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Who Owns The Steam Packet


Lonan3

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It means you should immediately move your pension to Australia, where you'll now be able to retire rich - aged 18.

..and with the pension income tax free ...mind you if you have a decent private pension then there is none of this UK style 'I'll have a state pension too' business.

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Macquarie, which has bought the Steam Packet in October 2005 had in December 2006 sold 90 per cent of its shares in the to three Australian pension funds

 

When MacQ bought Steam Packet, it was more a purchase of the user agreement, which was identified as a money making opportunity. At the time, they said they were buying for long term investment. Long term investment appears to have been 14 months. What did the pension funds (managed by MacQ) pay for the 90% of the shares that they were persuaded to buy? Bet MacQ made a profit, despite having paid silly money.

 

MacQ's shares are now suspended. If the company goes under (apart from being down under) what will happen to all of its shipping companies, airports, motorways, ....and all of the pension funds it manages?

 

Time for the Steam Packet to be nationalised?

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Time for the Steam Packet to be nationalised?

 

Oh Christ no, the government and civil service's capacity to fuck things up is almost limitless. Private ownership is fine as long as the User Agreement gives the government enough levers against the operator. Admittedly they can fuck that up too, but they're bound to get it right by accident occasionally

Edited by Tugger
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MacQ's shares are now suspended. If the company goes under (apart from being down under) what will happen to all of its shipping companies, airports, motorways, ....and all of the pension funds it manages?

 

Time for the Steam Packet to be nationalised?

Don't panic Captain Mainwaring - Macquarie shares were only temporarily suspended ahead of their annual profit announcement. They made less than previous years - just under A$1 billion profit. Thank goodness RBS doesn't own the IOMSPC...

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  • 14 years later...

There were some bits of privatisation that were absolutely right. The government had no business building cars for example. Even British Steel despite it being a disgrace since. But there are some things, like fucking water, that absolutely should forever have remained under state control. 

Makes me cross even thinking about it.

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