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The blame game will run and run, the catastrophic decisions made by Thomas Cook management down the years had finally caught up with company. Government minsters will take the moral high ground about executives pay as if that brought the company down (makes a good headline though) the papers with the massive headlines passengers stranded with the story underneath telling the real story of the reparation. As for package holidays if you get it right for example TUI and Jet2 holidays to name but two it is indeed in rude health.
We also know that the Thomas Cook Chief Executive Officer Herr Fankhauser has pocketed £8.3m in pay and other sweeteners since he was promoted to chief executive in 2014, including a £2.9million bonus in 2015. That is a bitter and poisoned pill for Thomas Cook staff to swallow.
All bonuses were paid in Shares, which are now obviously worthless, so he has lost the lot! The pay itself is in line with a business that size. Whether it was deserved of course is a completely different story. However, just to settle folk, he is not sat on a cash pile.
I'm pleased to see you putting the record straight on a number of things Ian.
We also know that the CEO and CFO of the airline group were filmed smiling and celebrating the german government loan (saving their own high paid jobs) while their employees in the UK airline, which they were also managers of, won’t even get paid for the work they did in September
Yes, very true - we all saw the video. They were all happy because they got to retain their employment, I don't think any reasonable person could hold that against them. Whether the video was appropriate or not is debatable, but I think anyone in the same position is entitled to feel happy!
Six more things we know about Thomas Cook:11. The UK Airline was profitable but the UK Government refused to help bail it out, unlike the German and Norwegian Governments who have rescued Condor and Thomas Cook Nordic Airlines respectively. (see BBC and Sky News reports).12. The Turkish Government offered Thomas Cook and the UK Government a £200 million pound loan late on Sunday night which was refused (see The Times).13. The collapse of Thomas Cook has been chaotic. (see newspapers and BBC and Sky News reports).14. Some Thomas Cook customers have been charged by the hotels for their accommodation (see BBC and Sky News Reports and BBC1 Watchdog).15. Thomas Cook staff are uncertain if they will be fully paid their wages for September. (see Sky News reports and BBC1 Watchdog).16. Thomas and John Mason Cook are spinning in their graves and will not rest until justice is done and those who have betrayed their company are punished!
Governments are not banks and any money that a government has is taxpayers money - in a free market economy companies must live or die on their ability to make a profit !
100%. Tax payers are not responsible for subsidising privately held businesses! Under no circumstances could anyone convince me otherwise. Not to mention state-aid being illegal.
You miss the key fact that the Thomas Cook UK Airline was profitable. UK Government should have done the same as Germany and Norway and supported its survival.
It was 100% not profitable, I think you are missing a key point in the commercial nature of how Domestic Holidays are put together. Owned network flying is based on wooden dollars, where the TC pays a set amount per seat which is based not on a true commercial market and price, but an assumed average based on many internal and not external factors.
Also, the German government did a completely different thing than was asked by the UK Government. The German government made a loan to Condor, payable on demand - it was not the same as the £200m hand-out that was requested from the UK Government.
and where do you draw the line - TC had already tried to sell the airline as a going concern with no luck -so maybe not profitable enough!!!!
I'm certain the truth will soon come out, for the sake of the 3000 hard working and loyal UK airline staff.
What is it that you think isn't the truth? I mean this has been pretty straightforward so far.