[News] Sir Philip Green the downside of Karma.

GOM · Dec 1, 2020

Kalimantan Gull said:
Someone certainly did do well with a lucrative payment that set them up for the future :

"Much of their wealth is derived from a £1.2bn dividend payment Sir Philip took from Arcadia and paid to his wife in 2005, two years after buying the business.

Since Lady Green is a resident in Monaco, it was paid to her tax-free.

The couple are worth £930m, according to the Sunday Times Rich List.

....

Adding to the uncertainty facing the thousands of Arcadia staff is an estimated £350m hole in the company's pension fund."

https://www.bbc.co.uk/news/business-55089327

Curious isn't it how the higher up in the chain you go the more reward you get, including all the way to the top person. I never understood that.

There is a whacking great hole in most pension funds, fortunately mostly covered/protected by the Pension Protection Fund should the company go bust.

A1X · Dec 1, 2020

Astonishing really this charlatan has a knighthood, never mind a former position advising the Government

Psychobilly freakout · Dec 1, 2020

zefarelly said:
If Karma exists he'll do a Maxwell, fall off his yacht and sink.

Calling Mossad, Calling Mossad beep, dash, dot, dot, dash, beep

NooBHA · Dec 1, 2020

wellquickwoody said:
Apparently £30 million could save thousands of jobs, his ‘yacht’ is worth about £100 million..........

I am no defender of Philip Greene or the Conservative Party or Brexit

However, - Didn't they sell Brexit to us by claiming that it would allow the UK Government to make their own Decisions without the Control of Brussels and the EU

EU Legislation would not allow Government Intervention in a situation like this but given we have effectively left the EU - Why aren't the Government stepping in if £30M is all it would cost to save these jobs ?

What was the point of all the '' Brexit Hype '' if they are not going to use all the supposed new Powers they were fighting to regain ?

Just goes to show that Brexit wasn't about anything except '' Tory Party in fighting ''

vegster · Dec 1, 2020

Lenny Rider said:
Possibly not on the same scale but there has to be a 'Belotti factor' in there somewhere, my dear old Dad had a long time Rotary friend from Bath who recounted to Dad's delight about DB post 1997 was forever on edge in public, both home and abroad, for fear of bumping into an Albion fan.

At the very least I hope Green is stripped of his Knighthood.

If he stays on his yacht in Monaco or wherever he is unlikely to meet any ex Arcadia group employees! As for stripping him of his Knighthood, I fully agree.

Silverhatch · Dec 1, 2020

NooBHA said:
I am no defender of Philip Greene or the Conservative Party or Brexit

However, - Didn't they sell Brexit to us by claiming that it would allow the UK Government to make their own Decisions without the Control of Brussels and the EU

EU Legislation would not allow Government Intervention in a situation like this but given we have effectively left the EU - Why aren't the Government stepping in if £30M is all it would cost to save these jobs ?

What was the point of all the '' Brexit Hype '' if they are not going to use all the supposed new Powers they were fighting to regain ?

Just goes to show that Brexit wasn't about anything except '' Tory Party in fighting ''

Isn't one of the sticking points in the trade deal adherence to EU competition rules and the issue of State Interference?

As another poster said, the real issue is the unfettered capitalism unleashed by Reagan and Thatcher that saw the link between CEO and shop floor pay increase from a multiple of 20 to 200+ times. This model shows that trickle down job creation ultimately feeds the people at the top, and as someone who saw remuneration boards operate I can assure you that the senior teams make sure they get the sorted before anyone else.

Blue3 · Dec 1, 2020

He by all accounts is a nasty piece of work did he ever pay up as he promised to the BHS Pension scheme, while 13,000 employees are facing a very difficult Christmas and 2021 and many thousands of others face loosing buissness and jobs in the supply chain, he apparently is on his yacht in Monaco, the reasons Arcadia has failed are many but the lack of investment, not evolving appears to be the biggest reason while Covid and Brexit have speeded the process it would have failed anyway.

