Rover bosses attacked over payout

[Simster]

BBC NEWS | Business | Rover bosses attacked over payout

Bosses running carmaker MG Rover - which collapsed with the loss of 6,500 jobs - gave themselves "unreasonably large" payouts, a report has found.

Pay and pensions worth £42m was shared by five executives, which inspectors said was "out of all proportion".

The men face a ban from running other companies, says the government.

The so-called Phoenix Four, plus chief executive Kevin Howe, described the report as a "witchhunt" and a "whitewash for the government".

"Our remuneration was not the reason for the collapse. The real reason is the government bungled the last chance to save MG Rover," said Mr Howe, chairman John Towers, ex-vice-chairman Nick Stephenson, Peter Beale and John Edwards.

FINANCIAL REWARD
Mr Beale £8.981m
Mr Edwards £9.024m
Mr Stephenson £8.976m
Mr Towers £8.958m
Mr Howe £5.708m
Source: MG Rover report

etc etc

How the f*** do these 5 wankers have the FRONT to criticise the government? Let's get this straight - 6,500 jobs have gone because MG Rover collapsed, and these 5 utter utter wankers have paid themselves £42m in payouts, and yet they'd rather criticise the government for poor management. Even if it's true (and I know we'll binfest this one to death), IT'S BESIDES THE POINT. It shows a callous disregard for the workers left with no pot to piss in. Disgraceful and the unacceptable face of capitalism, IMO.

 

[User removed 4]

BBC NEWS | Business | Rover bosses attacked over payout

How the f*** do these 5 wankers have the FRONT to criticise the government? Let's get this straight - 6,500 jobs have gone because MG Rover collapsed, and these 5 utter utter wankers have paid themselves £42m in payouts, and yet they'd rather criticise the government for poor management. Even if it's true (and I know we'll binfest this one to death), IT'S BESIDES THE POINT. It shows a callous disregard for the workers left with no pot to piss in. Disgraceful and the unacceptable face of capitalism, IMO.

i saw the story in the telegraph this morning,apparently mandelson is going to ensure that they are banned from holding directorships ever again, with 10 million each in the bank i suspect the response will be " bothered", talk about shutting the stable door after the horse has bolted.

 

[hans kraay fan club]

BBC NEWS | Business | Rover bosses attacked over payout

How the f*** do these 5 wankers have the FRONT to criticise the government? Let's get this straight - 6,500 jobs have gone because MG Rover collapsed, and these 5 utter utter wankers have paid themselves £42m in payouts, and yet they'd rather criticise the government for poor management. Even if it's true (and I know we'll binfest this one to death), IT'S BESIDES THE POINT. It shows a callous disregard for the workers left with no pot to piss in. Disgraceful and the unacceptable face of capitalism, IMO.

Been following this today on Radio 5.

These guys bought Rover for TEN POUNDS, then took out £42m over five years before the firm collapsed.

In their defence, a trust fund was set up to assist the former workers. The former directors have put in a total of £1000. Yes that's right ONE thousand pounds.

 

[adrian29uk]

This is daylight robbery. They should hand back all the money or face jail.
Do they really care that they are going to banned from holding a directorship? With that money they are long gone.

I'm afraid this greed is the world over. I hate money!

 

[JJ McClure]

I need to get me one of these directors jobs. I have no skills but clearly that doesn't matter. I expect I could mismanage a company like Rover or RBS with relative ease and walk away with a tidy sum. Now where are those jobs pages?

 

[hans kraay fan club]

I need to get me one of these directors jobs. I have no skills but clearly that doesn't matter. I expect I could mismanage a company like Rover or RBS with relative ease and walk away with a tidy sum. Now where are those jobs pages?

I'm sure you could JJ - its quite straightforward.


All you have to do is identify a failing industrial giant, in danger of closing with the loss of thousands of jobs. Then 'save' it, with the help of a few hundred million of taxpayers' money. [*Note, that you MAY need to invest a POUND of your own money, so this scheme is not without risk].

Then choose how much of those millions to pay yourself in salary and bonuses. Be careful to leave enough for a generous pension scheme [for yourself, naturally]. Then, when you've spent all the cash, you can walk away, proud of your efforts in keeping the workforce in employment for an extra couple of years.

Simples.

 

[Billy the Fish]

I'm sure you could JJ - its quite straightforward.


All you have to do is identify a failing industrial giant, in danger of closing with the loss of thousands of jobs. Then 'save' it, with the help of a few hundred million of taxpayers' money. [*Note, that you MAY need to invest a POUND of your own money, so this scheme is not without risk].

Then choose how much of those millions to pay yourself in salary and bonuses. Be careful to leave enough for a generous pension scheme [for yourself, naturally]. Then, when you've spent all the cash, you can walk away, proud of your efforts in keeping the workforce in employment for an extra couple of years.

Simples.

I'm up for it if anyone else wants to split the risk.

 

[adrian29uk]

Lets be honest, what would you do if you could get your hands on them, or what would like to do.

I would firstly drain their bank accounts, then I would get them to work on the shop floor and get them greased up to shit 12 hours a day, 7 days a week for the next 10 years.

They would be paid 1,250GBP a month, this is probably the average wage of their workers, and just before their 10 years is up tell them that unfortunately there is no more money in the pension fund, so they wont be getting paid this either.

 

[Simster]

They are absolute TWUNTS.

I assume this practice is legal? Quite unbelievable really.

 

[User removed 4]

be honest , what they have done is utterly wrong and reprehensible, who on here , could say with utter certainty that they wouldnt do the same ? 10 mio gbp, set up for life , but with the knowledge you have taken the livelihood of thousands ??

 

[Simster]

be honest , what they have done is utterly wrong and reprehensible, who on here , could say with utter certainty that they wouldnt do the same ? 10 mio gbp, set up for life , but with the knowledge you have taken the livelihood of thousands ??

I'll be honest. I can honestly say I wouldn't be able to sleep at night.

 

[User removed 4]

I'll be honest. I can honestly say I wouldn't be able to sleep at night.

i doubt i would either , but its an interesting question.

 

[The Uninvited Guest]

I've had two Rover 75s. In the first one I clocked up 218,000 miles and as far as I'm aware is still running ( sold it 4 years ago ) and my current one has 130,000 on the clock. Both fab cars.

 

[hans kraay fan club]

be honest , what they have done is utterly wrong and reprehensible, who on here , could say with utter certainty that they wouldnt do the same ? 10 mio gbp, set up for life , but with the knowledge you have taken the livelihood of thousands ??

Honestly. Not a chance.

 

[Easy 10]

The fact that the union spokesmen for the Rover workers who lost their jobs is called Maurice Minor put them on a loser from the start, really.

 

[lighthouse]

I'll be honest. I can honestly say I wouldn't be able to sleep at night.

Nor me.

The annoyance of not having thought of that myself is really gonna bug me.

 

[Mackenzie]

I know Kevin Howe, and a more arrogant bastard you are never likely to meet. Nice wife though.

 

[seagullsovergrimsby]

They have only taken what was thought to be reasonable and comparable in other industries. Similar to buying £56.25 worth of shares in a football club , selling the assets for £7M and after paying off the debts , walk away with £1M hoping nobody would notice the rules had been changed when the club got wound up.

 

[Easy 10]

Is that all ?
Oh, thats alright then.

 

[aftershavedave]

a report written by my old and very good mate gervase. his fees are a modest £16m in comparison with the £42m they nicked!