FOR THE GOVERMENT
AS ADVISOR FOR
Dennis Skinner called them a rigged society and there was never a truer word spoken. He got banned from the House of Commons because of it but he was right.
Carillion is now the third big corporation to go bankrupt.
As the news spread there also came more revelations about how much the Conservative(Tory) Government was involved.
First of giving contracts after contracts to them and even so, towards the end, they knew the corporation was already in financial difficulties.
Then there were a number Hedge funds involved in the downfall. One of them was BlackRock Investment Management. According to the BlackRock in the last 18 months one of the largest shareholders was Carillion and they lost dividends due to Carillion’s decline.
Former Chancellor George Osborne received £650,000 a year for working only one day a week for BlackRock, guess, as an Adviser. During Osborne six year as a Chancellor, Carillion received £786million public sector contracts such as construction of roads, hospitals and schools.
It is classed as ‘conflict of interest’ and he should have been stopped.
A hedge fund would or could “short-sell” when there is evidently the corporation is over-valued. In other words, they pull the pluck when they feel like.
The method of it is, they borrow shares from other shareholders and selling them which makes the shares prices drop. Suspicion, there were a great number of shares from Tories’ Government and their friends.
If they done is right, they buy it back at a lower price and gain a profit.
BlackRock started “short-selling” Carillon’s shares before they collapsed last year. They also stopped handling the Pension Fund.
Apparently, not one minister met with firm when it was in crisis, after it issued profits warning last July. Tories still gave the company public contracts over £1bn.
Hedge Fund received £35million from a bet that Carillion will collapse. Callousness never ceased.
It also was rumoured that PM May received £50m from a bet of Carillion’s collapsed. No concerns that 20,000 workers lose their jobs and £800million pension fund deficit.
This is now the third corporation which went bust since 2010. First Tata, then BHM and now Carillion and every time the pension fund which workers paid in to have a better retirement, went missing. The Government made no effort to retrieve it. The press never reported how those workers fare and will not on those new 20,000 workers because it is controlled by the Government.
Furthermore, £125million given to Carillion for maintenance at Elmley jail vanished it was ‘messed up’ in Whitehall. Amazing.
£125million only could have done miracles at NHS, fund deprived schools, disability benefit and eliminated starvation plus National debt.
Yet, it just vanished. £125m plus £800m pension fund, plus £500m TATA pension fund, plus £600m BHM pension fund. It is only a very small portion of what the Tory Government don’t care about. They forget who voted them in and can vote them out.
They are supposed to do their best for their people but all they do cashing in and transferring money to tax haven by trillions to tax havens while people literally dying or commit suicide.