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My Blood Is Blue

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6 hours ago, Dwmh said:

I have no doubt Leeson was 100% guilty.  But that is just one more red flag the Barings team ignored.
Absolutely criminal.  Who was the trading boss he was reporting to?  Because the type of trading he was doing is about as open to huge risks as you can get.  There are systems and systems to prevent that kind of thing, and all of them get huge salaries.  100% Barings failure and of course the reason they had to go to a big bank to be bailed out rather than just go to the shareholders for more money was precisely that they had been shown to be a Management Failure bank.

Never understood why leeson was solely responsible.I also don't understand why he was left to his own devices.

I also don't understand why he was jailed for a mistake that had no personal gain.

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9 hours ago, Dwmh said:

I have no doubt Leeson was 100% guilty.  But that is just one more red flag the Barings team ignored.
Absolutely criminal.  Who was the trading boss he was reporting to?  Because the type of trading he was doing is about as open to huge risks as you can get.  There are systems and systems to prevent that kind of thing, and all of them get huge salaries.  100% Barings failure and of course the reason they had to go to a big bank to be bailed out rather than just go to the shareholders for more money was precisely that they had been shown to be a Management Failure bank.

He was the "golden boy" bringing in huge profits of £10 million, which was 10% of their annual profit.

Here's the time scale which the debts started to mount -. By the end of 92 the losses exceeded £2, increasing to £23 by late 93. By the end of 94 the losses rocketed to £208 million. By that time Leeson was 'doubling up 'in an attempt to get even again and by Feb 96 the losses had reached a staggering £827 million.

I can understand the bank believing their  golden boy's BS excuses when the losses were in the millions or even tens of millions, but after that it was beyond reckless and stupid to keep believing Leeson for so long.

 

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4 hours ago, kev61 said:

Never understood why leeson was solely responsible.I also don't understand why he was left to his own devices.

I also don't understand why he was jailed for a mistake that had no personal gain.

No personal gain? - even early 90s salaries were huge while making big losses got you kicked out quick with a bad name following you.

 

1 hour ago, boratsbrother said:

Thats what Leeson said but in 1996 investigators found $35 million in bank accounts tied to him.

 

Thanks - I didn't know that.

1 hour ago, boratsbrother said:

He was the "golden boy" bringing in huge profits of £10 million, which was 10% of their annual profit.

Here's the time scale which the debts started to mount -. By the end of 92 the losses exceeded £2, increasing to £23 by late 93. By the end of 94 the losses rocketed to £208 million. By that time Leeson was 'doubling up 'in an attempt to get even again and by Feb 96 the losses had reached a staggering £827 million.

I can understand the bank believing their  golden boy's BS excuses when the losses were in the millions or even tens of millions, but after that it was beyond reckless and stupid to keep believing Leeson for so long.

 

The losses were hidden in an error account and to be fair the end 94 losses are unlikely to have been properly audited externally by the time it all blew up in Jan 95.

But error accounts are for Client trade Fxxx ups not risk trades.
When I ran the front office of a very small brokerage one of my guys took a fax list of orders selling all his shares with the last item being his stake in a company where there had been bid rumours.  Big private individual, might know something.  As the sell  orders went to the market just on time my guy realised that the final order had a + not a - in front of it.  It was a Buy order for the rumoured bid target.
That is what an error account is for.  We could say we missed the buy order but we still had to buy back the existing shares we had sold.  Fortunately there was no bid for another year, and within a couple of days we had bought back the shares, but it still cost us about 25% of our tiny run down capital for our trading unit (not a big number, we had just used up our startup capital over 5 years).
At that point you either tell the guy "don't worry, we all make a mistake sometime, and I'm really confident it won't happen again" and introduce a notional procedure change supposed to make mistakes harder.  Or you sack him.  I did the former.

Point being that an Error account loss of $2m in 1992 should have been very well understood by both trading managers and audit managers on the day they happened.  Likewise the $23m in 93, and the amounts from 94 should have been understood real time.  An error account loss of $100k can be glanced over - they happen (I know).  But every item over 500k in 1994 should have been analysed in detail and understood by about 20 different people in real time.  And deliberate deception over ones losses is an instant sackable offence.
 

