“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.
[calameo code=0003901718eccc6101c78 lang=en page=1 hidelinks=1 width=100% height=500]
1,115 Comments- Pages:
- «
- 1
- ...
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- ...
- 30
- »
Ooops If Estadio decides to respond to you H H Hebcelt
Whatever happened to:
* Celtic “swooping” for players
* “Crack” Eastern European teams
* “Mighty” Rangers
* Rangers “rightful place” at the top of Scottish football.
DreichWednesdayafternoonreflectionscsc
Is there a General Erection this year ? I think someone is Stoaning already…is that succinct enuff ?
Alfie. you said “You attack the person because you cannot muster a coherent argument in your favour”
That’s made up shite
Another repost–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?
Sammi, is no longer Waanted… by
West Brom.
Hmmmmmmmm
Am Ah… surprised?
Na..No Me.. fur…..
Ah always knew the Sammi, wiz alwiz… jist like..
An undependable… WONKY Water Heater..
Ye know..
He wiz alwiz Runnin’.. Eethur…
Hoat or Cold.. (Maistly, Cold)
N.. Ah wiz gled tae see the Back of Him..
West Brom … Like Us.. Fun oot that There Wiznae a Plumber Alive who could Fix..
Sammi..
Oh.. well..
An ither .. Faulty Heater?
Kris Commons?
Na.. Not He.
He is Mair o’ the Likes o’ an auld Ford .. that hiz Finally.. Pooped..
Worn oot.. n.. wi’ Faulty Bearings.. n…noo he hiz a Creaky.. “Big End”… that is sure tae Go.. well… Any TIme..
N..Everybuddy Knows..
Wance yer “Big End”, Goes..
That is Really.. the End.
Time fur us tae Get rid of Him…
Yes..He has seen Bettah Days, no doot.. we wull Miss Him..
But, he is Noo jist Aboot ready fur the Scrap yard..
He wid Nevah Pass.. the M.O.T.
Tough.. We wull Miss him..fur he n His Wife wur / ur… a Nice Couple.
We wur No Interested in Bringing Back Shaun.. anybuddy, who believed whit the Newsies wus Saying.. tae the Contary.. wur Delusional..
Fir. we Fun oot .. (when he Wiz wi’ Us..)
That..
Shaun, his Gless Legs..
It’s A fact..
Some folk hiv Gless Jaws,,
but..
Shaun, hiz Gless Legs.
Looking Forward tae Gary ? Stevens… in a Celtic Joisey..
Yes..He wiz a Vistior tae Parkheid oan the Clyde.. Yesterday..
Gien the Grand Toor..
Wiz he Sufficiently Impressed tae sign fur us?
Ah Dunno.. but..
It is a Promising start. fur Negos…
Right?
Stay Tuned..
Ah Like Gary Whit’s His Name..
He is a Fine Tricky WIngman.. which we need Badly..
Kojo
Who Disnae gie a Continental. You Know Whit..
Whit is Happening over at Ibrox..
Re being a member of HCTS and tickets for semi final,I received letter of offer this morning
HH
Hearts player jordan mcghee.. just signed new 3yr deal. Neilsen said hes best young prospect in scottish football.
Anyone see much of him ?
OSD 1517
I’m not sure two of those ever went away.
Can you guess which two I’m referring to..?
:-)
West End of East End
15:10 on
14 January, 2015
Why, why would someone bring Scotsmac onto the blog, WHY ? The only way to drink Whams Dram or Wham’s Bam was after the Eldorado & Merrydown (mixed for a proper snakebite) was finished…Any other time was just stupid…
…………………
did ye ever try the old southafrican wine “old tawny” I think………made Scotsmac taste like Macallan!
onlyonceanmeandweeNorriewerewellseekcfc
braw
blantyretim is praying for the Knox family
14:53 on
14 January, 2015
alfie noakes
Can the 2m who are labour voters convince the ex labour voters to return to the fold before May 7th
Think labour worry about that rather than disparage yes voters after all they all voted for the Tories austerity measures and benefit cuts
==============================================================
Labour did NOT vote for all Tory cuts.
What kind of austerity do you think we would have had in Scotland with an oil price heading for the $30 mark?
Fact – Labour is the ONLY political party EVER to do anything for the working people of this country – that includes the people of Liverpool,Manchester,London,Leeds,Bristol, Birmingham,Newcastle…etc, as well as Scotland.
