BHS: Should there have been a regulator to give Green a wide berth?

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With a yacht that big, clearly Sir Phil must be quite wide

SQUARE.JW.01Following yesterday’s questions about why the BHS pension fund is half what it should be, the unfolding tale of how ‘Sir’ Philip Green creamed off his getaway money from BHS, stuck the tax in a haven, and left a half-billion quid hole in the staff pension fund is quickly emerging. But Green had been followed by clouds throughout his business career: one is left, once again, wondering why he was thought a fit and proper man to be in charge of Arcadia.

Between 2000 and 2002, the BHS fund grew from £2m to £17m. After that, it went down steadily…and remarkably in line with trading difficulties. The Guardian’s three quotes this morning nail it all rather well:

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But all I’m getting so far from MPs is “there must be an enquiry”. Screw the bloody enquiry: let’s see if we can find one straight cop somewhere in our Septic Isle, let him form a team, seize the books and start a forensic criminal investigation.

Green’s behaviour is not what you’d call philharmonic, nor is he particularly philanthropic, but it certainly does look like he’s been philling his boots. We don’t need an enquiry, we need Plod to feel his louche, open collar. And sequester his new yacht.

Certainly, he has form.

Green began sailing close to the wind in 1979, when he bought up the entire stock of ten designer label clothes sellers who had gone into receivership for next to nothing. He sent the stock to the dry cleaners, got them put on hangers, wrapped them in polythene to make them look new, and sold them at top dollar to the public.

When The Guardian  investigated some questionable tactics during Green’s proposed takeover of Safeway in 2003, Green responded to queries about Arcadia’s accounts by insulting and swearing at the journalists.

Green’s wife Tina Green owns all the family shares in Jersey-registered Taveta Investments. Whacking it all into the wife’s name to defraud creditors is a tactic as old as the hills, and the Greens excel at it: while BHS was losing money hand over fist, Taveta was paid £115m in fees and dividends. When they acquired Arcadia, Sir Phil’erup fronted up the purchase for the City….and sold the shares to Taveta within 24 hours.

He might takes risks with pensioners’ and creditors’ money, but not with his own.

However, the final certainty as to the genes pulsating through Philip Green’s corpulent form lies as always in the fact that David Cameron hired him. Never known for certain to have hired anyone honest, in August 2010, Green was asked by Dodgy Dave to carry out a review of government spending and procurement. Green’s summary report alleged significant failings in government procurement processes. It failed, however, to nail anyone later involved in somewhat Arabian decisions on railway contracts.

On meeting the two featherlites Cameron and Osborne a fornight before  the 2010 general election, Green came out in support of the Dipstick Duo, proclaiming “Cameron and Osborne understand what needs to be done. They get it.”

Well quite Sir Philip, quite. We understand perfectly what you mean.

Last night at The Slog: Obamarama – the Threaten Folks European Tour continues

33 thoughts on “BHS: Should there have been a regulator to give Green a wide berth?

  1. John – have you heard anything of Sir Tom Hunter’s funded document on the EU referendum: “Britain’s decision facts and impartial analysis”? http://www.davidhumeinstitute.com/wp-content/uploads/2016/04/Britains-Decision-1.pdf

    I saw he was wheeled out onto Sky News to champion his document as the answer to those looking for an unbiased view.

    I skipped to Chapter 5 “Cameron’s negotiation: What has been agreed? What difference will it make?” What will change in a ‘reformed’ Europe?”. This chapter was written by the incredibly impartial sounding Laura Cram, Professor of European Politics at the University of Edinburgh and Senior Fellow on The UK in a Changing Europe programme.

    The analysis in this chapter alone was enough for me to determine the authenticity of this self-certified “Impartial” analysis.

    They really are trying every trick in the book.

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  2. I’ve already asked The Met to arrest Cameron, Osborne and IDS, both on Twitter and by phone. I’ll add Green to the list..The whole damn lot of them need to be flung into prison for what they’ve done and are STILL doing! Bastille II is on it’s way…without doubt…and when it arrives, all of these greedy, filthy-rich, repulsive humans will never rest easy in their beds again!