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21 hours ago, kev61 said:

We've seen liverpool struggling like us.I said at the time it would be interesting to see how Liverpool would perform in comparison. 

They are thriving going forward.

We are multi million pound flop. 

I'll answer my own question.Liverpool have a top manager with little interference from the owners.

We have a manager that looks like he can't assess a player quickly or find the best position for him in a team.

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So. 

I am struck this morning with the feeling that Chelsea have the ability to suck all the joy and ambition and fun out of football in the space of such a laughably short space of time. 

Honestly, we beat Luton and I thought we would kick on and make a solid play for top four. 180 minutes of football later and honestly, I think we are bang in a relegation fight.

It feels weird even thinking this let alone saying it out loud, but I just cannot see any eventuality where we aren't in a relegation dogfight. The fact that it has happened this early is extremely worrying. 

I've been going on about this all summer but the fact that we have been rumbled and teams know how to play us is still painfully evident and we saw two classic examples of this against Forest and again against Bournemouth. Bigger, more aggressive sides stay compact, deny the space, stay goalside of the ball and the runner and press across two banks of four on edge of their own box. Dominate aerially, happy to concede set pieces because they are much bigger and more physical side. Lean on the Ref to blow for every single thing, push your luck in systematic fouling and ensuring when Chelsea have the ball you go to ground to ensure the Ref stops the move. Break up the play, break up the tempo, make it scrappy, stop and start and so on. Tire Chelsea out then bring on a load of pace at 70 mins and stretch them on the break, draw fouls and get people in their box. 

Once again we saw a carbon copy game and once again we were undone by an inferior team who knew how to play us to perfection and did so. We missed a couple of chances like we did against Forest and were made to pay dearly. We ended up holding on at the end and a better side would have beaten us. 

What troubles me is that we're underdogs going into the Villa game. After that we have a nightmare run of games (Fulham away, Burnley away, Arsenal at home, Brentford at home, Spurs away, City at home, Newcastle away, Brighton at home, United away, Everton away) either against form teams or at bogey ground places where we always struggle and have a horrible record at.  I wont go back over old ground as I've written about this recently on here but the reason Forest at home, Bournemouth away and Fulham away were such important games were that they were comparatively "easier" games and a chance to get some points on the board and some much needed confidence running through the side before our horrific run of games after that. All three were and are must win games.

I believe we are going to be bullied out of the division. 

Truly, I cannot see where the goals are going to come from to keep us in the Premier League. 

Jackson is the current day Mateja Kezman. Likeable, works hard and gets into decent positions but he's a bottle job. Everything is a hard luck story for him. Nothing goes his way. When good strikers in a drought need something - anything - to just bounce in off their arse or a kneed finish from half a yard, it just isn't happening for him. Its clearly got into his head and the aggression and directness we saw in pre-season has evaporated already. He was beyond dreadful against a poor Bournemouth side on Sunday. The lack of confidence is dripping out of every pore of him. I cant remember seeing a more helpless and limp striking performance in a Chelsea shirt for many years. You cant compare him to Lukaku because he actually wants it, he does actually care or so it seems, but the end result is the same. He was snuffed out to non-entity status far too easily against Championship level defenders. 

Mudryk looked decent for twenty minutes but faded badly and is another one just utterly bereft of confidence, and he doesn't have the ability or quality to just persevere and hope something happens. I maintain I think he will eventually go down as one of the worst buys the club has ever made, Lukaku-sort of levels of bad. I feel sorry for him because he's so brutally exposed as out of his depth. He cant even do the simple stuff properly. 

I was greatly troubled by Bournemouth putting a man on Enzo all game and alarmed at how effective it was. We weren't exactly fluent before but with him stifled we drop levels. God help us if everyone starts doing that. 

Gallagher was, once again, our best player on the day and I shudder to imagine the state we would be in had the club been successful in its efforts to dispense with his services in the summer. It truly doesn't bear thinking about. 

Disasi's lack of pace alongside Silva as we push up is going to hurt us against better sides. Silva looks a bit overwhelmed trying to organise everyone across the defensive line - you can understand why Gusto and Colwil are pushing up to get down the wings and try to make something happen but you could see Silva going mad at Colwill at times for taking off down that side. 

