Martin Vander Weyer is business editor of The Spectator. He writes the weekly Any Other Business column.
The latest mis-selling scandal is one more symptom of a deeper problem The payment protection insurance (PPI) scandal is, by common consensus, the worst case of financial mis-selling until the next one. These policies were foisted by banks on personal borrowers, supposedly to cover repayments if they fell ill or lost their jobs or encountered
Warren Buffett isn’t always right – but he’s a $47 billion advertisement for optimism The legendary investor Warren Buffett has taken more flak than seems necessary for his lapse of judgment over his former lieutenant David Sokol, who bought shares in a company called Lubrizol before recommending it to Buffett as an acquisition for the
Glencore’s partners are not offering equityto you and me out of a sense of charity We’re all going to be investors in Glencore, whether we like it or not. If the flotation of this giant commodity and mining group goes ahead next month at the valuation currently indicated, it will leap straight into the upper
Vickers’s half-time score: not half as badas bankers feared or bashers hoped ‘Not half as bad as it might have been,’ was the reaction of the first banker I spoke to on Monday about the interim report of Sir John Vickers’s Independent Commission on Banking. ‘And forcing Lloyds to sell off a few more branches
Sunny spells, icy showers and an inflationary wind blowing from America Daffodils everywhere and the FTSE is back around 6,000. Builders are busy after the frozen winter, it’s ‘business as usual’ again in financial services, and although manufacturing lost momentum in March — exports remained strong, but nervous consumers depressed domestic demand — industry is
Farewell to a charismatic old bruiser who never threw in the towel George Walker, the former boxer, gangster’s minder and ‘leisure tycoon’ who died last week, was a persuader — both in the sense that he could be, as he once told me, ‘a bit rough with people’, and in the sense that if he
Next, Osborne should tackle the plague of charity shops depressing our high streets The dramatic form of the modern, Brownian Budget speech requires a headline-grabber at the end to deflect commentators from analysis of the statistical soup and re-announced tax-tinkering that went before. But the politics of being ‘all in it together’ means that the rabbit
Stoical and fatalistic, the Japanesenational character will rise to the challenge When I was a banker in Tokyo in the mid 1980s, it was my occasional pleasant task to tour the provinces visiting local banks which kept sterling accounts in London. I had nothing to sell, but my colleagues and I carried bags full of
Has Mervyn lost touch with reality? No, but the City has lost its moral compass Mervyn King’s interview with Charles Moore in the Daily Telegraph, in which the governor of the Bank of England accused the financial sector of exploiting gullible customers, gambling with other people’s money, lacking a moral compass, paying themselves excessively and
Freezing tyrants’ assets is easy, but how much will we send back to Tripoli? ‘Queen freezes Gaddafi family assets’ says a headline. That’ll teach the unhinged Libyan dictator to compare himself to our blessed monarch, as he did in one of his recent rants. But for all the spin about an emergency Privy Council meeting
More women in the boardroom? Never mind the equality, watch the performance Successful businesswomen may scoff at the proposal of quotas for women in boardrooms — and many men will dismiss it as Euro-correctness gone mad (see Matthew Lynn, page 17). But I suggest that anyone who hopes to collect a private pension should welcome
Another reason to cut bankers’ pay: the softer the product, the easier the job Is it harder to run a country or a global company? Variations of this dinner- party gambit cropped up wherever I went last week, offering a way of drawing together half a dozen business stories and political arguments. So here’s this
Which would you rather save – your local library or a County Hall paper-pusher? What a curious double life I lead. Half the week I’m your disembodied commentator from the world of high finance — my anonymity protected, as I truffle for City gossip, by a portrait drawing that (I’m told) doesn’t look like me
Privatising forests must be a sensible policy if so many celebs are against it The more passionate the outcry against the government’s plan to privatise its English forestry estate, the more I feel the urge to cash in my meagre investments and bid for one of the forests in question myself. For a start, any
Interim findings from my Really Independent Commission on banking reform The Warden of All Souls, Sir John Vickers, has revealed the outlines of what he thinks about banking reform, so perhaps the Warden of Any Other Business — that’s me — should do likewise. Vickers, a former Bank of England economist, is chairman of the
It’s business, Russian-style – and let’s hope it’sthird time lucky for BP’s Bob Dudley ‘It was just business, Russian-style.’ That was how Bob Dudley described to me his experience in 2008 of having to manage the TNK-BP joint venture in Siberia by email from a secret location in Central Europe — because BP’s Russian partners
Rising petrol prices and the death of Nigel increase my sense of foreboding I returned from a New Year expedition to the Dordogne laden with wine, walnuts and a deep sense of foreboding — not provoked by the mood of rural France, which felt unchangingly placid, but by what I’ve been reading and hearing about
A knighthood for the last banker who put his shareholders’ interests first The New Year honours list is always a vivid indicator of the times just gone by. No brand better encapsulated the feelgood consumer frenzy of the last decade than Lush, the purveyor of organic soaps and Fairtrade lotions alongside campaigns to save sharks
In the land of my Flemish forefathers, I draw a key lesson for 2011: always have a Plan B To Ghent, in the land of my ancestors, to address a conclave of ‘risk managers’. Though the mother tongue of most participants is Dutch or French, the conference is in English — and I feel obliged to
From elections to ash clouds, 2010 was a year that taught us to expect the unexpected This was a year of predictable trends and unpredictable events. It was predictable that the UK would limp out of recession behind France, Germany and the US, and a reasonable bet both that we would avoid a double dip