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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Philip Green

147 replies

Baileysforchristmas · 01/12/2020 10:44

AIBU to think Philip Green should put his hand in his pocket to help his staff who will now loose their jobs? Especially when I have just read he gave his wife 1.2 billion, which she paid no tax on because she lives in Monaco

2005: Arcadia pays out a £1.3billion dividend, £1.2billion of which goes to Sir Philip's wife Tina, who lives in Monaco so does not have to pay UK tax.

OP posts:
GlummyMcGlummerson · 01/12/2020 10:44

YANBU, but he won't he's a scum bag

Igmum · 01/12/2020 10:46

Yes he should. And he should certainly lose his peerage. Paying shouldn't be optional. He's bled them dry. I'd be prepared to see him prosecuted

Sirzy · 01/12/2020 10:46

He is a money grabbing lowlife. Sadly he will keep living the highlife while yet again ruining the lives of his employees

nancy75 · 01/12/2020 10:46

He is the lowest of the low, an absolute scumbag of a man. He won’t be putting his hand in his pocket because he’s a greedy tax dodging bastard.

Thepilotlightsgoneout · 01/12/2020 10:51

Mmm, I don’t like him much but I don’t think that this idea of people being expected to use their personal wealth to cover business losses. Not really how it works is it?

Thepilotlightsgoneout · 01/12/2020 10:53

That was a bit garbled. I don’t think that this idea of people being expected to use their personal wealth to cover business losses is really acceptable

BeenThereDoneThat3 · 01/12/2020 10:56

Mmm, I don’t like him much but I don’t think that this idea of people being expected to use their personal wealth to cover business losses. Not really how it works is it? well I don’t know. he made his billions, which he then transferred into his wife’s name off the back of the companies which are now going under.

He is hideous.

tentative3 · 01/12/2020 10:57

Is his personal wealth derived from decisions he made about the running of the business though? As in, is it true he bled the business dry?

SoddingWeddings · 01/12/2020 10:59

He's a scummy businessman, just like Trump. He has fucked the pensions of thousands of people with shady business behaviour. He should be, but sadly isn't, personally liable for that.

His knighthood should definitely be taken away. He should also be selling every luxury he has to look after the people who made him a billionaire.

Gingernaut · 01/12/2020 11:00

He bled BHS dry, sold it whilst knoeing it couldn't carry on and failed to update the systems in Arcadia.

The whole business model is outdated and now the employees are paying for his laziness.

awwkkwwaard · 01/12/2020 11:03

People like him won't give a rat's arse about the plebs who work for him, all they care about it how much they can make. Unfortunately it isn't illegal.

RainingBatsAndFrogs · 01/12/2020 11:07

@Thepilotlightsgoneout

That was a bit garbled. I don’t think that this idea of people being expected to use their personal wealth to cover business losses is really acceptable
His personal wealth has been acquired via extremely dodgy stunts, though.

Stealing by means of creative accountancy.

It isn't bad luck that the pension funds have collapsed, it is part and parcel of his callous greedy plan.

RainingBatsAndFrogs · 01/12/2020 11:09

The film GREED is well worth a look.

It is funny and outrageous, but is a very hard hitting factually correct look at this man's deliberate and cynical way of getting his hands on other people's money.

wowfudge · 01/12/2020 11:12

Although some may feel his actions reprehensible, he has done nothing illegal. What we don't and can't know is how the business would have fared without the pandemic.

Whammyyammy · 01/12/2020 11:16

@wowfudge

Although some may feel his actions reprehensible, he has done nothing illegal. What we don't and can't know is how the business would have fared without the pandemic.
Totally agree, he hasn't done anything illegal, immoral yes, illegal no.

I doubt he actually cares nor will put his hand in his pocket. He's more than wealthy enough to see his days out in luxury.

MereDintofPandiculation · 01/12/2020 11:18

I don’t think that this idea of people being expected to use their personal wealth to cover business losses is really acceptable Wait a minute ... the usual rationale behind the huge remuneration to CEOs is that they are the "risk takers", that they deserve huge rewards because of the huge risks they take. Yet you're saying they should be protected from risk?