The only thing that the SNP have ever secured for Scotland was, by bringing down the Labour government, they ensured the coming to power of Thatcher – for that alone they should never attract a single vote from anyone outside of their own ‘close bretheren’
just like to welcome our new troll to the blog.
Hello Alfie Tokes. Are you hun? Aye we know…
MWD said AYE so get it roon yae
hey Kojo
keep laughing noo
braw
Doh!
OSD 1517 = OSB 1517
Neustadt-Braw – Don’t think I ever had that pleasure, was a strictly El’D man back in the day…
Je ne suis pas Alfie
In keeping with my pledge to call out excesses on my side of the referendum argument, I will publicly dissociate myself from Alfie’s provocative goading.
The Yes voters on this blog have, at long last, started to show a lot of restraint in their postings and I cannot help but think that alfie is wanting that poisoned atmosphere back.
I like the way the blog was heading without it being dominated by responses to a couple of “look- there’s a squirrel!” type posts in the early morning.
south of tunis
14:10 on 14 January, 2015
Tom McLaughlin ..
Judy Sill ?
A late 60s / early 70s US of A singer songwriter .. A Marmite thing. . Notoriously disturbed / died of a cocaine overdose. .
……………………….
I have a feeling that she also was part of a Bonnie & Clyde-esque duo during her teenage years and served time for armed robbery in the mid-west.
awfy braw …………..
http://www.philmacgiollabhain.ie/touchable/#more-5726
a wonderful time to be a Thim…
braw
West End of East End
15:34 on
14 January, 2015
Neustadt-Braw – Don’t think I ever had that pleasure, was a strictly El’D man back in the day…
………………………..
probably an east coast chaser… :) hail hail
Mr. Noakes
I think I hear Shep calling on you again.
Alfie noakes 1356
I really know I shouldn’t, but the last paragraph in your post is possibly one of the most arrogant and condescending I have ever read on CQN. It underlines for me that I made the correct (personal) decision for all the right reasons to vote Yes, as did my entire family including wife (born in Wales), daughter (born in Germany) and son (born in England) – all of whom made their own decision independently from me, although we discussed it at length. Maybe it’s because I now live in Dundee, although grew up in Glasgow, that did it. I am (still , but only just) a paid up member of the Labour Party, but very conflicted going into the General Election – do I stick or twist? The status quo is not always the best way, as evidenced all too clearly with the current situation in Scottish football. Well back to lurking in the Lanzarote sun (at last).
Hail Hail
proudbhoy
Hertz have a clutch that they are praising as top prospects.
Patterson
McHattie
McKay
Mcghee
Walker
Holt
Nicholson
King
They are ultimately a selling club and Dr Budge has intimated that they will sell their youngsters. They will praise everyone of them going forward.
Levein is clearly following the Dundee United model which he helped set up. He may have been a useless Scotland manager but his current role at Hearts is clearly his forte and Hearts are doing a grand job at the minute. I expect them to sell 1 or 2 a season going forward. I would imagine they will want to keep most of them until the return to the Premiership though.
Neilson is doing a very fine job in his first season and looks to be tailor made for the role but levein has an eye for a player and is doing a grand job as well. They don’t play the silkiest of football but they are getting results. They should be top 6 easy next season with a few key additions.
LB
Apologies to the blog for an earlier comment I made to the latest troll. It was uncalled for and I shouldn’t have made it…
Canamalar @12:02
“I don’t mean to be smart but how can the three bears work solo ?”
They were all traumatised by a break in at their place of work which caused their joint venture to go into liquidation largely caused by too much diversification in product manufacture.
They are all now pursuing their niche market interests.
One bear has founded the Piping Hot Porridge and Spartan Furniture Company.
One bear has founded the Cold Porridge and Dolls House Furniture marketing..
And the youngest has gone in for the mass market Porridge and One-Size-Fits-All Furniture PLC.
Goldilocks is doing porridge for breaking and entering.
Friesdorfer – I’m heading there on Friday, how is the weather ? When I was over in November it rained for about 6 days out of 11…
That’s me and the lad booked up for the Inter Milan game.
Not much change from £300 for this venture (and that’s not staying over)!!
Birthdays eh!!!
Árd Macha
setting free the bears for Res. 12 & Oscar Knox
15:34 on
14 January, 2015
Je ne suis pas Alfie
In keeping with my pledge to call out excesses on my side of the referendum argument, I will publicly dissociate myself from Alfie’s provocative goading.