If you have a 23 man squad and are naming two keepers, two left backs and four kids from the development squad on the bench, then you have an injury crisis for the ages. Broja, Nkunku, Chukwuemeka, Madueke, James, Caicedo, Lavia, Badiashile, Cucurella, Fofana. Any more injuries.... If Liverpool had an injury crisis like this we'd all be getting round the clock coverage on Skysports and BTSports, everyone would be wearing black armbands and they'd be demanding the FA suspend the Prem. 

So that's my thoughts on yesterday.  Truthfully I think we could very well be going down this season.

Five points from the first five games and  we go into January on 12-15 points and with a manager under pressure, players downing tools and with half the team still out injured and it'll take something pretty special from the Clearlake boys to spend our way out of trouble.  What decent let alone world class striker is going to come to Chelsea if we are staring down the barrel of a relegation scrap with the likelihood Poch will be gone by Easter? Likewise a decent keeper? 

And then God forbid we do go down, what happens to the billions Clearlake have pumped into if they have no chance of getting it back? Could we be headed not for a fun and cleansing jaunt in the Championship but for something much more existential? 

Dark times, lads and lasses. Dark times. 

Will someone please explain to me how we avoid this? If you see us not getting sucked into a relegation fight, how do you see things getting better? 

How do we get out of this? 

 

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4 minutes ago, Morgs said:

So. 

I am struck this morning with the feeling that Chelsea have the ability to suck all the joy and ambition and fun out of football in the space of such a laughably short space of time. 

Honestly, we beat Luton and I thought we would kick on and make a solid play for top four. 180 minutes of football later and honestly, I think we are bang in a relegation fight.

It feels weird even thinking this let alone saying it out loud, but I just cannot see any eventuality where we aren't in a relegation dogfight. The fact that it has happened this early is extremely worrying. 

I've been going on about this all summer but the fact that we have been rumbled and teams know how to play us is still painfully evident and we saw two classic examples of this against Forest and again against Bournemouth. Bigger, more aggressive sides stay compact, deny the space, stay goalside of the ball and the runner and press across two banks of four on edge of their own box. Dominate aerially, happy to concede set pieces because they are much bigger and more physical side. Lean on the Ref to blow for every single thing, push your luck in systematic fouling and ensuring when Chelsea have the ball you go to ground to ensure the Ref stops the move. Break up the play, break up the tempo, make it scrappy, stop and start and so on. Tire Chelsea out then bring on a load of pace at 70 mins and stretch them on the break, draw fouls and get people in their box. 

Once again we saw a carbon copy game and once again we were undone by an inferior team who knew how to play us to perfection and did so. We missed a couple of chances like we did against Forest and were made to pay dearly. We ended up holding on at the end and a better side would have beaten us. 

What troubles me is that we're underdogs going into the Villa game. After that we have a nightmare run of games (Fulham away, Burnley away, Arsenal at home, Brentford at home, Spurs away, City at home, Newcastle away, Brighton at home, United away, Everton away) either against form teams or at bogey ground places where we always struggle and have a horrible record at.  I wont go back over old ground as I've written about this recently on here but the reason Forest at home, Bournemouth away and Fulham away were such important games were that they were comparatively "easier" games and a chance to get some points on the board and some much needed confidence running through the side before our horrific run of games after that. All three were and are must win games.

I believe we are going to be bullied out of the division. 

Truly, I cannot see where the goals are going to come from to keep us in the Premier League. 

Jackson is the current day Mateja Kezman. Likeable, works hard and gets into decent positions but he's a bottle job. Everything is a hard luck story for him. Nothing goes his way. When good strikers in a drought need something - anything - to just bounce in off their arse or a kneed finish from half a yard, it just isn't happening for him. Its clearly got into his head and the aggression and directness we saw in pre-season has evaporated already. He was beyond dreadful against a poor Bournemouth side on Sunday. The lack of confidence is dripping out of every pore of him. I cant remember seeing a more helpless and limp striking performance in a Chelsea shirt for many years. You cant compare him to Lukaku because he actually wants it, he does actually care or so it seems, but the end result is the same. He was snuffed out to non-entity status far too easily against Championship level defenders. 