The other excuse is that they are "job creators" and this justifies their rewards. So should they not lose some of those rewards when their actions destroy jobs instead of creating them?

CayrolBaaaskin · 01/12/2020 11:22

I don’t agree he should personally pay for his company’s losses (they are primarily owned by his wife anyway). That would destroy centuries of principles of company law and economics. You would have to apply that to all owners of shares which would fuck over our pension funds and insurance companies.

He may have to contribute to the pension scheme (or more likely his wife) under existing law. The liability there though has a lot to do with current actuarial assumptions as well as increases in life expectancy.

CayrolBaaaskin · 01/12/2020 11:27

@MereDintofPandiculation - your post is a bit confused. I don’t think anyone thinks of CEOs as the risk takers, that more applies to entrepreneurs.

What “actions” are you suggesting he has undertaken to “destroy jobs”. I think we have to be realistic here and stop with simplistic demonisation of individuals. There are all sorts of reasons why the business failed, many of which are beyond the control of Philip Green. No one is saying he’s a great man but not is he omnipotent.

hamstersarse · 01/12/2020 11:32

Unfortunately we need entrepreneurs like Green in our economy.

They create jobs. In fact, it looks like 24,000 of them in Phillip Green's case.

Disincentivising innovation and the building of business is futile and harmful.

It's really childish also.

Justanotherlurker · 01/12/2020 11:33

Although some may feel his actions reprehensible, he has done nothing illegal. What we don't and can't know is how the business would have fared without the pandemic.

I'm surprised it lasted this long, Debenhams have been having problems and on the brink for years.

It is just the latest casualty of the changing of buying habbits

Hayeahnobut · 01/12/2020 11:38

@hamstersarse Green didn't create jobs, he bought companies that were already operating. His failure to innovate is exactly what has sent Arcadia under. Do some research before jumping to the defence of such a disgusting creature.

Twendlesham · 01/12/2020 11:39

He really is an odious man. Yes of course he has enough wealth to help people. He is so despised and vile that I often wonder how he can live with all the negative energy and hatred that must go his way. To be this corrupt, lacking in empathy and morals and so ostentatious with his wealth is truly horrible.

I'm sure the only people who pretend to like him must be the ones he has in his dirty pockets, and secretly I bet they don't respect him.

Definitely needs the 'Sir' removing - that makes a complete mockery of the honours system.

Hayeahnobut · 01/12/2020 11:40

Although some may feel his actions reprehensible, he has done nothing illegal.

This is what needs to change. Where negligence is involved, people should not be able to hide behind corporate structures to limit their liability. The inequality between these people and those actually doing the work is unjust.

hamstersarse · 01/12/2020 11:46

[quote Hayeahnobut]@hamstersarse Green didn't create jobs, he bought companies that were already operating. His failure to innovate is exactly what has sent Arcadia under. Do some research before jumping to the defence of such a disgusting creature.[/quote]
I just find your black and white thinking so off-putting and disengaging. A bit boringly sound bitey.

If there weren't a Philip Green, then Arcadia would have gone under long before now. Not many people are prepared to take on the sort of risks we are talking about here. Do you take on such risks? I doubt it, but are happy to sit back and criticise those who do.

I don't particularly like him, but that's got nothing to do with it. A lot of very successful people are very unlikeable, often a big reason why they are successful - if they took to heart all the criticism from armchair critics who have never even entered the arena of risk taking in business, they would never get a thing done.

Iamthewombat · 01/12/2020 11:48

This is what needs to change. Where negligence is involved, people should not be able to hide behind corporate structures to limit their liability.

There are already provisions to bring civil and criminal proceedings against company directors who contravene the Companies Act or break other laws.

That is completely different to attempting to do away with the veil of incorporation. That would be madness.

The inequality between these people and those actually doing the work is unjust.

How do you propose to address this? Do you think that CEOs should be paid the same as people working in the shops?