My friend Herbie from the Last National Bank of Boot Hill understood about rogue traders. When another hapless bank owned up to losses ‘due to unauthorised trading’, he added: ‘They mean nobody authorised the guy to get it wrong.’ Now that a French trader called Jerome Kerviel has set a new record by losing £3.6
Neil Collins meets Nigel Annett, who runs Welsh Water — a unique utility company which operates without shareholders and distributes profits back to its customers It does sometimes stop raining in Wales. When the sun comes out, it’s pretty stunning, thanks to the green all that rain produces, but much of the time the residents
The litigation about the death of Princess Diana drags on, to the confusion of most of us, the satisfaction of none, and I imagine to the great distress of her two sons. And what is forgotten in this grimy attempt to prove conspiracy theory is the woman herself, a true princess of delight and fantasy.
Martin Vander Weyer on the next thing to cause heartburn in the financial markets. The current market crisis sometimes feels like a Scrabble championship between financial pundits, in which most of us hesitate to challenge dubious words and strange jumbles of letters for fear of showing ignorance. First came ‘subprime’, which we learned to define
Oh Boy. If you thought the Société Générale saga was beyond belief – today we learn that Eurex, the derivatives exchange, had been trying to warn the French bank for two months about Jerome Kerviel’s extraordinarily large trading volumes – then I invite you to contemplate the £274 million loss clocked up on hedging transactions by
Network Rail’s performance is poor enough to test an archbishop’s patience, writes Martin Vander Weyer The archbishop and I — not having been formally introduced — confined ourselves to an exchange of despairing glances. We were at Doncaster, in the buffet car of the 19.13 from York to King’s Cross, listening to a series of
Matthew Lynn visits the Bentley factory in Crewe — where Spitfires were once built — and discovers how Volkswagen’s engineers and marketing men have revived the classic marque Turn right as you step into the plush foyer of Bentley’s Crewe headquarters and you find yourself in the company’s museum — a display of gorgeously preserved
Vegas, baby. Ask any self-respecting geek what’s the hottest thing in this town and it isn’t lap-dancers or crapshoots but gadgets and gizmos. Las Vegas is the venue for the gadget squad’s annual get-together, the Consumer Electronics Show. This year’s was the biggest ever: 150,000 specialists from all over the world in town for a
Do the sources disagree? Of course. And so they should. One of the mysterious aspects of human perception is the way in which eye-witnesses disagree about what they have seen. Not just many years later, when memory has had ample time to weave its fantasies, but soon, even immediately, after the event. An interesting case
‘It is somewhat ironical,’ the chairman of the Financial Services Authority told the Treasury select committee investigating the Northern Rock crisis, ‘that one of the responses is to try to seek from the rating agencies even more work and even more assessment.’ The paradox intriguing Sir Callum McCarthy was the suggestion that credit-rating agencies, having
Charles Lamb, writing to Joseph Hume at Christmas 1807 on the subject of ‘a certain turkey and a contingent plumb-pudding’, added, ‘I always spell plumb-pudding with a b, I think it reads fatter and more suetty’. As it happens, the big OED has found the same suetty spelling in a cookery book published in 1726.
Elliot Wilson says Pakistan’s economy is dominated by a ruthless business conglomerate that owns everything from factories and bakeries to farmland and golf courses: the army Sometime in late 2004, Pakistan’s all-powerful army made a curious decision. Under mounting pressure from London and Washington to capture Osama bin Laden, believed to be hiding in Baluchistan,
Since I’m not a Northern rock shareholder, I wasn’t at yesterday’s EGM in Newcastle’s Metro Radio Arena – so I’m grateful to Graeme Wearden on the Guardian’s NewsBlog for a blow-by-blow account of the proceedings. A lot of ‘north-east (hurt?) pride’ was on display, he writes, as well as some natty shirting worn by the
At this time of year, exactly 70 years ago, I was taken to my first exhibition of professional conjuring. The magus called himself Dante — he was Danish-American and his real name was Harry Jansen. He had an amazing moustache and beard, wore dazzling evening dress and a red satin-lined cloak, and performed his tricks
At the time of his death in 1972 my father worked for WD and HO Wills, the Bristol tobacco people. Wills were huge and rather enlightened employers and even now plenty of Bristolians remember the days when everyone either worked for the company or had a friend or relation employed there. Wills produced a cigarette
Allister Heath forecasts that Britain’s economy will suffer less than America’s, but that homeowners and consumers will still feel the pain — and blame it on Gordon Brown First, the good news: there will be no recession next year in Britain. But while avoiding ‘the Big R’ will be some cause for celebration, the overall
‘Should we blame it all on City spivs?’ I asked a managing director of a famous investment bank at a pre-Christmas party. He had just told me – with the smile of a man who can look forward to yet another seven-figure bonus in a few weeks’ time – that his firm was still doing
By far the most entertaining show in London is the comprehensive exhibition of paintings by Millais at Tate Britain. In addition to his genius for creating an image which remains in the mind — the surest sign of a great painter — Millais had a wonderful knack of portraying interesting subjects and objects and took
Tuesday’s announcement that the Treasury will guarantee lending from other banks to Northern Rock is last ditch bid to avoid having to nationalise the bank. But in truth, most of the best options were closed off by inaction back in September. National Rock? With the announcement this morning of a further extension of the scope
To open a newspaper today is to enter a world of such horror, cruelty, vulgarity and corruption that one cannot imagine why almighty God does not decide, here and now, to put an end to it. But God knows better. There are many fine people around, and beautiful objects, and worthwhile activities, and as the