Too Big To Fail


Some things really are too big to be allowed to fail.

But Rangers Football Club isn’t one of them.

The principle that it is wrong to spend other people’s money, without their permission, in order to advance your own self-centred agenda is a big idea which is absolutely central to the core values of a civilised society.  There’s a closely related idea that  it’s not okay to exploit the good faith of service providers, businesses, emergency services and individual workers,  then leave them whistling in the wind for the payment which they’ve earned.
Those are ideas which are too big to be allowed to fail.

There’s an enduring concept that trustworthiness is a virtue while cynical exploitation of people’s trust is reprehensible.  Similarly, quality of life is generally enhanced when decent people can reap the just rewards of their honest labours without being robbed by scam merchants, fraudsters and sharks.  And that principle, by extension, demands that those who insist on conducting their affairs in an exploitative, predatory fashion must face a level of punishment which is in proportion to the damage they do to their victims.  The penalty for undermining essential foundations of social stability should reflect that selfish parasites and shameless free-loaders are unacceptable infestations which are unacceptable to decent society.
These principles are too big to be allowed to fail.

Vital ideas and fundamental principles such as these are constantly assailed and relentlessly undermined by the very last people for whom we  should go out of our way to offer assistance or protection.  Allowing these people to prosper from their malevolent, anti-social machinations not only encourages them to continue in the same selfish, destructive vein; it also sends out an intolerable and dangerous message to others that the most profitable way to operate is by abusing trust, practising deceit and exploiting vulnerability at every possible opportunity.
Why work for a living when you can steal someone else’s dues?
Why play fair when you can win more by cheating?
Why bother about doing the right thing when moral standards are merely obstacles in the way of your ambitions?

These are the traits of the psychopath.  Psychopathic thinking infects every society where it is allowed to spread.  Where it is not challenged, it takes an ever firmer hold until it ends up overwhelming the decent humanity of the overwhelming majority of the population.  Academic study after academic study has shown that the prevalence of clinical psychopaths is in the region of 4% of our society.  Most people are unaware that it is more common in the boardrooms than in the maximum security prisons; very, very few psychopaths are serial killers or axe-murderers but a hell of a lot of them are at the core of vast financial scams, vulture capitalism, national and international banking scandals, insider trading, fraudulent investment schemes, general corporate misgovernance and money-laundering.

Criminality on that scale adversely affects the 96% of us who, for the most part, just want to get on with our lives in peace with each other.  It corrodes the most basic principles of our communities and sucks the vitality out of a society’s confidence in its own sense of justice, honour, purpose, fairness and integrity.  In short, it attacks all of the most important values which give human beings their deepest, richest sense of well-being.

These are the values which really are too big to fail.
If we them, we lose everything that makes us decent.  What price is worth paying to defend these values?  Downsizing a few football operations, whose worth has been artificially inflated, to a scale that is a truer reflection of their genuine worth is well worth the longer term benefits.  If the prestige of Scottish football depends upon its economy being regularly injected with huge streams of laundered cash; or relies upon unsustainable levels of borrowing from unreliable banks; or cannot function without tax-scams designed to protect some of the highest wage-earners in the country from the demands that apply to the rest of us; if this is what the prestige of Scottish professional football depends upon then that prestige is an illusion for the gratification of fools.

It’s only a bloody game of football.  It is certainly not so important that we need to turn a blind eye to the fact that professional football in its current structure could have been specifically designed by money-launderers as a perfect conduit for cleaning up the proceeds of international drug running, illegal arms dealing, child prostitution and a plethora of other nefarious activities.  The most cold-hearted gangsters on the planet clean up their money in collusion with their criminally-inclined (but ever-so-respectable) collaborators in the boardrooms of all of the major banks and financial institutions.

