“Crash and burn”. That was the outcome I expected to await Murray International Holding’s (MIH) debt-fuelled expansion in the early part of the last decade. This wasn’t entrepreneurship. Borrowing money to invest in a market which was on a long-term growth spurt, without consideration that your asset values could fall, was corporate vandalism. It was a safe enough bet as long as the commercial property market continued its incessant upwards trend, but the bubble had to burst eventually.
There were other voices out there saying the same thing. In the pre-blog era I remember printed copies of the Dogs Bollox passed around like the potentially-subversive underground insights they were. It was financial madness, writ large, all you needed to do was step back a little to see what was happening.
Celtic Quick News started because the underlying story of the biggest issue in Scottish football – the ability of the two largest clubs to pay their bills – was not being told. Without Murray’s debt splurge, this blog would never have happened.
I gave running commentaries of what to expect of Rangers and MIH accounts when they were released in 2005, the evidence will be there, I told you. I didn’t expect a convenient, and remarkable, property revaluation. It was smoke and mirrors, though Murray inspired such confidence, even among Celtic fans, I remember “Why can’t we just revalue Celtic Park and borrow more?”
Millions were taken in executive pay and bonuses each year, despite borrowings galloping away, while the Bank of Scotland continued to open the vault. MIH wasn’t the only bad bet Bank of Scotland made, but it was the worst.
Rangers were the ultimate vanity project. Tens of thousands of people literally fawned before Murray, he wallowed in decades of deference, controlling oceans of the media. The best parts of history are never written, and what happened at Rangers, and with the Bank of Scotland is no different. While Murray is alive you’re only going to read the parts of this story with documented evidence.
The illegal EBT scandal was typical of how the business operated. Through this, and the also-illegal Discounted Options Scheme, Murray drove a horse and cart through the SFA rulebook. Lord Nimmo Smith found as much. In Craig Whyte, Rangers appointed a person who was not fit and proper to run a football club. Whyte was sine died from the game and Rangers were disciplined, but it was Murray who sold the business to Whyte, despite his personal history. For all the rule breaking, and subsequent havoc he inflicted on his club, Murray has not been brought to account by the SFA, his allies still hold the balance of power, but not for ever.
The knighthood for services to Scottish business will sound hollow to those who invested in MIH pensions, and who were recently told their funds are in trouble. Yesterday’s news that Murray is putting a squad of his businesses into liquidation, or from BBC’s Douglas Fraser that Murray’s family are buying “fire-sale assets” from MIH, which, he explains, “received what’s called “an unsolicited approach from the Murray family”, tells you what you need to know about the man.
If only there was the political will to ask for an inquiry into hundreds of millions of pounds of public money lost to the exchequer, as publicly-owned Lloyds, now owners of the Bank of Scotland, slowly come to terms with how deep the Charlotte Square money pit is. Murray’s acolytes, those who partied hard with him during the good times, remain scattered through Scotland, from Holyrood, to Hampden. It will take years before they slowly lose grip on their own fiefdoms.
Strip him of his title, discipline him for the rule-breaking in Scottish football, and have an inquiry into how his coalescence with the financial, political and media sectors rendered him immune from responsibility.
More later on Gary Mackay-Steven.
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Tom McLaughlin .
As ugly as Judy Sill. .
How we got there / what we did there ——- I had no idea .
BMCUW 1320
http://books.google.co.uk/books/about/The_Icarus_Syndrome.html?id=YYzMRlcYfJYC
Have you read this by any chance ?
Looks like it might be worthwhile.
On Superlager – was in Italy last year and saw it on sale in a couple of places, nice places too. Couldn’t stop laughing.
curled-up winklepickers
13:39 on 14 January, 2015
I’m with you, Bhoy ……
SoT
If she was in that bracket, howkin’ tatties was probably the smart move…
67 Heaven agreed.
And I , for one , will never tire of their travails.
Hh
Tlwio
The most interesting part of this for me, was the web of agents that Murray appears to have all over Scotland – some might part of the fabric of Scotland (copyright)
One small point though..
Murray gave that club away to Craig Whyte.
Poundies CSC
THELONGWAITISOVER
I’ve not read it,but I’ve read a few reviews of it,so put it on the dreaded ‘list’
Sadly,I’ve still got twenty-odd to get through before I add to my collection.
