Quotes from today's Telegraph, ( top story at
news.telegraph.co.uk/news/main.jhtml )
which has extensive coverage of MG-Rover's executives -
" .. the world's highest-paid auto executives. Well, I suppose we should say good for them, ..."
Rover is no Phoenix ? just an expensive Byers folly
By George Trefgarne
(Filed: 14/11/2003)
How Phoenix feathered its nest with Rover's prize assets
By Christopher Hope, Business Correspondent
(Filed: 14/11/2003)
MPs plan Rover inquiry
By Christopher Hope, Business Correspondent
(Filed: 14/11/2003)
An investigation into how MG Rover, the car maker, is being run is being planned by MPs after weeks of revelations in The Telegraph about the financial structure of the business.
Firm with a history of strikes and huge losses
By Paul Marston, Transport Correspondent
(Filed: 14/11/2003)
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Large private company where the directors probably took a large personal, and financial risk in taking it over. If they want to make a fotune then fair play to them. I would say they've put sufficient neck on the line to get this.
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Is this the same Pheonicks who posted on the city rover? Is your medication up to date?
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MG rover gave him a new city car as a bribe, and he liked it so much he has had to say nice things.........
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I may well be wrong, but I don't think this is the case at all. I don't think that they took a large financial risk. IIRC BMW left them lots of money in the piggy bank and they decided to raid it for themselves.
Of course the likes of the IoD would say its all about 'rewarding talent' and retaining good people so that they don't go off to the US auto industry and earn $1bn a year or whatever. In my book is good old snout-in-trough senior management. Seen it before, and its one of the reasons why the UK motor industry is in its current lamentable state.
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Maybe Phoenicks reads the wrong papers...they didn't take any personal risk at all and seem to have carried out a comprehensive case of what we with long memories used to call asset stripping on a once-proud (really) company that has managed to make a mockery of two great names in British motoring history.
The present situation with MG Rover should give anybody thinking of buying their products pause for thought - I understand the spares situation may already be difficult for some models. Who knows what the future holds for a manufacturer of outdated and rebadged products from other sources with very few actual assets?
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Firstly, like i said, i'm neutral on cars and i would add on companies too. The Cityrover is a poor car at initial glance. I have different views on different things. Just because their car is poor doesnt mean i think the same of the company. Hey, i quite like Porsche as a company but i wouldnt buy a Cayenne.
On the Company front there is always a risk, and it may be a personal battering for these guys CV's if/when it all fails.
Secondly, Rover wasnt exactly floating on successful air when BMW took them over and sold them, so there was a risk there of sorts.
Unfortunately Ideaology takes a backseat in Business sometimes.
And you shouldnt believe all you read in the papers by the way Mike....
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Mike - good post there!
You keeping alright?
--
groups.msn.com/honestjohn - Pictures say a thousand words.....
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"On the Company front there is always a risk, and it may be a personal battering for these guys CV's if/when it all fails."
With a few £m in the back pocket who's worrying about CV's?
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Hi DL - I'm fine mate, still fighting off the frogs!
Tnanks for the tip, Phoenicks - I spent 35 years in newspapers before I managed to escape, even spent some time as a motoring editor, so I reckon I know pretty much what I can believe...
Incidentally, over the years I owned more BMC, BLMC, BLMH, BL, 'Austin Rover', etc, cars than any other make and I've owned nearly 40 motors - every one bought and run with my own hard-earned. Only sold my beloved P6 V8 last year when I left the country - so I feel particularly sore about what has happened to so-called MG Rover now. Apart from my very brief dalliance with the 'all aggro' they were well-conceived motors (if sometimes badly made) that often suffered at the hands of the market because your average motorist years ago was afraid of advanced technology. 'Mr Average' was often happier with a cart-sprung, side-valve Ford or a Vauxhall than something that had genuine design flair built into it! My preferred everyday driver now is Honda, so you can see why I'm even more unhappy about MG Rover's recent history.
I don't see what point there is in a parliamentary inquiry into the ownership saga. The taxpayers' direct involvement ended when our cash was flushed down the drain long ago.
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