In other news, Liverpool FC paid £35 million pounds for Andy Carroll.  That’s pretty close to the figure which Dick Advocaat spent in a single season when he was the manager of Rangers FC (now defunct) at around the same time that Dave King “invested” around £20,000,000 of “his own money” in the club.
Former CEO of JJB Sports, Chris Ronnie, has been charged with several counts of fraud and money-laundering.  In 2006, JJB Sports entered into a ten-year sponsorship deal reportedly worth up to £48 million with the now defunct Rangers FC.   By an amazing coincidence, the 322 charges which long-serving Rangers director Dave King faces in South African courts also include fraud and money-laundering.
Once upon a time, not so very long ago, a bank formerly known as the Bank of Scotland/HBOS/Lloyds handled the accounts of every SPL club except Celtic.  (Latterly, when Vlad took over Hearts, the Jambo’s account was transferred to Romanov’s own bank.)   Every one of those clubs would have struggled desperately to survive if its credit facility had been called in by the bank.  That remains true today.  That left (and still leaves) all of those clubs very vulnerable to pressure from the bank in their handling of day to day business.  Say, for example, that BOS’s successor, Lloyds TSB dearly hoped that enough directors would vote for a certain club to be parachuted straight into the SPL. They would be able to exert enormous pressure on any club which was not enthusiastic about following LTSB’s plan.  Not that I would suggest for a moment that distinguished banking figures would even consider such a shameless piece of blackmail.  Ian Fraser wrote a fine article which shows exactly how honourable and honest high-level bankers really are.
(Just thought I’d mention those few random facts there for no particular reason.)

Anyway.

There is a certain type of mindset which has been unstoppable in its insistence that a now-liquidated football club is too big to be allowed to fail and that the national sport will collapse without it.  I’ve dismissed the stupidity of that position in previous blogs and I feel no need to go over the same ground again.

Instead, I’ll finish off by talking briefly about something completely different.

A mindset which carefully plans a corporate heist to shaft creditors to the tune of up to £150,000,000 before re-emerging on the other side of a long planned liquidation, ready to carry on as if nothing had happened; that is indistinguishable from the mindset of the psychopath.
A so-called businessman who acquires all of the assets of a failed business by effectively paying millions of pounds to the administrators in whose gift the assets lie – and leaving approximately zilch to the hundreds of legitimate creditors of that business – is operating in exactly the way that a corporate psychopath would be expected to.
Administrators who state, upon being appointed, that their responsibilities are to transform an ailing business into a going concern and also get the best possible outcome for its creditors; who charge millions of pounds for their work; who oversee the liquidation of the business; who salvage absolutely nothing at all for the creditors; and who strike an exclusive deal with a man who is willing to pay a sum of money which is almost exactly the same as their extortionate fees – in effect, a bribe – to acquire undervalued assets; such people are classic examples of the psychopathic consciousness at work in corporate life.

This is an evil which is too big to be allowed to succeed.

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Posted on June 15, 2012, in Uncategorized and tagged , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. 4 Comments.

  1. Good comments again HC.

    On your point about Lloyds pressure on clubs to act in a certain way I recall Stephen Thompson at Dundee Utd saying that when he was selling Goodwillie to Blackburn Rovers he had to fight with Lloyds not to take an earlier and – crucially – lesser offer for the player. His stance was vindicated when he subsequently negotiated a fee with add-ons way beyond what the bank had urged him to accept.

    It raises a query over their motives. Was it simply an error of judgement by the bank or was it something else and something rather more disconcerting ? We hear that banks want to reduce their exposure to football debts but at the same time the higher the debt (so long as it can be serviced) the more leverage the bank has on decision making within the club. When the same bank holds the accounts of almost all clubs in that league it presents the opportunity to exert influence beyond what would be expected of a bank operating in a more decent culture and more like how the ‘psychopaths’ you describe above would act.

    • Thanks for that comment, Octagon.
      The Goodwillie example that you raise is a perfect example of how BoS/HBOS/Lloyds had and still have far, far too much control of professional football in Scotland.

  2. Fight the good fight Henry.

  3. Excellent insight and revue, Henry. Keep up the good work!

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