Sunday, July 12, 2009

Guy Hands wants half a billion write-off

Ominous noises from EMI, with Guy Hands scrabbling to keep the company afloat. He's put in three hundred million of his own money, but wants Citibank to write off half a billion of company debt.

Citibank, you'll recall, is in trouble of its own, having had to be bailed out by the US taxpayer for $300 billion. So, effectively, Guy Hands wants the US taxpayer to fund Terra Firma's disastrous stewardship of EMI.

Does this mean that Hands believes in taxpayers sharing the burden when times are tough? Not quite - sure, he'd like some tax dollars to keep his company afloat. But when the hat was passed around UK taxpayers to keep the state going, Hands took a different approach, pissing off the live as a tax exile in Guernsey when the 50p top tax rate came in.

Despite, erm, apparently being so rich he can afford to throw another £300million in to the black hole of EMI. God forbid any of that cash should find its way into the NHS or schools.