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Rover executives 'extracted £42m'

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posted on Sep, 10 2009 @ 04:28 PM

A report into the collapse of carmaker Rover will reveal that five executives took £42m in pay and pensions from the troubled firm, the BBC has learned.

They had been "flabbergasted" when business secretary Lord Mandelson referred the matter to the SFO (Serious Fraud Office), a spokesman for the group said.

I guess this is a story that's just commonplace now, of the execs siphoning off the last of the cash as a company goes down. I am mildly impressed by the fact (the dark) Lord Mandelson ordered an investigation. This all happened just before the onset of the major meltdown we have been following, I guess this kind of thing should have been a warning sign.

Also interesting is why did the government not step in to help Rover? It never seems to make much sense as to who gets the bailouts in this kind of situation.

posted on Sep, 10 2009 @ 05:00 PM
I live about 3 miles from the site of the former Longbridge plant.

Many of my friends at school had parents who lost jobs when Longbridge went under.

The whole area around south birmingham is yet to recover from the collapse of Rover.

It is heart-breaking to drive past the once proud factory and see what it has become.

I hope the bastards get the book thrown at them.

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