Qinetiq, Carlyle, Brit Ministry of Defence, Poxy Politicians, Sickening Sell Outs and God Alone Knows What Else ...
Here's a quick couple of clips from a piece we published way back in January 2006.
The following shocking story was run by the BBC in December 2002, and it frightened the f*ck out of This Old Brit.You should start by reading below to (quickly), get the general gist of the direction we're going.
Others with knowledge of the two companies concerned were equally alarmed but alas, few chose to articulate their shared 'scared-shitless' sentiments in such colourful language as he so often does .
US firm (Carlyle) buys stake in UK defence labs
QinetiQ has branched out from defence to modern technology
The Ministry of Defence (MoD) has sold a third of its defence research business, Qinetiq, to the US private equity group Carlyle
Carlyle will also retain a holding after the listing. The investment group has a 31% stake but 51% control of the voting rights, which it bought for just £42m but are now believed to be worth £340m.
In case anyone ever doubted it, this is yet more evidence of how & why certain 'selected'' conglomerates are constantly booming in the money-in-misery business. And all at the cost of intentionally uncounted innocents' blood.
In fact, it could quite safely be said that never before in the field of human greed, have so many suffered so much for the profits of so few.
In better days under better, more honourable and honest politicians such shameless selfishness was precisely the kind of thing called 'war profiteering'. And rightly so.
Now read the rest of our (18 month old), article: Is Blair Actually Selling The Keys To The United Kingdom --- To Carlyle ?
Next, back to the business in hand (23/11/07), via a remarkable BBC revelation of today. Stick with us - dot connecting's no problem - in fact it's a doddle.
Here's a couple of quotes from said BBC piece.
Read the rest of the BBC report right here(Includes comments well worth seeing).
A battalion of former military bigwigs last night accused Gordon Brown of being tight-fisted on Britain’s defence. Which adds resonance to today’s judgement by the National Audit Office that taxpayers were short-changed in the sale by the Ministry of Defence of a stake in Qinetiq, the technology and defence business.
The charge which sticks against the MoD and the Treasury (which always oversees these deals) is that they made a schoolboy error in the sale-process. They ran an auction and identified the US private equity house, Carlyle, as the preferred bidder
Carlyle’s internal rate of return was a staggering 112 per cent per annum. This wasn’t just a vintage deal for Carlyle, it was vintage Krug.
For those who ran Qinetiq, it was Krug in diamond-encrusted, solid gold goblets. The top ten executives in the business made £200 for every £1 of their own cash they invested in the business. Sir John Chisholm, Qinetiq’s chairman, turned £130,000 into £26m; Graham Love, the chief executive, scooped £21m from £110,000
Can anyone else smell the same stomach churning stench here that we can?
Nice work if you can get, eh?
Good jobs AND big bucks for 'the boys'.