Mudryk looked decent for twenty minutes but faded badly and is another one just utterly bereft of confidence, and he doesn't have the ability or quality to just persevere and hope something happens. I maintain I think he will eventually go down as one of the worst buys the club has ever made, Lukaku-sort of levels of bad. I feel sorry for him because he's so brutally exposed as out of his depth. He cant even do the simple stuff properly. 

I was greatly troubled by Bournemouth putting a man on Enzo all game and alarmed at how effective it was. We weren't exactly fluent before but with him stifled we drop levels. God help us if everyone starts doing that. 

Gallagher was, once again, our best player on the day and I shudder to imagine the state we would be in had the club been successful in its efforts to dispense with his services in the summer. It truly doesn't bear thinking about. 

Disasi's lack of pace alongside Silva as we push up is going to hurt us against better sides. Silva looks a bit overwhelmed trying to organise everyone across the defensive line - you can understand why Gusto and Colwil are pushing up to get down the wings and try to make something happen but you could see Silva going mad at Colwill at times for taking off down that side. 

If you have a 23 man squad and are naming two keepers, two left backs and four kids from the development squad on the bench, then you have an injury crisis for the ages. Broja, Nkunku, Chukwuemeka, Madueke, James, Caicedo, Lavia, Badiashile, Cucurella, Fofana. Any more injuries.... If Liverpool had an injury crisis like this we'd all be wearing black armbands and they'd be demanding the FA suspend the Prem. 

So that's my thoughts on yesterday.  Truthfully I think we could very well be going down this season.

Five points from the first five games and  we go into January on 12-15 points and with a manager under pressure, players downing tools and with half the team still out injured and it'll take something pretty special from the Clearlake boys to spend our way out of trouble.  What decent let alone world class striker is going to come to Chelsea if we are staring down the barrel of a relegation scrap with the likelihood Poch will be gone by Easter? Likewise a decent keeper? 

And then God forbid we do go down, what happens to the billions Clearlake have pumped into if they have no chance of getting it back? Could we be headed not for a fun and cleansing jaunt in the Championship but for something much more existential? 

Dark times, lads and lasses. Dark times. 

Will someone please explain to me how we avoid this? If you see us not getting sucked into a relegation fight, how do you see things getting better? 

How do we get out of this? 

 

Statistics apparently.

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3 minutes ago, chiswickblue said:

The club is now being run as a long-term business, not an oligarch's plaything. This is going to be a shock to all of us.

Feels like a financial trader's plaything to me.  Not the plaything of a man who understands people and teams and leadership.

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1 minute ago, chiswickblue said:

The club is now being run as a long-term business, not an oligarch's plaything. This is going to be a shock to all of us.

If they had any idea of the importance of being in the Champions League year in year out they would never, and I mean never have gone for this insane project. A month into the season, a billion spent and everyone is resigned to missing out on Champions League football and money for the second consecutive season.
Missing out once have already hurt us massively in the commercial market, still no shirt sponsor, no sleeve sponsor.
When we miss out again this year you'll 100% see the few actual good players we have instruct their agents to get them out. For example Enzo, he's taking a 20% paycut every week because we aren't in Champions League this season.

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5 hours ago, Morgs said:

So. 

I am struck this morning with the feeling that Chelsea have the ability to suck all the joy and ambition and fun out of football in the space of such a laughably short space of time. 

Honestly, we beat Luton and I thought we would kick on and make a solid play for top four. 180 minutes of football later and honestly, I think we are bang in a relegation fight.

It feels weird even thinking this let alone saying it out loud, but I just cannot see any eventuality where we aren't in a relegation dogfight. The fact that it has happened this early is extremely worrying. 

I've been going on about this all summer but the fact that we have been rumbled and teams know how to play us is still painfully evident and we saw two classic examples of this against Forest and again against Bournemouth. Bigger, more aggressive sides stay compact, deny the space, stay goalside of the ball and the runner and press across two banks of four on edge of their own box. Dominate aerially, happy to concede set pieces because they are much bigger and more physical side. Lean on the Ref to blow for every single thing, push your luck in systematic fouling and ensuring when Chelsea have the ball you go to ground to ensure the Ref stops the move. Break up the play, break up the tempo, make it scrappy, stop and start and so on. Tire Chelsea out then bring on a load of pace at 70 mins and stretch them on the break, draw fouls and get people in their box. 