    “Roll on!” say I

    Liked by 1 person

  3. Several thousand lose their livelihood, the taxpayer picks up the tab for the pensions, and having plundered the coffers of several million, Green purchases a new 100 million pound superyacht. I get the distinct impression Green and his ilk are laughing at the masses, safe in the knowlege that they will never be brought to book for their blatant criminality. The much-vaunted ‘Rule of Law’ is so obviously pushing up the daisies.Perhaps it’s just me though.

    Liked by 6 people

  4. Maybe we could tell the French action direct that his yacht is a Greenpeace boat and they could sink it for us.
    Joking aside it only takes one look at him to tell you he is a crook.
    Jug old son I was always under the impression his wife has already made a small fortune on insider dealing back in 2004 when he launched a laughable bid for M&S and because she was registered in Monaco she evaded prosecution.

    Liked by 2 people

  5. Isn’t Phillip Green just another example of how Anglo-Saxons do business? The slashing and burning of a warlike man, thrust into the world of business, where the heart of a business is torn out and sold on the cheap. It’s how to make a stack.

    Then when it all falls apart they still have their superyacht…

    Remember that the CEO of Honda is paid around a million dollars a year, he is a man who does business properly: whilst his cars all cheat the emissions scandal, he does not squeeze the life out of his business in the way Green did. It is why Japan has a car industry and Britain subsists with production lines with labourers bolting Japanese products together to make cars.

    Britain has made itself a vassal of foreign powers through its own way of doing business.

    When The Guardian investigated some questionable tactics during Green’s proposed takeover of Safeway in 2003, Green responded to queries about Arcadia’s accounts by insulting and swearing at the journalists.

    When a person is in the wrong, their defensiveness leads them to lash out (in this instance, Green’s insulting and swearing)… It’s why you don’t need to pay trolls: all you need do is threaten their sense of security that is based on illusions and untruths – or Green’s lies. Outspoken, confident women happen to speak something close to the truth are good at doing this to weak-minded men. Misandry it is not.

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  6. Being Green is obviously all too easy for this green-eyed monster muppet, and he clearly thinks the rest of us are very naive indeed. One thing’s for sure: he isn’t retiring about his penchant for other peoples’ pensions. The new yacht will presumably be flying the Jolly Roger, as this is piracy pure and simple. Without doubt, it should be a police matter. We need to find some TINA turners, this whole affair – and it’s just one of many – is utterly disgusting.

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  7. Gemma

    While I am perhaps the last person on Earth who might ever become anti-Semitic, not even Philip Green would call himself “an Anglo-Saxon”. I think you’re wide of the mark re that one.

    Better Anglo-Saxon shits to identify include Cameron, Osborne, Hunt, Johnson, Fallon, Yeo, Burnham, Blair, Campbell and Harman.

    Then of course there are negroid shits like Obama, Mugabe, Zuma, Winfrey, Abbott and so forth.

    Both genders, all classes and all cultures/ethnicities have more than their fair share of greedy bastards and false flags.

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  8. They are repeat offenders, and have not so much as a slapped wrist. Shows he had exactly the measure of the gruesome twosome, when backing them. They are all cut from the same cloth, sorry, tissue (of lies and corruption) .

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  9. JW

    I wasn’t aware of Green’s ethnicity; he was just acting in the way countless British businessmen have acted over the last century. Did he grow up in Britain?

    It just seems to me, living in Europe, that it is the Anglo Saxon cultures that like their businesses to eat themselves alive, from the inside.

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  10. Pension Fund > Yacht > Robert Maxwell >Sir Phillip Green …………………. >
    and they both played for the same team.

