Debt Rattle August 19 2016
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Walker Evans Waterfront in New Orleans. French market sidewalk scene 1935 • Paul Singer: Market ‘Breakdown’ To Be ‘Sudden, Intense, And Large’ (CNBC)
[See the full post at: Debt Rattle August 19 2016]From a few days ago:
“The report has been published after Sir Philip Green was heavily criticised by a parliamentary investigation into the collapse of BHS for leaving the retailer with a £571m pension deficit, despite his family and other investors banking more than £400m in dividends.”
Sir Philip Green should be decorating a lamppost somewhere. No way someone gets one single nickel in the way of a dividend until the pension obligations are taken care of. It’s not like these obligations were unknown. Sir Philip Green and everybody who profited should have their dividends clawed back. This money should go into the pension fund.
This “Sir” is undeserving of his name. After stripping him of his title, don’t even ask me what I’d do with the rest of him. Why is he not behind bars?
“The 56 FTSE 100 companies that disclosed a pension deficit at the end of their 2015 financial year had a combined deficit of £42.3bn, but the same companies paid out dividends worth £53bn, 25% more than their pension contributions.”
$11 billion needs to be clawed back there too. Put all of these CEO’s in jail and throw away the key.
Raleigh,
Philip Green is just another Robert Maxwell. However, Maxwell had the good grace to committ suicide.
Pension plunderer Robert Maxwell remembered 20 years after his death
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