Comment on The Way it Works by justshatered.
People discussing the money Soros made the day the UK left the ERM.
What is not widely known is the fact he borrowed £5B (yes that’s BILLION) from the Bank of England the week before. They thought he was going to use the money to support the pound, which at that ime was at the mercy of the money markets and bumping along the bottom of it’s allowed banding within the ERM system.
As the UK governments position became even more untenable Mr soros about turned and turned the lot into the German Marks.
The rest is history; the pound collapsed against the Mark, it fell through the floor of its permitted ERM banding, interest rates went to 15%, and ultimately the UK left the ERM. Soros then changed the money back handed his loan, plus interest back to the Bank of England and walked away with £1B (yes that’s BILLION) profit.
I think I read somewhere that it cost every man, woman, and child in the UK at that time something in the region of £15 each.
That is how markets work!
They prey on the weak and vulnerable or buy into the strong to make them stronger.
Now what category do you think ‘The Rangers’ fall into?
justshatered Also Commented
The Way it Works
July 30, 2014 at 7:17 pm
So just to clarify.
E17 – Rule breach with no specified punishment and, as we know from the recent past, there will be no, or negligible, action.
E18 – ditto.
E19 – They can’t register players WITHOUT THE BOARDS PERMISSION – mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm.
Well lets just put a pin in that!!!
The Way it Works
The news that Ralph Topping is back looks like an attempt to even up the voting figures within the board.
This could be the precursor to the impending cash problems rumoured to be about to strike where the all powerful board make decisions “for the good of the game”.
Phil has intimated that there is a few hefty invoices outstanding and I’m convinced these will be paid come hell or high water; yes even before the players get paid. Remember the players don’t have the power to turn off electricity or refuse stock for kiosks. No they will simply have to report them to the SFA via their union. This was the same union that thoroughly endorsed their members losing 70% of their wages when RFC went into administration. Just for a minute imagine if your union rep had gone to the media trumpeting you losing 70% of your wages. You would lynch him.
Anyway back to the oncoming storm (and I don’t mean the return of Dr Who), I think the people in charge of this scandal are once again lining up the ducks. Ogilvie has been informed of the impending implosion and hence Topping is back.
The season will start and, if ‘The Rangers’ do go into Administration, then all hell will break loose. The media will demand no points deduction, the players will be blackmailed to play for virtually nothing, and the fans will be ordered to blame anyone bar where it should be. Meanwhile the SFA will be scurrying around attempting to use the ‘discretion’ card. How the SPFL will react is anyone’s guess.
I think this is when the final blackmail card will be played; either pony up for special season tickets or, and this is where it will get really dirty, RIFC will sell the club to whatever knights are in town and keep the properties, leasing them back to the club. If neither of these options are bought into then the club will shut. Simples!
The big creditor here is RIFC. The club owes them more than £16M and rising (from last accounts). RIFC own the lot and, if the club does not directly own the properties, then the club can be sold independently of the properties. The fans who bought into the IPO now have shares in a property company while the new owners have to fund a huge loss making enterprise while also paying rent. They in turn will have another share issue and fleece the gullible yet again.
This will be the final indignity for the fans; buying shares in a football club after telling everyone for two years that you could not own shares in a football club. Job done.
The Way it Works
July 19, 2014 at 7:15 am
Regarding the East End.
It has been overlooked by developers and public bodies, not for years, but for decades.
Why is it that people from one part of a city, or even a country, get jealous because money, from wherever, is spent to make somewhere a better place to live?
Ultimately it will be up to the people who live there, and public bodies, to keep the place in good condition when the Commonwealth Games bandwagon leaves town.
All neighbourhoods should be like this. It should not take an external, short term, event to get money spent locally, the money should always be there.
Unfortunately people do not want to pay higher taxes to have better living conditions for people in run down areas. The fact that many of these run down areas fuelled and created the industrial wealth of our nation to begin with and were then abandoned seems to be lost on many.