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  11. John: not sure how the BHS fund could have been £2m in 2000 and have a DEFICIT of £570 million in 2015. Presumably the £2m was the deficit rather than the total assets under management. I believe the asset today are around £500 million meaning the fund is under funded by more than 50 per cent. Unfortunately, the defined benefit pension is almost as dead as the dodo. Zero hedge today reports the UK University scheme ( a public sector scheme) is about to transmogrify into a defined contribution scheme meaning most of the future pensioners will be effed.

    http://www.zerohedge.com/news/2016-04-25/major-uk-pension-fund-slashes-benefits-funding-crisis-spreads

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  12. Of course many blue chip co’s sneaked thru employer’s pension contribution holidays in 80’s/ 90’s on grounds of excess amounts in funds.
    Of course public sector pensions are now referred to as “gold plated” tho only by comparison to the current spiverama

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  13. @Gemma, I know what you mean by Anglo-Saxon economics but others might take it as a slur on their ethnicity. I am Anglo -Saxon that is to say English in blood and bone a fact which is more and more denied., ” there is no such thing as the English” as I think John Prescott once opined. The business practices of the west as exemplified by Green, Maxwell etc also the City of London Corporation are a symptom of an altogether different ethinicity. Peter C has it about right though I might risk a ban for saying so. However John also has it right – there are enough sh*ts of all kinds to go around.

    I lost all faith in our so called parliamentary politics on the day that the whole house of commons rose to give Tony Bliar a standing ovation when he stood down. I consider him the worst PM since the second world war, the biggest sh*t of all

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  14. @Waldgaenger

    There is of course the argument that the Anglo-Saxons were simply the Romano/Brits/Celts left behind when the Romans left the shores of Britain. I think that one’s mores have less (if anything) to do with one’s genes, than they do with the culture in which one is raised. As a proud mongrel of Scots, Irish, English and Hugenot forebears, I was reared amongst the offspring of Irish immigrants. None of my good friends now describe themselves as anything other than British and have very similar ethics. (and other lispy counties :-)

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  15. @ Canexpat. There is of course that argument which has been heard more often more recently to deny any English identity. It is often accompanied by the argument that a proud Romano Briitish culture with access to Rhetorical Latin, Romanitas and Christianity simply gave it all up to follow the fashions of a few lowly economic migrants. That is they entirely changed their language group to germanic (low german/frisian), replaced practically all local place names and surrendered their religion for a couple of hundred years.

    No serious historian advocates a sudden and massive invasion of germanics to Britain but the witnesses on the ground at the time on both sides report a gradual infiltration and takeover of these islands after the Roman armies left. See “Celt and Saxon: The Stuggle for Britain AD 410 – 937” by Peter Berresford Ellis for a view from the celtic side. England was not secured for the English until Athelstans victory at Brunnanburgh in 937.

    The English were and are an amalgam of the ingeovones or ingeofolk of the NW Littoral of Europe plus considerable input from the Celtic peoples of these Islands. The denial of any ethnic English identity is all part and parcel of the divide and rule globalist paradigm. After all we are told we must respect Somali, Etheopian, Nigerian identity etc but ours does not exist!

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  16. @Waldgaenger

    My point in raising the question over the origins of the Anglo-Saxons was not to suggest that there is no ‘English identity’. I’m afraid was merely making a throw-away comment as I had recently come across a BBC programme denying the existence of a Saxon invasion – an idea I had not encountered before. I would submit however, that such an identity may have less to do with ‘English’ DNA than with the unique culture that evolved in the particular circumstances that prevailed in post-Roman Britain. Genes may have some minor influence, but the fluid nature of tribal migration in the centuries following the Roman departure from Britain might suggest that much of Western Europe had a reasonably similar genetic mix – especially after the Norse went aviking – yet every country in Europe ended up with distinct cultural traits. This despite the common influence of the Roman church that expanded over most of the region.

    I may be completely wrong in this view, and am happy to be persuaded by the evidence, but I also have to confess that I am unsure of what you mean by ‘ethnic identity’. Would a Serbian slav raised from birth on an estate in Newcastle by native Tynesiders still be a Serbian slav by your definition? In order for ethnic identity to be important to me, I would need to be persuaded of the supremecy of DNA over culture. I would argue that the culture in which we are raised a far more important determinant of our attitudes and personality than our genes, but, as I admitted earlier in this post, I may be mistaken.

