“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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Sevco lose court case against LNS fine, apparently this is what Dungcaster was meaning re. same club.
HH
West end of east end 1559
No worries, enjoy your time.
All
Apologies for taking the bait – enuff already
HH
james gang
Red squirrels would never go into coalition with Tories.
Grey squirrels would sleep with Edwina Currie
iki
15:51 on 14 January, 2015
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.
________________________________________________________
Spot on IKI. Scroll on by his irrational ramblings without response or mention of his name. He will soon begin to injure himself even in that padded cell. What utter nonsense. Back to reading the comments from the non-trolls and the rational.
Radio Scotland reporting that sevco have just lost their appeal against SFA fine £250k …..no detail yet….funny that
Grant Russell @STVGrant 1m1 minute ago
Rangers have lost appeal to SFA judicial panel against £250,000 owed to SPFL on EBT commission. Club to take matter to arbitration.
Reposted for the 4th and last time–
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.
You have a bad habit of having a stab at someone,then unable to man up ,and debate a point without playing the victim card.FYI RD was on TV praising Maloney to the hilt,knowing fine well it would create speculation that he would be coming back to CP.I posted that it was ridiculous spin from the Club IMO.The idea of spending £1mil + on a guy 32 next birthday,is a joke,we have a better 31 year old who we can’t pay half of what SM is on.I also scoffed at PL’s absolute BS from last year when he said we would pay £6mil for a striker,we will be lucky to spend £6 mil in the next 3 Transfer Windows.As i said,engage and have a debate,or scroll on by.Out of interest,has ‘Big Peter’ ,ever sent you a Christmas card back? :)
jamesgang
15:56 on 14 January, 2015
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!
;-)
****
In fact, Sciurus carolinensis or Grey Squirrels are often not grey … they can be black, grey, white or even tan. And, according to some sources, grey squirrels can also be red, but they are not to be confused with a true Red Squirrel ((Sciurus vulgaris). But not necessarily red as in Labour red.
https://twitter.com/celticgossip/status/555395308822487040
Eldorado and merry down silver label.
Shudders.
flashbacks.
Saint Stivs
16:11 on 14 January, 2015
Eldorado and merry down silver label.
Shudders.
flashbacks.
______________________________________
Norseman Lager. A poor man’s Skol!!!!!!!
Coalescence.
That’s a made up black adder word surely.
Saint Stivs
16:13 on 14 January, 2015
Coalescence.
That’s a made up black adder word surely.
______________________________________
In a meeting recently someone used the word mandatable, as in we would need to ensure something was mandated
When is enough, enough…..
in the ol’ Sevco suffering stakes?
Mibbes no jist yet……..heheheheheheheheheheheheheh!
Jean Jacques Rousseau said it best, I think: “Absolute silence leads to sadness. It is the image of death.”
I’m not feeling sad though. How about you?
Jelly and ice cream, anyone?
here is a braw wee read…
http://thecelticblog.com/2015/01/articles-and-features/the-silence-at-sevco
huntertainment it really is the gift that keeps on giving ps gift in German means something nearer the truth ….”poison”
braw
I think the Scotsmac is getting a bad rep. Which other aperitif could successfully blend white wine and whisky?
After a bottle or two Bomber Brown can often be heard lamenting the loss of ra deeds.
G03
And how much will that numpty be earning? 8))
As in. Used in a sentence.
If I had to go out with a guy it would be Ronaldo as he is pure dead mandateable.
So he is.
Neustadt Braw
at 15.30
Hiya,Pally..
Oh.. you Betcha.. Ah wull..”Keep oan Laughin”,
At the Ibrox Troubles.. As .. Alwiz.
Because..
Ah hiv fun oot… that..
Derision, expressed by.. Levity..is the Supreme..
‘
Pitter…Downer. when used agin the Targeted Entity.
n.. The Ibroxians Hiv earned that.. form o’ CONTEMPT.. Big Time.
Ah Laugh At Them…n.. thur Plethora of Nevah Ending Troubes…
Every..Single….day.
They ur Finished..
Noo.. Some folk oan Here..
Don’t Do That..
They are alwiz willing tae Write aboot..
Whit is Happening….. over “There”. They hiv Some form of A Peculiar Obsession..
that Drives them tae dae So. The Ibroxians Day tae Day Doings..ur alwiz..
Uppermost in their Thoughts.. Obviously.
Why dae they dae Dwell oan That?
Well..In Ma Opinion.. These “Obsessed Folk ..
FEAR ..that the New Auld Rangers..wull comeback.. tae the Premier Division.
N.. Haunt us… Gie us a Bad Time..as the Auld Auld Rangers n Thur Fans..
Did
In days Gone By..
Me?
Ah Do Not FEAR the Return of the New Auld Rangers..
Ah..In Fact .Welcome It..
