Last December, the accounting giant EY presented a proposal to the failing mega-business Carillion to break it up and sell its profitable parts, keeping it from collapsing and sticking the British taxpayer with billions of pounds' worth of unfunded pension liabilities.
Carillion's directors decided not to take the advice, which would have generated at least £364m to offset the state's expenses from the collapse, in part because ministers in Theresa May's Conservative government "did not believe it appropriate to offer business advice to directors."
The Cabinet Office confirmed it had seen the options presented by EY but declined to comment on how it responded. A spokesman said: “Throughout this process, the government has been clear that its priority is to ensure that public services continue to run properly, and we regularly meet with our strategic suppliers and monitor their financial health. Since the collapse of Carillion, our plans have ensured that public services can continue to run as normal.”
But the Guardian understands that government officials, who were holding weekly meetings to monitor Carillion’s health, did not believe it appropriate to offer business advice to directors.
A source who was present at discussions between the company, government and the pension trustees said: “I think they [the government] thought that if they could get to the end of January, they could find new finance and the company would survive, maybe in a different structure.
Government let slip chance to retrieve £364m from Carillion | Business [Rob Davies/The Guardian]
(via Naked Capitalism)
Images Money, CC-BY)
The revelation that Google had been secretly creating a censored, surveilling search product (codenamed Project Dragonfly) in order to re-enter the Chinese market prompted more than 1,000 googlers to sign a letter of protest and a high-ranking resignation from the one of company's top scientists.
Google's Project Dragonfly was a secret prototype search engine intended to pave the way for the company's return to China; it featured censored search results that complied with Chinese state rules banning searches for topics like "human rights," "student protest" and "Nobel prize."
Nobody covered the Wall Street collapse, bailout, and corrupt resurgence better than Rolling Stone's Matt Taibbi, from giving Goldman Sachs its unforgettable epithet to covering the hearings on the bailouts to documenting the foreclosure mills, to deep dives into the sweetheart deals the banks got; to the revolving door between finance regulators and the finance […]
There’s no shortage of apps available for your Mac, and, while it’s great to have options, this overabundance makes it difficult to find the apps worth installing on your computer. Thankfully, there’s the Pay What You Want: The Ultimate Mac Bundle ft. 2Do to simplify the process, which boasts 10 of the best Mac apps out […]
Sleek, minimalist, and convenient, Apple’s AirPods are a popular pick for those looking to upgrade to Bluetooth audio, but not everyone can afford the hefty $160 price tag. Whether you’re on a budget or just want something a little different, we’ve rounded up four pieces of audio gear that make for convenient Bluetooth listening, and […]
Our tech collections are growing, and with most of us packing more than just our smartphone in our everyday carry, keeping your devices energized when you’re out and about isn’t easy. Therein lies the value of this PowerUP 11,000mAh Triple USB Battery, which can power up to three devices on the go. Boasting a massive 11,000mAh capacity, […]