Just reading about BHS and how easily money can be made
(if you have the right contacts);
Sir Philip Green bought BHS for £200m in 2002, extracted £400m and then sold it to a consortium for £1 in 2015
The consortium, Retail Aquisitions led by Dominic Chappell, extracted £25m before putting it into administration on Monday (25 April 2016) with debts of over £1.3bn.
No need for them to worry too much about about the £571m pensions black hole left in BHS, which will, in all probability, be largely filled by the Government’s Pensions Protection Scheme.
Nice work if you can get it. Green is said to be worth 3.5billion
If I’d realised the investment would return £25m within a year, I could have offered Sir Philip £2 for it.
All of which serves as a timely reminder of what Corporations might hope to gain if the TTIP deal is concluded in the EU, which was largely the reason Obama was in Europe this week. Little surprise that he should want the UK to remain in the EU.
RT reporter Jonathan Pie’s view of TTIP, January 2016
And from the Independent yesterday;
Mr Obama’s trip to Europe has been seen as an effort to drum up support for TTIP before the end of his time in the White House.
He has been pushing for its completion since parties were scheduled to sign in 2014, promising the treaty would remove “regulatory and bureaucratic irritants and blockages to trade”.
The Transatlantic Trade and Investment Partnership will have “few or no benefits to the UK”, according to the only official assessment of the deal commissioned by the UK Government.
The warning was disclosed in response to a Freedom of Information request by anti-TTIP campaigners Global Justice Now.
‘…the deal could give corporations the power to sue governments when they pass regulation that could hit firms’ profits through an international court called the Investor-State Dispute Settlement (ISDS).’
‘United Nations figures show US companies have made billions of dollars by suing other governments nearly 130 times in the past 15 years under similar free-trade agreements.
Details of the cases are often secret, but notorious precedents include tobacco giant Philip Morris suing Australia and Uruguay for putting health warnings on cigarette packets.’
“Ultimately, we conclude that an EU-US investment treaty that does contain ISDS is likely to have few or no benefits to the UK, while having meaningful economic and political costs,” the report said.
What is TTIP? And six reasons why the answer should scare you
Lee Williams, Independent October 2015
1 The NHS
Public services, especially the NHS, are in the firing line. One of the main aims of TTIP is to open up Europe’s public health, education and water services to US companies. This could essentially mean the privatisation of the NHS.
2 Food and environmental safety
TTIP’s ‘regulatory convergence’ agenda will seek to bring EU standards on food safety and the environment closer to those of the US. But US regulations are much less strict, with 70 per cent of all processed foods sold in US supermarkets now containing genetically modified ingredients. By contrast, the EU allows virtually no GM foods.
3 Banking regulations
TTIP cuts both ways. The UK, under the influence of the all-powerful City of London, is thought to be seeking a loosening of US banking regulations, effectively handing all those powers back to the bankers.
The ACTA (the Anti-Counterfeiting Trade Agreement) was thrown out by a massive majority in the European Parliament in 2012 after a huge public backlash against what was rightly seen as an attack on individual privacy where internet service providers would be required to monitor people’s online activity. It’s feared that TTIP could be bringing back ACTA’s central elements, proving that if the democratic approach doesn’t work, there’s always the back door.
The EU has admitted that TTIP will probably cause unemployment as jobs switch to the US, where labour standards and trade union rights are lower. It has even advised EU members to draw on European support funds to compensate for the expected unemployment.
TTIP’s biggest threat to society is its inherent assault on democracy. One of the main aims of TTIP is the introduction of Investor-State Dispute Settlements (ISDS), which allow companies to sue governments if those governments’ policies cause a loss of profits. In effect it means unelected transnational corporations can dictate the policies of democratically elected governments.
More about TTIP in these 2015 videos;