I blame CQN…
proudbhoy
13:31 on 14 January, 2015
Derry city expecting a bid from celtic for micheal duffy who just completed his 2nd trial last week.
Scored to in under21game against newcastle. Krus was nets for geordies.
……………………………………………………………………..
Shame for the boy.
No chance of progressing with us.
Doesn’t he know the history?
SoT
Do you not even remember if she gave you The Kiss?
SeeWhatIDidThereCSC
Geordie Munro
13:26 on
14 January, 2015
Geordie,after discussion with Ticket Office they told me that “Home” Cup ticket scheme in itself was not a definite factor re Semi Ticket,however it would be a contributory factor along with previous rounds,plus uptake of Away tickets.
As of today I have no letter,however I do have 4 tickets which I picked up with my Hamilton tickets,so I guess post slow.
If possible safe bet is to get to the T.O.they can checkonline if allocated but take member number.
Paul, that article is a belter.
Long time in coming.
HH Dan
Right Goin for some Goan ….grub …. and possibly a few 8% Kingfishers. I feel an urge to post some keech in about 3 hours.
Hail hail
Estadio
RWE
Indeed he did. And I hope that Whyte has recordings of everything they discussed.
And copies with his lawyers…
BMCUW
I seem to have about a dozen books I’m in the middle of trying to get through …
It’s now clearer than ever that Whyte stepped up to the plate to save David Murray the ignominy of being in charge when Rangers Oldco liquidated. Even Murray’s contacts in the media would struggle to shield him from the blame were it to have happened on his watch.
I wouldn’t be surprised if Craigy has a wee nest egg in some offshore account provided by Murray.
People (rightly) criticise Westminister and the UK establishment especially at the time of the referendum but they should be aware that the establishment in iScotland would not be squeeky clean. The treamtent of Brother Murray is testament to that.
Murray should be an entirely discredited and reviled character in Scotland. Instead we have a media tying themselves in knots to defend him and an ex First Minister who publicly fawned over him.
Murray embodies everything that is worng with the modern corporate world. Greedy, arrogant, indignant. No doubt he would blame the collapse of MIH on the financial crisis and factors outwith his control. Between him and Whyte it’s hard to pick out the biggest rogue. Whyte has certainly cost the tax payer a lot less.
I’d love to see Murray follow in his Dad’s footsteps to Barlinnie one day but sadly I can’t see it happening in this country.
With reference to the Discount Option Scheme mentioned in the main blog here is an explanation of how keeping quiet about it invalidates the Lord Nimmo Smith Commission.
http://www.tsfm.scot/a-sanity-clause-for-xmas/comment-page-42/#comment-42477
Goin….Goan…..Goane……
Hail hail
Estadio
THE HONEST COVER UP
‘No doubt he would blame the collapse of MIH on the financial crisis and factors outwith his control.’
Strangely,he did just that.
I think the factors outwith his control alluded to getting caught.
Excath,
I was just being curious.
I don’t have a letter yet but I checked online last night and I have mines.
3 adult and one sprog ticket purchased at lunch. 11 quid odd charges and delivery.
Estadio
It must be around 7:30pm in anjuna .. I’m guessing your gonna enjoy a lovely yet very inexpensive meal along with the chilled beers and I’m pretty jealous as I look out over a snowy East Kilbride with my tuna sandwich . I know the Capri sun is the nearest I will get to the real thing :)))
As for SDM .. I agree he has ruined Scottish football and single handedly driven thousands away from the sport
He won’t care and in his delusion he will still see himself as a hero
bognorbhoy & BMCUWP
I am in DEBT to you guys.
:o)
Por Cierto – there is much that happens in Scotland that is not typical of what goes on within England & Wales.
You cut my closing comments out of the context in which they were made and make a pointless but predictable observation -the YESNP tried this tactic again and again during the referendum farce – we defeated it, just as we challenged and exposed the truth of their dross on oil projections – oh how right we were!
The only credible journalist to have ever stood up to the crap fed to us by the Scottish media was Alec Thompson – an English journalist from Channel 4 news.
Our minority are implicity protected in the wider UK from the excesses we would be subjected to in a independent Scotland – read your history of Scotland over the past one hundred and sixty years, add to this the conspiracy of silence we have witnessed during the death of the Ibrox establishment – now tell me what would the future for our kind look like in an independent and bankrupted Scotland.’
