recalling the same era, described Mr Cameron as a “poisonous, slippery individual”.

    http://news.bbc.co.uk/1/hi/uk_politics/4502656.stm

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