Gordon Begs and Rages at Gen-Sec Elect "Don't Walk Away"
Guido has previously speculated about whether or not the Labour Party was actually legally solvent. It is noticeable that loan after loan has fallen due and not been repaid. The money has been rolled over, reportedly with some reluctance by some lenders. The party is up to its neck in debt to the Co-Op Bank and and the unions via money laundered through Unity Trust Bank. The latter bank has lent so much money to the Labour Party against a small capital base that the FSA put it on the high risk loan register and demanded monthly report monitoring of the risk.David Pitt-Watson, as a calculating City risk taker, would have been well aware of the risk. The Labour Party is now classed by credit agencies as a dangerously high credit risk. As an unincorporated association the bulk of assets and debts are in law owned by trustees for the Labour Party, which is £20 million in debt and the members of the NEC are personally liable. If an aggrieved creditor were to call in the debts, it would be them who would be on the hook. David Pitt-Watson is worth millions, which a canny creditor might think worth pursuing. Ben Brogan has been briefed by Downing Street that, as speculated first on LabourHome and followed up by the Guardian, this is the reason Pitt-Watson has had second thoughts about the job. Brogan says that it will take until the autumn for "DPW" to "sort his affairs".
Well it is certainly more plausible than the original spin from Downing Street that the delay was due to "contractual reasons" related to his previous appointment. To be honest, Guido never believed that line and this seems a bit too convenient as well.
Taking the explanation at face value is hard to do. Setting up a discretionary trust to protect your assets from creditors takes weeks not months, it also has the benefit of putting your assets out of the Chancellor's reach. Wonder how the Labour Party rank-and-file will feel about a multi-millionaire general secretary of the party who has such little faith in his own skills and the party's ability to raise funds that he hides his own money from creditors whilst putting his assets beyond the reach of the tax man? Not exactly "for the many, not the few" is it?
Incidentally, is this story LabourHome's first proper scoop? Does it redeem Alex Hilton's reputation?
57 comments:
they are surely bankrupt under any normal interpretation of the term. we will see the labour party cease to exist after the next election. bring it on!
It makes eminent sense. Another scoop for the Irish incendiarist.
Now: let's see this one whisked out of your hands, Oh Guido, as the dead tree press and the BBC demonstrate their impartiality by splashing the story and investigating it fully and publicly.
I remember the exhaustive investigations into whether Norman Lamont had bought a bottle of wine at an off licence or not. Now let's see whether an insolvent political party fleecing its members is regarded as 'news' - oh, if the party concerned is NOT the Conservative Party.
One last point - you chaps at Downing Street, since I'm paying you to sit around on your fat spotty arses all day reading what's written up here, tell you snotgobbling master that we want a statement from him ('no if's, no buts') denying this all line by line.
Well, it's just indicative isn't? Labour Party borrowed to the hilt and bust = UK borrowed to the hilt and bust. As has been previously stated socialist governments always run out of (other peoples) money.
It also goes a long way to explaining the politicking about state funding for political parties (something to which I am implacably opposed). I know it's gone a bit quiet on this subject recently but just you wait. I fully expect it to come back onto the news soon.
Lets hope Labour get elected in 2010. Come on Labour, bring this country further too its fucking ankles. Think the Tories are going to sort this shit out. Bollocks my hairy arsed friends, same old same old. We need Labour to win. We need Labour to continue to fuck us all royally up the arse with out the aid of lubricant, for only then my fine hairy arsed friends will the good people stand up screaming enough is e fucking nuff and the revolution can start! Tell me i'm wrong my knowledgeable friends and I will fuck off back into oblivion.
With Mugabe clinging onto unelected power it seems to me hes a lot in common with unelected Brown - wonder are they sharing notes?
Brown responded "We are better placed than any other political party to withstand this temporary situation caused solely by political parties in America. The Labour Party is a low-debt party, and compares favourably with the Conservatives under Disraeli,whose debts reached a staggering 51 guineas or £300 million in real terms. Stabiliy.... prudence.... resilience.....blah blah Nurse,the screens"
Why don't the Tories secretly buy up one or two of these debts and then file a bankruptcy petition?
Guido - I'm sure you're aware of this but Unity Trust Bank are owned by CoOp Bank who have a controlling interest on the board.
Another good reason not to bank with the Co-op. What happened to their ethical investment policy? Labour have started several wars, does that not count as un-friendly?
Livingstone on Newsnight the other night admitted that hardly anyone had given money to Labour for his campaign. Bring on the meltdown.