The high street as we knew it is dying I walked through Worthing and took note of the shops that had gone or were about to go, Beales, Debinhams, Edingbugh Wool, Argos, Thorntons, Early Learning, Peacocks, Next, Jessops, Hooter shoes, plus loads of smaller local shops I must have missed listing a few all very sad,

beorhthelm · Dec 1, 2020

Peteinblack said:
I'm not anti-capitalist, but I am sick of a particular version of (Anglo-American) Capitalism where the CEOs are often paid 160 times more than their front-line staff, many of whom are often on the minimum wage and reliant on top-up benefits - basically the much-maligned welfare state being exploited by Scrooge-like corporate bosses "I don't need to make my staff a decent wage, because the tax-payer will make-up the shortfall."

i would expect corporate bosses set wages to market rate, which in turn it determined in part by wage demand. if people have wages topped up by state benefits, less demand for increased wages. the scrooge like boss wouldnt give a fig for what wages are, concerned with profit and loss they look at the total wage bill not individuals take home.

on matter of profit and loss, i read Arcadia are >500million in debt, talk about 30m is just this weeks crisis. they been running loses for years, not changed with market and shopping habits. Green has probably lost interest and certainly lost whatever talent he had for running business.

Recidivist · Dec 1, 2020

Blue3 said:
He by all accounts is a nasty piece of work did he ever pay up as he promised to the BHS Pension scheme, while 13,000 employees are facing a very difficult Christmas and 2021 and many thousands of others face loosing buissness and jobs in the supply chain, he apparently is on his yacht in Monaco, the reasons Arcadia has failed are many but the lack of investment, not evolving appears to be the biggest reason while Covid and Brexit have speeded the process it would have failed anyway.

The high street as we knew it is dying I walked through Worthing and took note of the shops that had gone or were about to go, Beales, Debinhams, Edingbugh Wool, Argos, Thorntons, Early Learning, Peacocks, Next, Jessops, Hooter shoes, plus loads of smaller local shops I must have missed listing a few all very sad,

I worked in retail most of my career and don’t think I ever found anyone who had a good word to say about Sir Philip, though the same might be said about other top businessmen who’ve got a lower public profile.

I believe he did stump up for the BHS pension fund though I understand that was at least partly because of selling the company for a £1 to a serial bankrupt, which gave the regulator legal grounds against him for the shortfall.

Not the case with Arcadia, so any contribution from PG will be from the goodness of his heart, so I’m not holding my breath!

Clearly, many major retailers have failed miserably to adapt in recent years so PG is not alone in this though his wealth could have enabled the investment to be made to change course, if he’d wanted.

Think the day of the major retailer has past unless you can be fleet of foot which is extremely difficult with a huge physical presence on the high street with long leases.

Personally, I think Mike Ashley’s empire will be next on the block. Just hoping......!?

Sent from my iPhone using Tapatalk

schmunk · Dec 1, 2020

Blue3 said:
I walked through Worthing and took note of... ...Hooters hoes...

In Worthing...? Blimey!

Randy McNob · Dec 1, 2020

NooBHA said:
I am no defender of Philip Greene or the Conservative Party or Brexit

However, - Didn't they sell Brexit to us by claiming that it would allow the UK Government to make their own Decisions without the Control of Brussels and the EU

EU Legislation would not allow Government Intervention in a situation like this but given we have effectively left the EU - Why aren't the Government stepping in if £30M is all it would cost to save these jobs ?

What was the point of all the '' Brexit Hype '' if they are not going to use all the supposed new Powers they were fighting to regain ?

Just goes to show that Brexit wasn't about anything except '' Tory Party in fighting ''

No they only do that because they need to blame something or someone else for our problems

Do you think otherwise the government would step in and nationalise Topshop? Amazed people still buy into the idea the EU hinders us from doing things

dejavuatbtn · Dec 1, 2020

zefarelly said:
If Karma exists he'll do a Maxwell, fall off his yacht and sink.

I can only hope the resulting Tsunami doesn't affect top many French coastal toiwns.

I expect his wife would be delighted. She already owns most of his money to avoid him having to repay it or pay tax. With him out of the way she can get a tomboy and spunk the lot.

zefarelly · Dec 1, 2020

dejavuatbtn said:
I expect his wife would be delighted. She already owns most of his money to avoid him having to repay it or pay tax. With him out of the way she can get a tomboy and spunk the lot.

I think shes as crooked as he is.

dejavuatbtn · Dec 1, 2020

zefarelly said:
I think shes as crooked as he is.

No doubt about it!

NooBHA · Dec 1, 2020

Randy McNob said:
No they only do that because they need to blame something or someone else for our problems

Do you think otherwise the government would step in and nationalise Topshop? Amazed people still buy into the idea the EU hinders us from doing things

I dont buy into that - I am a 100% Pro '' Remainer ''

My point was - Governments have stepped in to save Thousands of Companies - I was responding to someone who said it would cost only £30M save Top Shop. If that is all it is going to cost to save 13,000 jobs, its a small price to pay.

It is gonna cost a lot more than that to try and create 13,000 new jobs to replace them

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[News] Sir Philip Green the downside of Karma.

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