The Yes voters on this blog have, at long last, started to show a lot of restraint in their postings and I cannot help but think that alfie is wanting that poisoned atmosphere back.
I like the way the blog was heading without it being dominated by responses to a couple of “look- there’s a squirrel!” type posts in the early morning.
==============================================================
It was the Yessers who introduced politics to this blog and on other places and occasions attempted to use Celtic as their platform – just as I will never let up reminding the followers and tame MSM of the Ibrox farce of their complicity in the goings on of the last 30 years – so I will never let the misguided Yessers forget that they came close to bankrupting our country on the back of unsubstantiated dross and downright lies.
The reason that they have ‘calmed down’ is that they were gubbed and now it is plain to see the stupidity of the YESNP shenanigans – ther’s that word again – sits as well with Sevco as it does with the SNP.
Jelly and ice cream or a slice of humble pie?
From Minty’s millions to passing the hat …
Matthew Lindsay @MattLindsayHT · 5h 5 hours ago
Scottish Olympian and Commonwealth Games silver medalist @LynseySharp has today joined the Rangers Supporters Trust.
Rangers Supporters @rangersfctrust · 18h 18 hours ago
Tremendous news has reached RST HQ as 2 individuals have purchased 15 community shares each. That’s a total of £3750 towards shares. RT
Heartbreaking so it is, just heartbreaking
Several days ago, I declared on here that I had exceeded my own record for the speed with which I place a name on my ‘scroll-by’ list.
It is disappointing that more intelligent and better educated people than I have continued to indulge him.
mere coincidence I am sure …………
Last updated at 08:27 17 July 2007
Rangers last night pledged to fully cooperate with anti-corruption police after a dramatic and unexpected raid on the club.
Officers from the City of London force gained warrants to raid Rangers, Newcastle United and Portsmouth just weeks after Lord Stevens published the findings of his controversial bungs inquiry.
……………………..Rangers and Newcastle ………..mmmmmmmmmm
funnyoldworldcfc
braw
Alfie
“t was the Yessers who introduced politics to this blog and on other places and occasions attempted to use Celtic as their platform”
All true but not today.
Today you chose, without goading, to bring this to the blog. It serves no other purpose than your self-satisfaction.
Please just let it go until you have a reason to respond. You are currently losing our side more votes and sympathy than you will ever win with this approach.
West end of east end 1544
Not bad today, been here since Monday late afternoon. Was pretty overcast then, and same yesterday, but things are looking up. Caught the match yesterday in the Black Bull in Costa Teguise if you are going to be up this way – good Celtic pub been in before and will be there on Sat for the Hamilton match. Delighted to have a beer then if that suits.
HailHail
Alfie Tokes
the reason we have calmed down is due to the time lapse since the referrendum and the certain knowledge that the time will come again when the opportunity will arise again to vote for independence once more (you will not obviously agree).
the reason you have appeared is on the orders of Mr James murphy who is today playing the Green Card having previously supported the orange card during labours referendum better togetherness lap dogging the tories. Seriously. do you believe anyone on here does not marry your appearance with mr murphpy’s – I’m not a unionist pronouncement?
Anyway. You are quite funny so carry on.
MWD said AYE and loving the fact it pisses you off.
PS i hope you enjoyed your riotous celebrations in George Square! pwoud you must be of your follow No voters and traditionalist unionists.
Sftb @3.34
Respect (you auld naw voting bassa you!)
Good post.
I do worry that your mention of squirrels will lead to the old CQN squirrel psephology debate with one side claiming that ‘proper’ Scottish squirrels (ie red, endangered c45%) have once again (but for the last time) had their patriotic aspirations stymied by the ‘grey (squirrel) vote’.
‘Pesky incomers, etc etc’
Please be assured however I don’t want you culled. Not now. Not ever!
;-)
HH jamesgang
Iki agree completely starve them of the oxygen of response/reply and they disappear likes now of a dyke. Come on ghuys give it a try. H H Hebcelt
Friesdorfer – Going to puerto del carmen, will probably head to Brendan Behan’s or Halfpenny Inn but will take a note in case of a change of plan…
Magnificentseven
14:54 on
14 January, 2015
I see the advance party is here before the election kicks off, the rest will not be far behind
===================================
Woaah!!!!!!!!!…………..Too early………..;-)
Enjoying Alfie. Like the cut of his jib.
iki
15:51 on 14 January, 2015
I have 3 on my list…….not bad ….HH