As has been pointed out earlier the Pacific Quay regeneration, where public money was spent on the Science Centre and the new BBC headquarters, has never been questioned. STV also moved to this area as well as many other businesses creating jobs where few existed. Even before that the same site was originally cleared for the Garden Festival in the 80’s. Was that ‘State Aid’ or is that one of those things that is conveniently forgotten.
Recent Comments by justshatered
Time to Ditch the Geek Show
This may have been a question asked before so I apologize in advance.
When Rangers entered Administration the TAX man made a claim as far as I’m aware for all of the National Insurance and Income Tax that Whyte had collected but never forwarded.I still find tn difficult to comprehend how this isn’t illegal but there I am, a simple guy.
The Tax man also had the ongoing claim against the money paid to the EBT wheeze and submitted another claim for the Tax and National Insurance contribution that should have been paid on those payments.
Given that HMRC won their case, and the Liquidators will adjust the pennies in the pound accordingly, how can HMRC continue to after the recipients of the EBT payments?
While I have no sympathy for the individuals this seems, again to this simple guy, that HMRC will be getting paid twice; once through the Liquidators pennies in the pound and then billing the individuals.
As for Dave King’s counsel today……………………………….. well who would have thought that a guy who attempted to hide cars, planes, bank accounts, property, and wine from the South African authorities would turn round and claim to be penniless!!
Not me honest.
Another question regarding this: If Dave King sells up and walks away would this ruling apply to the rest of the concert party?
If it does not then this looks like a great sting by the rest of the concert party to have King as the fall guy. Remember there was the rumor that King borrowed the money from someone to buy the shares. It might have even been from someone who will gain if King goes.
The Vice Closes
The SFA have attempted a deal tonight.
To buy off Celtic and the rest of Scottish football with another weak, ineffectual, in-house, whitewash of an investigation into why there in-house, dyed in the wool, Real and pretendy Rangers men passed RFC as fit for a UEFA licence in 2011.
They have done this in an attempt to prevent a full out enquiry into their handling of the Administration, Liquidation, and unlikely resurrection of RFC to ‘The Rangers’.
Unfortunately for them far too much is now out in the public domain.
Anybody who wishes to look at the evidence knows what a craven, cowardly, corrupt, set of so called administrators we have a Hampden. They knew well before RFC went into Administration that it was coming.
The real problem they have is, like the Watergate affair, the original crime was not the thing that eventually brought down the house of cards.
It was the attempted cover up that did that.
The SFA may attempt to purge their in-house email servers but most are backed up elsewhere. The paper trail will most likely lead to some very uncomfortable places and people.
Paperwork, that the SFA are so pernickety about at various times but incredibly lax at others will be their undoing in the end.
Of course as much as the media will attempt to play this as an ‘Old Firm’ issue what the SFA have done tonight is actually ignore the wishes of the SPFL board. That will also be their undoing. For all they talk about the SFA being the clubs tonight they have told everyone that the SFA is a bunch of despots, up to their necks in scandal, desperately attempting to cover their backs.
On Grounds for Judicial Review
Far be it from me to question tactics with regards to the old club/new club debate but for a long time I’ve thought the best way forward is a reverse tactic.
Don’t ask the SPFL, and their legal stooge, as to why they are the same club: accept it.
Now stay with me on this one, yes accept it.
Ask them to confirm the SPL was made up of football clubs, prior to the amalgamation of the SFL and SPL, adhering to rules created by that league.
Ask them then to justify, from a sporting integrity angle, why the club that finished second in the league in season 2011/2012 ended up in the bottom tier of Scottish football?
Ask them why that same clubs prize money was withheld?
Doncaster has been quite forthright stating that the SFL’s record keeping was not as it should have been but let us see how the SPL’s stand up to scrutiny.
Under what rule/rules of the SPL was a vote required to keep a club in the league?
This is unprecedented that a club finishing second in the top league, anywhere in the world, is treated in such a manner.
Why was a vote even required?
Indeed, what was their justification for such a vote?
Why was that club forced to start at the very earliest round of the Scottish Cup as the SPL should have put them forward to be exempt from those earlier rounds?
