You can always find a thief in financial markets. That is where the money is. Most frauds are quite dull affairs, and some are never uncovered. A few, however, are spectacular. The scale of loss, or the glamour of the perpetrator, or the failure of the ‘system’ to spot and prevent the crookery, may contribute
Fool’s Gold, by Gillian Tett Millions of words and scores of official reports on the credit crisis have poured out. There has been no shortage of criticism, especially from political leaders eager to deflect responsibility from themselves. The catastrophe is a man-made disaster, and in years to come historians will ask how it could possibly
Martin Jacomb assesses the extent of the damage to the banking system so far — and the effectiveness of responses by central banks, regulators and lawmakers Will it be short and sharp, or drawn out and deep, with lasting damage? A recession is upon us, but no one knows its path. Its course and its
It was not an iceberg that caused the crash of Northern Rock and fortunately there was no loss of life; but it will be remembered, like the sinking of the Titanic, for years to come. None of us had seen queues of worried depositors outside bank branches before. We can remember it happening in It’s
Private equity investment, backing venture capital and management buy-outs, has been around a long time. Private-equity takeovers of public companies listed on the stock exchange are a more recent development; and the number and size of such transactions has increased dramatically. Since some identified individuals have made enormous fortunes, inevitably there has been a bit
Oxford University has become headline news again, with everybody chipping in to say how they think it would best be run. The reasons for this new-found interest are radical proposals put forward by its vice chancellor, John Hood, which suggest replacing the traditional system of governance with a more ‘top-down’ managerial approach. Vice chancellor Hood
It was a day to remember: 20 years ago, on 27 October 1986, Big Bang caused a revolution in the securities market which turned the whole financial sector upside down. The early 1980s was a time of change. The Thatcher government’s thirst for deregulation was at its height. Exchange controls had been lifted, capital could