Once again we saw a carbon copy game and once again we were undone by an inferior team who knew how to play us to perfection and did so. We missed a couple of chances like we did against Forest and were made to pay dearly. We ended up holding on at the end and a better side would have beaten us. 

What troubles me is that we're underdogs going into the Villa game. After that we have a nightmare run of games (Fulham away, Burnley away, Arsenal at home, Brentford at home, Spurs away, City at home, Newcastle away, Brighton at home, United away, Everton away) either against form teams or at bogey ground places where we always struggle and have a horrible record at.  I wont go back over old ground as I've written about this recently on here but the reason Forest at home, Bournemouth away and Fulham away were such important games were that they were comparatively "easier" games and a chance to get some points on the board and some much needed confidence running through the side before our horrific run of games after that. All three were and are must win games.

I believe we are going to be bullied out of the division. 

Truly, I cannot see where the goals are going to come from to keep us in the Premier League. 

Jackson is the current day Mateja Kezman. Likeable, works hard and gets into decent positions but he's a bottle job. Everything is a hard luck story for him. Nothing goes his way. When good strikers in a drought need something - anything - to just bounce in off their arse or a kneed finish from half a yard, it just isn't happening for him. Its clearly got into his head and the aggression and directness we saw in pre-season has evaporated already. He was beyond dreadful against a poor Bournemouth side on Sunday. The lack of confidence is dripping out of every pore of him. I cant remember seeing a more helpless and limp striking performance in a Chelsea shirt for many years. You cant compare him to Lukaku because he actually wants it, he does actually care or so it seems, but the end result is the same. He was snuffed out to non-entity status far too easily against Championship level defenders. 

Mudryk looked decent for twenty minutes but faded badly and is another one just utterly bereft of confidence, and he doesn't have the ability or quality to just persevere and hope something happens. I maintain I think he will eventually go down as one of the worst buys the club has ever made, Lukaku-sort of levels of bad. I feel sorry for him because he's so brutally exposed as out of his depth. He cant even do the simple stuff properly. 

I was greatly troubled by Bournemouth putting a man on Enzo all game and alarmed at how effective it was. We weren't exactly fluent before but with him stifled we drop levels. God help us if everyone starts doing that. 

Gallagher was, once again, our best player on the day and I shudder to imagine the state we would be in had the club been successful in its efforts to dispense with his services in the summer. It truly doesn't bear thinking about. 

Disasi's lack of pace alongside Silva as we push up is going to hurt us against better sides. Silva looks a bit overwhelmed trying to organise everyone across the defensive line - you can understand why Gusto and Colwil are pushing up to get down the wings and try to make something happen but you could see Silva going mad at Colwill at times for taking off down that side. 

If you have a 23 man squad and are naming two keepers, two left backs and four kids from the development squad on the bench, then you have an injury crisis for the ages. Broja, Nkunku, Chukwuemeka, Madueke, James, Caicedo, Lavia, Badiashile, Cucurella, Fofana. Any more injuries.... If Liverpool had an injury crisis like this we'd all be getting round the clock coverage on Skysports and BTSports, everyone would be wearing black armbands and they'd be demanding the FA suspend the Prem. 

So that's my thoughts on yesterday.  Truthfully I think we could very well be going down this season.

Five points from the first five games and  we go into January on 12-15 points and with a manager under pressure, players downing tools and with half the team still out injured and it'll take something pretty special from the Clearlake boys to spend our way out of trouble.  What decent let alone world class striker is going to come to Chelsea if we are staring down the barrel of a relegation scrap with the likelihood Poch will be gone by Easter? Likewise a decent keeper? 

And then God forbid we do go down, what happens to the billions Clearlake have pumped into if they have no chance of getting it back? Could we be headed not for a fun and cleansing jaunt in the Championship but for something much more existential? 

Dark times, lads and lasses. Dark times. 

Will someone please explain to me how we avoid this? If you see us not getting sucked into a relegation fight, how do you see things getting better? 

How do we get out of this? 

