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Steam Packet to be sold

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1 hour ago, P.K. said:

Little wonder massive fuck-ups like MEA take place when the taxpayer via the "government" are ultimately paying for it....

MEA was not a 'fuck-up'.

Those involved and those that advised knew exactly what they were doing.

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I always laugh at the phrase "Government money"   Governments don't have any money, they have executive power over money that other people give to them via tax etc !

Unless of course you are Eddie Teare !

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7 hours ago, gettafa said:

MEA was not a 'fuck-up'.

Those involved and those that advised knew exactly what they were doing.

From sourcing massive loans to taking their wives on jollies and claiming it all on X's they were completely out of control.

So no, an annual meeting isn't managing the activity at all.

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4 hours ago, asitis said:

I always laugh at the phrase "Government money"   Governments don't have any money, they have executive power over money that other people give to them via tax etc !

Unless of course you are Eddie Teare !

The mythical non-existant "Bank of Government" money-pit that funds "everything" - apparently.

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4 hours ago, P.K. said:
12 hours ago, gettafa said:

MEA was not a 'fuck-up'.

Those involved and those that advised knew exactly what they were doing.

From sourcing massive loans to taking their wives on jollies and claiming it all on X's they were completely out of control.

So no, an annual meeting isn't managing the activity at all.

It's worth remembering that the MEA disasters happened when the company had a Board full of businessmen and a 'dynamic' Chief Executive.

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1 hour ago, Roger Mexico said:

It's worth remembering that the MEA disasters happened when the company had a Board full of businessmen and a 'dynamic' Chief Executive.

Who also had access to a pile of wonga sitting in the bank he was running.....

If the new owners want monthly meetings with the board, and they should to my mind, then why not?

After all, the IOMSPCo has been purchased for OUR benefit.

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23 minutes ago, P.K. said:

Who also had access to a pile of wonga sitting in the bank he was running.....

If the new owners want monthly meetings with the board, and they should to my mind, then why not?

After all, the IOMSPCo has been purchased for OUR benefit.

Well he wasn't running the Bank as well, but he was a Director.  The Isle of Man, where interests never conflict.

The point I was making was that the Isle of Man Government's hands-off approach didn't work that well with the MEA, which also had a 'conventional' limited company structure.  Mind you the IOMG hasn't exactly shown much ability to deal with out of control spend-monsters, like Longworth that it does have direct control over, so whether it would have made a great deal of difference is another matter.

I doubt any of the banks that recently owned the Steam Packet would have been happy with just an annual sit-down, so as you say there's nothing to prevent more intensive scrutiny.  Of course there are supposed to be  three Government-appointed Directors who should be doing that sort of thing, but that didn't work with the MEA.

What the IOMSPCo is still a mystery to me, mind.  

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2 hours ago, Roger Mexico said:

It's worth remembering that the MEA disasters happened when the company had a Board full of businessmen and a 'dynamic' Chief Executive.

Dynamic is not the word I would have chosen.

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38 minutes ago, Roger Mexico said:

Well he wasn't running the Bank as well, but he was a Director.  The Isle of Man, where interests never conflict.

The point I was making was that the Isle of Man Government's hands-off approach didn't work that well with the MEA, which also had a 'conventional' limited company structure.  Mind you the IOMG hasn't exactly shown much ability to deal with out of control spend-monsters, like Longworth that it does have direct control over, so whether it would have made a great deal of difference is another matter.

I doubt any of the banks that recently owned the Steam Packet would have been happy with just an annual sit-down, so as you say there's nothing to prevent more intensive scrutiny.  Of course there are supposed to be  three Government-appointed Directors who should be doing that sort of thing, but that didn't work with the MEA.

What the IOMSPCo is still a mystery to me, mind.  

Appoint a panel of suitably clued up shareholders (IE Taxpayers) and let them be a scrutiny panel, it is beyond time Government were reined in with their abuse of taxpayers money !

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1 minute ago, asitis said:

Appoint a panel of suitably clued up shareholders (IE Taxpayers) and let them be a scrutiny panel, it is beyond time Government were reined in with their abuse of taxpayers money !

Isn’t that exactly what they are doing? They invited suggestions. Did you nominate? No? Then don’t complain.

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6 minutes ago, John Wright said:

Isn’t that exactly what they are doing? They invited suggestions. Did you nominate? No? Then don’t complain.

I think I'm too old for all that responsibility stuff.

I thought it would come under DoI as part of Strategic Sea Services? But after looking apparently not.

I'm interested in who vets and appoints and why. Plus brief, scope and so forth.

Any ideas anyone?

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3 hours ago, Roger Mexico said:

It's worth remembering that the MEA disasters happened when the company had a Board full of businessmen and a 'dynamic' Chief Executive.

To say nothing of advice from the most powerful/most untouchable advocates firm.

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17 minutes ago, John Wright said:

Isn’t that exactly what they are doing? They invited suggestions. Did you nominate? No? Then don’t complain.

Yes I did ! 

And I wasn't complaining merely suggesting how taxpayers should be viewed by a Government !

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10 minutes ago, Len Trench said:

The Finnish ferry that sails itself

It’s not much different to the Sandbanks or Windermere Ferries, they just use older technology.

It can’t be crew free, there are international conventions about radio operators, life boat operatives, etc.

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