Thomas Cook and the poor ripped off sods!

[Doc Hudson]

So once again, we are hearing of loads of poor hard working employees in the blink of an eye losing their jobs, and pay-packets. But somehow, the people at the top of the tree have still been having substantial payments out of a business that was gradually going down the pan. The top bods are very apologetic and sorry in their press releases, but I bet they wont be hanging around for months waiting for compensation for lost payments for holidays etc. that may or may-not come. Heard about families with wedding plans, or funerals, or other date-specific events that cannot be rescheduled. If these big bosses are really worth millions per year, they should have enough noggin to realise that something is going belly-up much sooner, so as not to mislead poor unsuspecting customers and staff.  I still cannot get my head around why these top industry management people shouldn't be automatically fined and Jailed for causing so much grief and hardship to staff who wont get paid and customers they have basically conned out of their hard-earned cash. Corporate law once again is sadly lacking!

To anyone caught up in this fiasco, (or anyone who knows someone in the thick of it), I offer my best wishes and thoughts for a speedy solution. 

Doc H.

 

[Sharpend]

What I never understand is what sort of fraud is going on within the accounts for no one to pick up the business when making losses of £1.5bn ? This just shows the level of arrogance by these large company leaders, they must believe that most of the figures on the accounts are just ‘paper’ figures that don’t actually impact the day to day running of the business. 

Its about time there was a cap on the amounts of money an investor run business can a)pay execs b) remove from the company, had this still been a family based business then I bet it would have still been a going concern. There’s a lot to be said about a family business at least the moral compass is still a guidance tool. 

Investment companies only ever ruin a business because they are not actually interested in the business just the money it generates. A change in the rule book perhaps - not bloody likely as most top politicians have a finger in the investment pie. 

 

[Murdoch]

If they had so much debt how could they possibly make enough money to service the debt, let alone pay off the debt? 

Who were the auditors?

Another smelly ending IMHO

 

[binky]

it's 'free market capitalism' in action.  This will never change if we keep voting for right wing governments who believe in this philosophy.

I can't say I'm a great believer in state interference in business, but there is a serious hole to be plugged  somehow. This morning's business news was making comments about hedge funds attacking TC to shut it down after extracting £200m from it.

Smacks of that old phrase ' asset stripping'.  Deliberate destruction of a business for profit should definetly be made illegal. 

 

[kerching]

It's in the same vein as when a corporate boss or MP gets 'found out' and they resign.  Basically it's 'sorry lads, I'm off, sort it yourselves'.  When in fact it should be 'sorry lads, my fault. Here's all your money back and I'll,stay on and fix it. When it's fixed  I will  resign Resign'

 

[Sharpend]

Well could be an option of sorry lads I’m off.........to jail

 

[Evans Electric]

Well could be an option of sorry lads I’m off.........to jail

I thought that  but it never seems to happen .      Surely its fraud if a company knows it's financial position  is in danger   but still takes money in for contracts it knows cannot be fulfilled .  

Also ,  with all those customers using their services , year in year out ,  what sort of management  incompetence  does it take to NOT have a thriving , viable company . 

I can understand the big High Street stores starting to struggle in a changing world of online shopping ,  or banks creating online banking and negating the worth  of their own branches & staff. 

But one thing Thomas Cooke seemed to have an abundance of  was paying  customers   :C   

 

[Sharpend]

Sadly they had bigger investors taking more then the paying customer. 

 

[ProDave]

To make matters worse, the scammers are onto this.  Word is, they are phoning people claiming to be sorting out your TC refund, all they want to do that is your credit card number, it's expiry date, and the 3 numbers on the back.

Is there no depths the crooks will not stoop to?

 

[binky]

Is there no depths the crooks will not stoop to?

 Nope - you can tell that by the number of scam emails for jobs I get  baddayexplode

 

[Sharpend]

 Nope - you can tell that by the number of scam emails for jobs I get  baddayexplode

What’s this, they’ll give you work if you pay them first! nice work if you can get it

 

[binky]

I'm getting lots of ' 'we hear you are a wonderful contractor can you click on the link below and give us a quotation for works....'  :shakehead  

they're getting craftier, they bother to look up my name now! 

 

[Evans Electric]

Sadly they had bigger investors taking more then the paying customer. 

So it would appear , but is'nt the management ,  accounting  & Chairman structure  supposed to be  monitoring income & expenditure .

You know ,  like  Carillion  .  

 

[Sharpend]

So it would appear , but is'nt the management ,  accounting  & Chairman structure  supposed to be  monitoring income & expenditure .

You know ,  like  Carillion  .  

It did, it has, that’s why it copied Carillion, it’s all text book stuff apparently!  

 

[binky]

if you look at most pension schemes, they are running at a defecit, but are allowed to continue, because eventually the pensioners will die off and the scheme will still have pots of money. 

I suspect TC was similar in that the lenders of money would expect the management to restructure the business and eventually make it profitable again. Failure to restructure has lead to financial institutions getting cold feet and demanding money ie calling in the debt. 

https://www.bbc.co.uk/news/business-46452374