Just in case you haven't seen this, here is Gord smiling ferociously, now on American Idol??????
http://news.bbc.co.uk/player/nol/newsid_7330000/newsid_7339900/7339990.stm?bw=bb&mp=wm&asb=1&news=1&bbcws=1
"its" not "it's" you clot Guido.
Anyway, Labour are busy giving more local government jobs to the boys and tithing away, if they can get every member a cushy public secotr job they'll be laughing.
Labour have been morally bankrupt for years. Let us all hope they go financially bankrupt as well before they send this country down the tubes.
Divesting assets does not work.
Scoop?
Poop Scoop, more like.
The words 'Cunty Monkey Hilton' and 'reputation' in the same sentence is just too much, and that question was a piss take wasn't it Guido?
As to the Labour party being bust...just wait until after the May 1st elections when prospective donors further desert them.
The question isn't whether they will lose the next election, but whether they will actually be there! Imagine if Co-Op went bust? Or Unity? Here's a bit of advice...dig a bit further.
And why is Guido such an expert in protecting assets from creditors?
No, it does not redeem Alex Hilton. He is still an idiot.
This shouldn't be a surprise though, just look what they have done to UK plc.
BAE systems corruption judicial review announcement. govt was wrong and those liars blair and goldsmith will be investigated
Give him his due, Broon's performance in front of the autocue on American Idol is a massive improvement on his previous effort for Countdown. As obviously forced at it is, at least his smile appears in the right places.
He is still rather embarrassing to watch, though, and rather too creepy for comfort.
The biased BBC get over £3 billion a year. I assume Labour's debts are less than £30 million. £30 million is a drop in the ocean for the biased BBC. It's probably in the biased BBC's interests to bail out Labour. Labour's just the political arm of the biased BBC after all.
Frank Fisher said...
"its" not "it's" you clot Guido.
Anyway, Labour are busy giving more local government jobs to the boys and tithing away, if they can get every member a cushy public secotr job they'll be laughing.
'sector' not 'secotr' you clot Franko.
Anon @ 09.39 - thanks for posting the American Idol link.
He is fucking weird. Gauche as a schoolboy before the headmaster: Shy but keen to show off his new teeth (How did he grow THEM??!).
The sign off is a classic NuLab arse lick towards the US.
What a beggar and what a freak show...
He can have my support when he pledges to pay my fucking food and fuel bills the useless, grinning, gurning, piss poor excuse for a fucking homo sapian!
Wonder who is going to get the contract for the Mossie nets? I bet the daft fucker will go and source them from the Chinese.
Also I see he is costing nets at £5 a throw, I bet they cost nowhere near that to make.
http://uk.news.yahoo.com/afp/20080409/thl-britain-africa-aid-disease-malaria-389ddcb.html
The thought of this bunch of mendacious and utterly incompetent bastards disappearing down the bog is pure magic. Deep joy! In the meantime when will we see their false accounting investigated? All that money received but not declared.
Sorry, I forgot - they are the untouchables.
Shit-Bag said...
'Give him his due, Broon's performance in front of the autocue on American Idol is a massive improvement on his previous effort for Countdown. As obviously forced at it is, at least his smile appears in the right places.'
Give him his due? Give him, that fucking scotch cunt his due? I will give that fat fuck nothing but the fucking contempt that non entity deserves.
I'll give him a fucking big kick back up to scotchland, twat he is!
Setting up a discretionary trust may only take weeks, but wouldn't DPW want to wait 90 days before putting himself at risk of bankruptcy because of "preference"? IANA lawyer, but I think that it just putting assets into a trust and then immediately exposing yourself to bankruptcy is not a good idea, because any court would simply pull the assets out of the trust.
Spot the link between these events:
(1) Labour Party amasses and hides huge debts
(2) Other banks warned off by credit status report, and
(3) Government buys Northern Crock
What a wunch of bankers.
Manufacturing is fucked, houses are fucked and the quid is fucked.
Now the Labour party is fucked, too.
There is a God.
Come on Boris.
Labour is in shit this deep despite the fact that most of the normal canvassing, propagandising and researching functions of a political party are done for it illegally by the civil service and the BBC for nothing. All these Special Advisers are simply Labour Party hacks paid by the state and masquerading as civil servants. Once that is taken away, after an election loss, then it seems clear that Labour will be economically unable to function as a party.
But do we want that? If Labour goes bust - and the brothers would happily throw the trustees to the wolves to save their own necks, let's face it - then they can simply reinvent themselves as a "new" party, deny they are the same as this lot to evade acountability for their evil doings, and they won't even have any debts. I think we need Labour to struggle on hopelessly emcumbered by debt and too poor to canvass.