So many of ours voted Yes because they thought they were getting one over the Ibrox klan who wrap themselves in the Union flag – thrsr so called loyalists are NOT the UK, in fact they are reviled by many whose paths they have crossed.
The foolhardy lot of ours from working class areas in Coatbridge, Glasgow, Clydebank and Dundee have had a lucky escape, saved by two million of us who understood the issues and could see through tissue of ‘it will be alright on the night’ lies peddled by YESNP.
SoT –
I am at something of a disadvantage in that I haven’t the foggiest idea who Judy Still is.
philbhoy
13:46 on 14 January, 2015
—
Probably true.. sadly thou i think celtic would be happy with another niall mcginn situation. Cheap signing ..low wages and then move to another spl team.
Father is brandywell regular and he said the boys good but no where near ready for celtic team.
Hooefully celtic loan him out early enough to keep his progression going.
The Battered Bunnet.
Fortunately synchronised serial vomiting kept the post mortem conversation to a minimum .She did manage to tell me that she hailed from Virginia Water. . I refrained from commenting that my first sight of her had produced a -” it’s ******* John Lennon” thought before the Judy Sill .thing entered my heaving scrambled poisoned brain.
Jesus Was A Cross Maker CSC -way down south
If David Murray has been wearing dodgy shirts for years he should have his collar felt.
RWE
No,mate. It has been a real pleasure getting to know you and your family. The pleasure is is mine,and I expect,BOGNORBHOY’s.
One of the genuine benefits from Tony’s battle has been to get that illness into the public eye that bit more. And it’s sure stopped me from feeling sorry for myself if life kicks me on the ankle!
HH
HOOOOOOOOOOOOOOOOOOOPY Birthday
Miss TALLYBHOY,Erica
Paul 67
A fine article and a story that is gagging to be told.
Paul Larkin has addressed the Minty situation in his Asterisk Years book.
Just a reprehensible character who not only has stiffed creditors and the tax man , but tried to obliterate our club back in the day.
For this reason and this reason alone i’d be quite content for the Ibrox group of clubs be erased from the Scottish landscape.
Hail Hail
RWE
i second b m c u w ,s post
HH
Tom McLaughlin ..
Judy Sill ?
A late 60s / early 70s US of A singer songwriter .. A Marmite thing. . Notoriously disturbed / died of a cocaine overdose. .
Estadio
13:47
You will be doin mair than postin keech in 3 hours, after your Goan lamb (rat) karahi
HH
…wee davies shirts is it?
……………………………………….Collars, possibly.
Cuffs……………definitely!
ScotPatsFan
Followed on Twitter.
Árd Macha
Repost from last night–bada bing!!
23:34 on 13 January, 2015tom mclaughlin23:22 on 13 January, 2015Sipsini -What is really funny is that our board said nothing and he doesn’t believe them.Unbelievable.Was that for me?
Alfie Noakes
13:56 on
14 January, 2015
Have you ever dipped into Rangers fan boards? If so you’ll have seen much chat about how a Yes vote would just have extended the influence and power of the Catholic minority, currently keeping them down. Essentially the same view as yourself from the opposite side.
Any explanation for this? Other than ‘”they’re deluded” because they’d level the same accusation at you.
south of tunis
14:00 on 14 January, 2015
What the ……..? …… hahahahahaha
Paul…you will understand the context in which I got to ‘know’ SDM. I witnessed how he manipulated people, especially journalists and above all, football ‘journalists’. A favourite trick of his was to ask one of these fawning sycophants out of the blue if he had taken his wife for a birthday meal at the weekend, using her first name in the question…e.g. “Hey Billy, I hope you took Matilda out for a nice birthday meal on Saturday.” And ‘Billy’ would go red faced and feel awfully chuffed that Sir David knew his wife’s name and her birth date, not realising that he had in fact been investigated. On another occasion, when he was gifting information by phone to some of his journalistic subjects, his secretary informed him that Davie Provan had called, to which he replied, “I’m not telling Provan anything.” And he ended many a phone call with…” …must go, I have an empire to run. No Surrender.” Had personal reasons for disliking him also. Horrible man.