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  17. I agree with you about Mr. Green and the police. The problem is its probably perfectly legal. We should then ask ourselves “how did this become and remain, legal?”.

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  18. @ Canexpat: Exactly another way to deny the existence of the English is to assert that anyone who rocks up here from wherever on the globe can become English. I doubt that If I moved to Japan say, that my children even if imbued with Japanese culture, would ever be recognised as Japanese

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  19. @Waldgaenger

    “I doubt that If I moved to Japan say, that my children even if imbued with Japanese culture, would ever be recognised as Japanese”. I doubt that too, especially given the renowned xenophobia of the Japanese, but I would argue that this is less to do with genes than to do with the attitude of the host culture. If your children were not visibly different from the rest of the country I would contend that after a couple of generations your descendents would consider themselves (and be considered) Japanese. Do you really argue that someone of partial Hugenot or Irish ancestry is intrinsically different from someone ‘English in blood and bone’ like you?

    I am not arguing for unrestricted migration throughout the globe, but the history of Britain has been one of a low level of immigration, whether from the celtic fringe, or, (as in the Hugenot case), elsewhere in Europe. You may disagree, but I do not think this has threatened the English ‘ethnic identity’ to any great extent. After a couple of generations, such immigration seems irrelevant.

    I am also wary of too much emphasis on DNA as this can often lead to a sort of notion of ethnic supremecy, (something that is all too obvious in the case of certain groups today.) I have always thought the great George Carlin’s attitude to pride in ethnic identity was to be emulated.

    (I am aware that the elites have always been obsessed with breeding and bloodlines, but I have always thought this just another way to try to justify their indefensible elevated position and their monopolisation of the country’s wealth.)

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  20. @ Canexpat: I am afraid that this two way conversation is getting way of topic and risks the wrath of John. I agree with you on most of your points esp ideas of racial superiority. What I was objecting to was your remark that the English were just really the remnant of the of the Romano British Celts who remained after the Roman Armies left ( a fashionable revisionist view).

    If this were the case then why do Wales and the Welsh exist with their own distinct language and culture (despite the best efforts of the English). In the ninth century a Welsh poet composed “Armes PrydeinVawr” in English “The Prophesy of Breat Britain” . This poem envisages a confederacy of all the Celtic Nations remaining in the Islands plus the Dublin norse which would ask the Saxons what claim they had to the land they held in subjection and would ultimately drive them back into the sea from whence they came. Five centuries after the first coming of the English the Celts still saw them as a distinct people in occupation of their land ( the Celtic people did not differentiate the various tribes of Germanic incomers but simply called them all Saxons).
    I am aware of at least two DNA studies, one was a transect sampling male Y chromosomal DNA from East Anglia to the west coast of Wales. They were able to differentiate the population east of Wrexham (close by Offa’s Dyke) to that to the West. The other was in Scotland which discovered that along the coast east of Elgin the population was mainly of Germanic descent. I cannot quote the sources off hand but a google search should turn them up.

    Of course it goes without saying that England absorbed relatively small numbers of Europeans in the past Hugenot and German refugees from the thirty war without greatly altering the culture but culture springs from the people not the other way around and the language and culture of the English was and is distinct (for now). It mainly derives from the Germanic tribes who occupied lowland Britain (70% of the words in our language derive from Anglo – Frisian and a conversation could be held or a book written using only those words. There are very few borrow words from Celtic languages indeed more from French and Latin for obvious reasons).

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  21. Pingback: British Home Stories – Library of Libraries

  22. @W

    Thanks for your reply. As I mentioned in one of my earlier posts, my initial comment was a throw-away remark, and I am grateful to you for confirming my initial reaction to the BBC programme. I’m not sure that culture springs from the people however. I have always considered culture to be the result of myriad influences and I am skeptical of the idea that genes have much if anything to do with it.

    Anyway, thanks for the interesting conversation.

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