Dear Mr/Ms fucking deluded! [10:40 AM]
I apologise for giving the impression that I was in some way being kind to Broon.
I was merely suggesting that his American Idol appearance was slightly less toe-curling than his Countdown tribute.
Gordon Brown is, of course, a complete mong who should be put out to pasture - preferably a pasture in Chechnya or Afghanistan.
Please tell me that Bliar is still a member of the NEC - I want to anticipate seeing that bastard begging in the gutter.
DPW is clearly a sensible bunny.
Oh well ZaNuLieBar will have to go back to Plan A, get Levy back on board and flog a few more peerages to replenish the coffers.
Ooooops forgot that's illegal.
Never mind, ramp the subs, sack the workers, hock policy to the unions, now that's not illegal, get me the TUC and lets get a deal going......more krug.
They will not let Labour go down.
But radio host James Whale blasted the clip, in which the prime minister is flashes cheesy grins and signs off: "Thank you and God bless you all."
Whale told Sky: "He's made a real pillock of himself - it's the most embarrassing thing I've ever seen."
http://news.sky.com/skynews/article/0,,91211-1312416,00.html
Is it just me but everytime I read a message from lola I can't get that fucking tune by the kinks out of my head and I fucking hate it. The song that is, not lola's comments which I find myself nodding away in agreement with.
Also Mr Shitbag, I am Mr fucking deluded! not mrs though often bark at the fucking moon once a month, apologies for getting the wrong end of the stick on your give brown cunt his due comment! Great suggestion for putting him out to pasture in Afghanistan though, some hairy arsed taliban bloke dressing him in a burka and prodding him with the butt end of his gun, lovely!
Gordon Brown orders the "independent" BoE to cut interest rates yet again to 5%, to placate the bleeding heart New Liebour voters before the May local elections, squealing they can't afford a house at 5% (when people bought homes without any problem at 15% interest rates).
Meanwhile the prudent savers get a shit-kicking as the interest rates drop to prop-up the failed economy.
Thanks Gordon, rest assured you don't have my vote, but will do everything to kick you and your corrupt party out of power forever.
blue eyes,
yes it is very surprising that the co-op would provide facilities for the new labour war party. according to the john hopkins institute 600,000 Iraqis have been killed and 2 million displaced by new labour's foreign policy.
but let's face it, anyone who associates themselves with the new labour war party is going to end up covered in shit.
the co-op an ethical bank? don't make me fucking laugh, they are as bad if not worse than the mugabe supporting barclays bank.
Guido.
Do you have a list of the unfortunates who happen to be the members of the NEC? please.
I would love you to share their misery!
Who is on the NEC, how much are they worth and have you phoned them yet, Guido, to ask how they feel about being jointly and severally liable for the debt?
ZaNuLabour has needed a light shone on its financial affairs for a long time- so well done Guido!
I get sick and tired of politicians (not just those in power at the moment)lecturing those on benefits about not being lazy, getting off their arses and and stop taking the taxpayer's subsidy.
Therefore let's apply the same thinking to the funding of political parties: ZaNuLabour, and others, should get off their arses, stop expecting Big Business (or the taxpayer as may well happen) to fund them AND RECRUIT MORE MEMBERS!
But that won't happen of course! That will mean the lazy bastards actually doing some work.
Twats.
11:45 AM
Dum diddy dum diddy dum diddy dum diddy dum diddy dum diddy dum diddy dum diddy duuuuuuuuuum dum, 1, 2 di-da diddy duuuuuuuum dum, 1, 2 di-da diddy duuuuuuuuum dum.
Does this help?
for strap+anon......i do love the internet......
The NEC is structured so as to represent all key stakeholders in the party. As at June 2007 its membership is:
Leader Gordon Brown
Deputy Leader Harriet Harman
Treasurer Jack Dromey
Government Pat McFadden
Government Angela Eagle
Government Dawn Primarolo
EPLP Leader Gary Titley MEP
Young Labour Stephanie Peacock
Div. I - Trade Unions Keith Birch
Div. I - Trade Unions Michael Griffiths
Div. I - Trade Unions Jim Kennedy
Div. I - Trade Unions Diana Holland
Div. I - Trade Unions Harriet Yeo
Div. I - Trade Unions Paddy Lillis
Div. I - Trade Unions Andy Kerr
Div. I - Trade Unions Norma Stephenson
Div. I - Trade Unions Debbie Coulter
Div. I - Trade Unions Cath Speight
Div. I - Trade Unions Mary Turner
Div. I - Trade Unions Joe Mann
Div. II - Socialist Societies Dianne Hayter (Chair)
Div. II - Socialist Societies Keith Vaz MP
Div. III - CLPs Ann Black
Div. III - CLPs Ellie Reeves
Div. III - CLPs Peter Wheeler
Div. III - CLPs Walter Wolfgang
Div. III - CLPs Pete Willsman
Div. III - CLPs Christine Shawcroft
Div. IV - Labour Councillors Jeremy Beecham
Div. IV - Labour Councillors Sally Powell (Vice Chair)
Div. V - PLP/EPLP Janet Anderson
Div. V - PLP/EPLP Dennis Skinner
Div. V - PLP/EPLP Michael Cashman MEP
****************************
i cant think of a nicer bunch of people.........
