those generous politicians

[ratewhore]

This is to do with the Farepak collapse but it made me chuckle. From City AM:


“MPs boycott HBOS in fury over Farepak” screams the headline. Scots MPs apparently don’t think that HBOS’s contribution of £2m to the Farepak rescue fund is enough. So are they withdrawing their mortgages, investments and savings accounts from the Edinburgh-based banking giant?

No. They’re thinking of not turning up to HBOS’s Christmas champagne reception.

Given the dearth of such events around the Christmas season, and the general absence of opportunities for MPs to quaff free champagne (and at the expense of shareholders, rather than the taxpayer!), we’re sure the Scottish people and Farepak’s customers will appreciate the heroic gesture their MPs are considering making on their behalf.

[Paddy]

The whole Farepak business seems very dodgy. Taking customers money while at the same time failing to keep customer base records does point towards the only reason why you would not keep customer record is if you did not intend to supply them with the goods ordered.

[premiere]

Don't see how the bank could be held responsible for the 'potential wrong doings' of one of its customers, so, for it to give a 2 million contribution is better than nothing...they could've given nothing!...although 2 million against what has been lost..................

I mean, if the MD of Theftpak was squirreling away cash from the business etc, or it was suspected that he did/was, then at the very least, whilst there is an investigation, he should have all his own personal bank accounts frozen...a bit like his xmas turkeys.

If he is proven to be guilty of fraud etc, then take all his cash and give it too the people he has paxo stuffed.

Apparantly the geezer who owns the business is already stinking rich and also in line for an inheritance of £73 million.

Go figure........

[premiere]

The whole Farepak business seems very dodgy. Taking customers money while at the same time failing to keep customer base records does point towards the only reason why you would not keep customer record is if you did not intend to supply them with the goods ordered.

Have a friend who bought a really expensive sofa etc from Courts, the night before they crashed.

Courts knew they were going tits up and were still taking peoples money the night before, until closing time..

My stupid friend paid out 3k using a 'switch card' to courts. Needless to say, they got feck all back from the liquidators.

[DimPrawn]

It was you wasn't it?

[premiere]

actually no....but I did spend 4k on some italian jobbie from a company called Vales.

13 weeks later and it got delivered...wrong colour and wrong style.

13 weeks after that, the right one got delivered and then promptly collapsed after 3 months of my fat sitting on it.

[BoredBloke]

Are there any assets left with this company? If there are, are the IR going to be first in the queue?

What I would like to know, given that this company takes in cash for 12 months on the year and no doubt pays out in the last couple of months of it, why did its collapse take so long. Surely the point where it was struggling most would have been just after last Christmas when it had paid out most of its cash.

[DimPrawn]

Fraud written all over it.