 

People say booing is toxic, but don't forget booing got rid of Potter. If this continues, let's continue to make our feelings known in the stands and online. If Poch and the players can't cope, Poch being replaced will make the owners look incredibly stupid. Then the ire will very likely turn more directly on the owners - maybe then they will start to listen.

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24 minutes ago, Max Fowler said:

People say booing is toxic, but don't forget booing got rid of Potter. If this continues, let's continue to make our feelings known in the stands and online. If Poch and the players can't cope, Poch being replaced will make the owners look incredibly stupid. Then the ire will very likely turn more directly on the owners - maybe then they will start to listen.

On the other hand they could sell the club and keep the land. 

Remember Wimbledon now MK Dons 

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26 minutes ago, Max Fowler said:

People say booing is toxic, but don't forget booing got rid of Potter. If this continues, let's continue to make our feelings known in the stands and online. If Poch and the players can't cope, Poch being replaced will make the owners look incredibly stupid. Then the ire will very likely turn more directly on the owners - maybe then they will start to listen.

As much as he's confusing me recently , I still like Poch , Potterino jibes aside , I just wish he'd go back to pre-season happy to attack all guns blazing Poch and not we have what we hold Poch .

It's way , way too early to seriously be discussing a replacement imho. 

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34 minutes ago, Max Fowler said:

People say booing is toxic, but don't forget booing got rid of Potter. If this continues, let's continue to make our feelings known in the stands and online. If Poch and the players can't cope, Poch being replaced will make the owners look incredibly stupid. Then the ire will very likely turn more directly on the owners - maybe then they will start to listen.

My anger is reserved today for the likes of Gallagher and Palmer who had clear shooting opportunities on the edge of the area and chose not to.  

Poch isn't the problem. 

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8 minutes ago, Mark Kelly said:

As much as he's confusing me recently , I still like Poch , Potterino jibes aside , I just wish he'd go back to pre-season happy to attack all guns blazing Poch and not we have what we hold Poch .

It's way , way too early to seriously be discussing a replacement imho. 

That's why I said replacing Poch will make the owners look stupid. It's not about Poch himself.

Like Man United, a fish rots from the head down. They have a great manager in Ten Hag who is being made to look a fool by the failing culture at that club. We have a chance to prevent the rot from setting in at the Bridge.

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Just now, Ham said:

My anger is reserved today for the likes of Gallagher and Palmer who had clear shooting opportunities on the edge of the area and chose not to.  

Poch isn't the problem. 

Everyone is scared , the shot that Jackson mishit onto the post in the first half , Gallagher was in yards of space and because Jackson is already under pressure to score , he shot instead of playing Gallagher in for an easier attempt , fear of failure , fear of being the one that lets the rest down , fear of not living up to your promise , it's a breeding ground for uncertainty . 

Gallagher is being nominally played in the pivot where he's not been trusted before , the pressure is enormous for him not to be the one this week who switches off and lets them in , it's a collective fear. 

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1 minute ago, Mark Kelly said:

Everyone is scared , the shot that Jackson mishit onto the post in the first half , Gallagher was in yards of space and because Jackson is already under pressure to score , he shot instead of playing Gallagher in for an easier attempt , fear of failure , fear of being the one that lets the rest down , fear of not living up to your promise , it's a breeding ground for uncertainty . 

Gallagher is being nominally played in the pivot where he's not been trusted before , the pressure is enormous for him not to be the one this week who switches off and lets them in , it's a collective fear. 

Still no excuse for how poor Gallagher's decision making and finishing has been this season.  

If I see a single club social media release showing players hit the postage stamp in training with the strapline "lethal" or "deadly", ever-positive Ham will lose his shit. 

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8 minutes ago, Ham said:

Still no excuse for how poor Gallagher's decision making and finishing has been this season.  

If I see a single club social media release showing players hit the postage stamp in training with the strapline "lethal" or "deadly", ever-positive Ham will lose his shit. 

The lads are giving everything though ...

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9 minutes ago, Ham said:

Still no excuse for how poor Gallagher's decision making and finishing has been this season.  

If I see a single club social media release showing players hit the postage stamp in training with the strapline "lethal" or "deadly", ever-positive Ham will lose his shit. 

A double quote , lol.

It's Gallagher's game in a nutshell, plenty of heart , plenty of effort , no brains , little skill. 

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