oooops.there's more
http://www.labour.org.uk/National_Executive_Committee
how many commitees?
talk about tractor numbers and chocolate rations.orwell must be laughing his head off.
£20m is chickenfeed to these people. Since its 'just' taxpayers money it wouldn't surprise me in the least that Labour simply nicked it out of Gordon's little piggy bank (HM Treasury to the rest of us).
This is the June 2007 NEC list How many of them are writing resignation notes and getting the hell outa there is anybody's guess. Can't see Jack Straw's name on the list.
Down the list is this one:
Div. III - CLPs Walter Wolfgang
That's national-treasure Walter Wolfgang who was bundled out of the conference so rudely in 2005 and threatened under the No Arguments Grandpa, We Can Hold You In Secret Act. Why the poor old fella ever went back when it was obvious that they are prepared to rough-up pensioners and smear helpless old ladies like Rose Addis, is yet another mystery. His idealism and romantic attachment to the Party could cost him what's left of his pension.
Brown likes to boast about economic growth and rising unemployment, so why in 2007-08 is the Government doling out 156BILLION to 30 MILLION recipients in 40 types of social security payments and tax credits? That is nearly five times the defence budget! Benefits are gobbling up about 30% of state spending. That is not an accident, it is how Labour has expensively purchased a client class!
Our Armed Forces are betrayed, private pensions are plundered,violent crimes are rising, quangos proliferate, immigration is out of control and Britain will receive less back per Capita from the EU's 2007-13 budget than any other member.
SOME BOAST!
Article by the excellent Jeff Randall in yesterday's Business News of The Telegraph! taken from
"Squandered-How Gordon Brown is wasting over one trillion pounds of our money" by David Craig.
I suggest all those Labour lackies paid (by us) to monitor the blogs purchase a copy and realise that their jobs just aint safe!
The NEC members are all on the line for a good £600K each then - excellent news!
Watch them fight like rats in a sack, when the shit hits the proverbial.
Principles? Not with these clowns.
anon 2.02,
yes, it's like the lloyds names fiasco all over again.
it couldn't have happened to a nicer bunch of spastics!
welcome to the real world you freeloaders.
maybe going bankrupt will get new labour 'back in touch' with the public.
note to zombies: YOU ARE FUCKED
Messrs shitbag and fucking deluded, I fear you are both being too kind to that monocular fudge-packing, be-nappied, rocking-horse jockey Mr McBogey of that Ilk.* Sending the nail-biting faggot off to Afghanistan, will not result in him being prodded by the butt of some hairy-arsed Taliban's gun, but rather the stink of leaking shit from his nappy will induce loving thoughts in Mr Taliban of the comely goat he left at home, and will result in Gorgon being prodded up the bum with Mohammed's personal weapon.
Well he won't like that much then?.
* We need that Polish plumber Stanislav to describe McCunt properly, he's the only one with sufficient English.
Do you think Gordon sang 'Don't leave me this way' at him, like Jimmy Sommervile from the Communards?
Isn't Gordon the acting general secretary? Does this make him liable? If Labour went bankrupt and this were the case would he have no option but to resign from his post as Prime Minister while he sorts this out?
Tom FD - bang on my friend. He has a personal war chest but the LP is skint. That would be an interesting technicality... providing his own party members don't get him first. The only thing GB is any good at is political infighting - he has already destroyed any internal opposition so where would LP go from there???
Actually thinking about it, it would be rather poetic if Gordon were to personally become financially insolvent.
Pitt-Watson is a most unfortunate name - get the genealogists on the case.
Frank Fisher said 9:40
"Labour are busy giving more local government jobs to the boys and tithing away"
Which is probably why they are considering replacing hundreds of thousands of voluntary School Governors with salaried "education specialists " ( fresh out of Luton University ); more snouts in the trough for tithing.
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