It wull gie us the Opportunity tae Sock it Tae ‘Em..
Thoroughly,Embarrass, Them..
Dae them Up Like a “Bilsland’s Pan Loaf”
n…Toast the Hell Oota Them..
Which we wull..
Na.. Kojo Disnae Fear the Return of Sevco..
He welcomes it..( Ye already Said That..ed)
So Ah did.. Didn’t Ah?
Awe .well..
Nice Chattin.. pal..
Kojo
Still..Laughin’
I am at Heathrow. Waiting on flight that’s justcwenthe “technical” pre boar ding.
A wee game of spot the zombie to pass the time.
What the collective noun for a group of anguished mobile surfers
Un oeuf est un oeuf pour les Billy Boys.
Ils sont Humpty Dumpties.
Imagine people who are obsessed with people who are obsessed with Rangers.
Is this £250k due from sevco under the 5 way agreement, me wonders …????????
mike in toronto
Black and Tan squirrels?
I detest those bassas!
HH jamesgang
Brilliaant Saint Stivs. I wish I had thought of that instead of trying to contain my laughter
Good afternoon all.
We signed emdy yet??
Weefra HH praying to Wee Oscar.
Alfie….I was going to leave it there….pointless and lonely….but you, yes You made the ad hominem supremacist pigeon holing of ‘the working class’ as the fulcrum of your view.
I deliberately used the word ‘correspond’ rather than argue an alternative. I was genuinely interested in the triggers for your analysis and conclusions.
However, now?
I doubt if you can even appreciate the paradox in your subsequent statements and to be honest that is just sad.
I probably don’t care enough to divert my mind from more rewarding pursuits
But l will respond and I am afraid we will have to leave it there.
You may even be surprised by what I say.
Hail hail
Estadio
setting free the bears for res. 12 & oscar knox
16:21 on 14 January, 2015
When all along we are simply obsessed with justice, and the removal of corruption from our game……HH
Weefra
Errrr no……but that’s only cos we were waiting till you arrived. Want to unwrap the parcel?
Wee Shaun Maloney’s in danger of dying under all that bubble wrap!
;-)
HH jamesgang
a pan loaf and an Evening Citizen !
braw
Surely this decision by the SFA is bad news for those of us who view them as a new club?
Saint stivs.
An embarrassment of, a hun of , a dirge of , a scrofula of.
Take your pick. They are of the taxonomies that have multiple definitions
With Thanks to dbbia for introducing scrufulous to this fine site .
Sanna
Oy when the feck hands back the trophies will I be happy.
Sir steal a lot.
Bassa
That reminds me..
Whitevah Happended tae the “Evening Cititzen..” ( n.. the “Evening News.” as well..ed)
Ah remember the Saturday “Evening Citizen” was.. A GREEN WAN..
Right?
Mebbe,the Color hid something tae dae wi’ It’s Demise.
Anyway.. Whit Happened tae it..?
Kojo
Still Laughin’
I’ve always favoured “a misery of non handsome ones”
Works for me.
jamesgang
Lol. How’s you today. Ye were in fine form last night. Shurely no wee Shauny again. Returns never work oot. KTF. :-))))
Weefra HH praying to Wee Oscar.
Bada Bing
“I also scoffed at PL’s absolute BS from last year when he said we would pay £6mil for a striker,we will be lucky to spend £6 mil in the next 3 Transfer Windows”
Much like Neg Anon’s twisting of PLs statement in order to make it read that he vowed to “come out of each transfer window stronger than we went in”, you too have substituted “would” for the original phrase used in order to make it look like we were promised a £6m signing which has never or will never materialise.
what the 2 statements actually did say were:-
1) If someone became available for £6m that was clearly worth that sum, and that person was willing to come to Celtic, we would sanction the spend. He did not say that we would spend £6m to prove that we could or that he would buy someone you or I considered to be worth £6m at going rates just to prove it. In short, if Messi had a £6m buy out clause and an irrational desire to come to CP, PL would be first in the queue, waving a dusty chequebook.
2) The transfer window promise was that we “would aim to come out of each transfer window stronger than we came in”. It was a pious aspiration rather than a promised target and it was worth nothing other than offering words as hostages to fortune for those seeking to alter his meaning.
I cannot be alone on here in feeling that people devalue their own opinions when they seek to attack words that were never uttered and opinions which were never expressed rather than take on the argument on in its own terms.
It may make the assertion harder to defeat but there is no victory in defeating a straw argument of your own construction. We had one of those daft debates yesterday when people took the header article as saying WGS was better than MON and that MON had been criticised by it and in it.
We have enough real arguments to keep us going.
Alfie Noakes
“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”
The same MSM that backed the No vote. Doing all they could to keep the establishment and the establishment club in place. They’re consistent at least.