Bhs: Sir Philip Green Prepares To Answer Mps' Questions On Bhs

[mikey4444]

http://www.bbc.co.uk/news/business-36528426

We had parts 1 and 2 last week....now we have the final episode today.

As Green has now stopped sulking about Frank Field, perhaps we will learn the real truth today.

These are the questions I would like him to answer :::

http://www.bbc.co.uk/news/business-36518080

[douglas9401]

These are actually the questions that Simon Jack would like answered.

[mikey4444]

Questions that we would all like answered Dougie !

[ummmm]

Why, Mikey, how does effect you?

[mikey4444]

Ummm......There are over 11,000 jobs at risk, plus many thousands of pensioners future income involved.

Don't you think that we need to get to the truth here ?

[douglas9401]

What 'we' need, Mikey, is something with a bit more vigour than people in suits sitting staring at the baddy, trying to look tough for the cameras, but are, in the end, powerless to do anything but grandstand.

[mikey4444]

Dougie....I don't believe that is the case.

Last weeks hearing by the Committee brought a large amount of new facts to light. Its now up to the authorities to decide what action to take. We just can't allow this sort of thing to go on unchecked, when so many jobs are affected, not to mention the burden on the taxpayer after all these people lose their jobs.

[ummmm]

Mikey...it was a failing business. Can you really blame him for getting rid of it?

[Svejk]

These Parliamentarians created, and no doubt still create the framework that the Philip Greens of this world operate in.

[mikey4444]

Ummm...ample evidence was given to both hearings last week, that Green himself may have been responsible for the business failing.

Why did he take huge sums of money out of the company, at the same time as a huge hole was appearing in the pension fund ?

Anyway, if the business does go under, then the Pension Protection Fund will have to step into rescue the BHS pensioners, which should be of concern to us all.

[Gromit]

Ummmm,

When Green aquired BHS the business was failing, but employees pensions were intact. After he had taken £500million out of the failing business, there was a £500million pound hole in the pensions pot. A tad fishy, and a hint of criminality.
Perhaps he should do a Maxwell, another pensions stealing crook, and jump off one of his luxury yachts in the middle of the Med.

[Peter Pedant]

umm

currently Philip Green is on the box telling the MPs how the company wasnt in a bad condition when he bought it

and they are asking questions like "Ok why was it driven into a wall then ? "

and why are they asking ?
because jobs for eleven thou are just about to go tots up
and become unwilling burdens on the state .....

[ummmm]

I thought these sorts of questions get asked anyway when a company goes bust.

[Peter Pedant]

The problem with a safety net such as the Pension Fund is that various people may engineer a fall into it
this means a cost that the various people would pay now falls on the state or you and me as tax payer

this was the basis of the Savings and Loan scandal of the eighties that one george Bush junior got caught up in - S&L in america were building societies and they were guaranteed by the Fed so they all basically borrowed until they went bankrupt and the Fed picked up the bill
The fed were not delighted and Geoge bush went on to become president

[HansUrbancka]

BHS was part of the Arcadia Group of which 92% (of Arcadia) is owned by Taveta Investments; registered in Jersey and owned by Tina Green who is said to be worth £5billion. She is believed to employ her husband as CEO or Chairman in all of her businesses.

Perhaps Mrs Green should answer a few questions.

https://en.wikipedia.org/wiki/Tina_Green

Hans.

[mikey4444]

I have been watching this for the last 2 hours, although fitfully, as I am not getting my normal internet speed this morning for some reason or another.

Green is using all the usual obfuscating ways that I expected. He has constantly interrupted the Members of the Committee and when he has managed to answer any question, albeit very briefly, it is to say that he was not personally involved. In anything, it appears.

As at 11:15, he still hadn't explained why he took such huge amounts out of what was a "failing" company, when the pension fund was developing a huge black hole.

[Gromit]

I don't think the committee is very happy with his answers, or his behaviour. I expect so withering rebukes later, and some scathing comments whe the Select Committee delivers its report.

Reminisent of Rupert Murdoch's performance few years ago. A mixture of amnesia or someone else is to blame.

[mikey4444]

Gromit....my money is on the "someone else is to blame"

[ladybirder]

Oh boy he really doesn't like not being in charge does he.
I'm watching it on Sky, along with the Pistorius sentencing hearing. It has been an interesting morning.