Thursday, April 07, 2011

Moody's downgrades Punch A and B

Talk to Goldman Sachs JD, or any other banking gurus for that matter, for the answer to that one. The scammers always get away scot free, it's part of our fabulous Emperor's New Clothes culture. There isn't a full scale investigation because it's expensive and just inevitably concludes along the lines:

'with the benefit of hindsight, it is clear that there were errors of judgement, at various stages and levels, but hindsight is a precious thing and clearly there was never any intention of over extending the borrowing against an already overvalued estate of dilapidated crumbling not fit for purposes bricks and mortar and; YES, it may have been possible to see the writing on the wall as long ago as ten years previously but, given the market conditions prevailing at that time, given the political, economic and lending climate then, it is easy to understand why the chief executives of these basket case corporations that have destroyed all shareholder value, are defaulting on loans and payback schedules, and have killed a core part of the tradition and heritage of Britain along the way, yes, it is easy to understand why these ceo's get away with it, their pockets stuffed with cash and lump sum pay-offs, because they didn't know what they were doing. IT wasn't their fault that, as sure as night follows day, their business decisions led their businesses to financial disaster and total, utter and unavoidable collape.'

'Trebles All Round please bartender... 'Bartender... ? Bartender... ? Oh! The bar appears to be shut. Never mind, shall we just help ourselves again then?'

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