Who failed in their responsibility to that club and what sanctions have been taken against that individual?
Was the SFA, as the country’s governing body, not concerned that one of their member clubs was being so harshly treated by its fellow members?
Was there any correspondence between the then SPL and SFA regarding this matter?
I could go on but I think you get the drift.
We as supporters cannot get them to admit that ‘The Rangers’ is a new club because they will just say that is their adjudication however what we can ask, and indeed are entitled to ask, is what were the rules that allowed such an unjust thing to happen to a member club when, according to them, they had committed no crime?
If what they did is not in their rule book, then they broke their own rules and someone should be held accountable for such a vindictive assault on a member club.
Time for Scots Government to Take Bull by the Horns
Haven’t posted for a long time but I was interested to read King’s statement regarding the funding of RFC and that the money would have been found from somewhere anyway.
That, in my mind, actually makes matters worse!
So, if you believe his statement, they deliberately choose not to play by the same rules as everyone else. According to King they had the money but decided to go down the route they did.
However, to go down this route they of course had to confirm to the various players in writing that they would definitely receive the money. This is what gave the player the assurance to sign the contract but RFC did not include this letter with the contract to go to the league and the SFA because in doing so would have made it contractual and therefore liable for tax.
That is the crux of the matter. It is the deliberate concealment of these letters which destroys the myth that this was simply an administrative error because if these letters had been included with the contract and other documentation then tax would have been payable.
On to David Murray and his statement. He had legal advice that everything was above board. Well advice is, by the very nature of the word advisory. It is not a guarantee. It is not definitive. It has as much authority as the next guys ‘advice’ which may be the complete opposite.
Then we have dear old Artur Numan. We won on the park fair and square was his cry. Well Artur you employed the agent who got you the deal and a side letter. As far as I know you signed the contract of your own free will. You did not sign it under duress so you, along with all of the other players, have to accept the responsibility for your actions. You were the guy who seemed to come from a footballing culture, at that time, where tax free wages were the norm.
Finally it has been reported recently that when offered a contract extension where Artur would be paid £20K a week paying tax instead of the £40k a week tax free he decided that this was not enough and retired. That won’t earn him a lot of fans anywhere considering most of them won’t earn in a year what he would have earned in a fortnight paying the same tax as everyone else.
.. and they wonder why nobody buys papers
The good news just keeps flowing down Govan way.
Niko Kranjcar seems like a good signing on the face of things. Well he is a name at least.
A bit like Joey Barton who will shout from the roof tops and our excuse for a media will duly print it.
However at the end of the day both of these guys are the wrong side of 30 and will certainly be unused to the physicality of the Scottish game. I would be surprised if either of these guys last ninety minutes regularly. They will have touches of class from time to time however they will not have the time on the ball they are used to.
I think it is also now safe to say that whatever has been saved by players leaving has now been swallowed up, and then some, by the recent signings.
There is no sell on value on any of these players.
As I see it this is the last gamble by a desperate board!
If these players hit the ground running, and they can go top and stay there until Christmas, then the three bears will be forced to anti up yet again in an attempt to get them through the season and access European money.
If this gamble fails and the team struggles in the top league then I think it is game over. This house of cards will collapse quicker than the previous entity.
The clock is ticking towards season start but if there are a series of injuries to the squad, injuries they did not suffer last year, then that will also impact on performance.
Meanwhile there will be no replica strips for the faithful to buy due to the fall out between King and Rangers Retail. This will hit them hard financially with no income at all as opposed to the pittance they were getting before.
In fact this will actually cost them more as they will have to buy unsold items at shop floor price but still, due to the exclusivity clause, be unable to sell it themselves. So they will have to buy the unsold units but still be unable to sell them themselves.
Once again we are watching high stakes, well for Scottish football, gambling.
This is a club continually posting losses very much like its predecessor.
It isn’t a business but a charity!
Everyone connected with it, that has money, is supposed to just shovel it down the money pit with no thanks because “it’s the Rangers way you know”!!