CITY DIARY

If Nick Leeson is getting bored in his German jail, he might like to give thought to one Iwan D Herstatt, who died in Germany last week at the age of 81. His bank, the Bankhaus Herstatt of Cologne, collapsed in 1974 after DM1.2bn was swallowed in foreign exchange speculation. The case against Herstatt and others did not get to court until 1979. He constantly maintained his innocence and blamed his employees. In 1987, he finally got two years' probation for breach of trust. In his 1992 autobiography Die Vernichtung (Annihilation), Herstatt described himself as feeling like a "poor fish struggling after being plucked from the water and left to perish on land".

Corporate executives mystified by the media's interest in their pay picked up some tips yesterday from Nick Miles of Financial Dynamics, who dished out advice to the great and good at a pay seminar nattily entitled: "Executive pay: can you ever get it right?"

Mr Miles predicted that annual meetings of the future will all be about shareholders voting on the leading lights' pay packages. He advised those in the phone number pay bracket not to be economical with the truth and not to hide behind old adages, such as justifying their pay as the going international rate.

Mr Miles said it was not the whole package that the public reacted to as much as the salary itself, where pounds 1m marks the pain barrier. It is not known whether British Gas's Cedric Brown, of the 75 per cent pay rise, was in attendance.

The postponement of summer has led armchair sports enthusiasts to lay siege to the fast moving world of spread betting, which lets one bet on just about anything that moves, not just which team or horse will win. It's far more entertaining to bet on the number of times a team's trainer will whip his sponge out.

Compton Hellyer, founder of Sporting Index, a specialist in sports spread betting, refused to be drawn on how the company will fare out of spread betting's recent ascent, but he did confirm that Sporting Index takes an average of around 5,000 bets a week.

In the first two weeks of the Rugby World Cup this shot up to 17,000 bets in total, moving the average up to 8,500, and last week at least 5,000 of those bets were on the rugby alone.

Staff qualifications include being a sports junkie and an ex-trader, such as Alistair Hunter, who used to deal in Japanese warrants and is now a senior rugby trader.

A meeting scheduled for yesterday at SG Warburg did not attract as much attention as the recent shareholders' vote on the sale of Warburg to Swiss Bank Corporation, where it was standing room only.

A meeting of 6.5 per cent subordinated convertible bonds 2008 of SG Warburg was cancelled due to lack of a quorum, not interest apparently, according to a Warburg spokesman.

Only five people turned up. At least two-thirds of the bonds held need to be represented.

Better luck next time perhaps. When the meeting convenes again, the quorum needed drops to only a third.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Business Analyst - Financial Services - City, London

£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...

SThree: Trainee Recruitment Consultant

£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...

Recruitment Genius: Administrator - IFA Based

£22000 - £24000 per annum: Recruitment Genius: This is an opportunity to join ...

Day In a Page

Arsenal vs Chelsea: Praise to Arsene Wenger for having the courage of his convictions

Michael Calvin's Last Word

Praise to Wenger for having the courage of his convictions
Major medical journal Lancet under attack for 'extremist hate propaganda' over its coverage of the Israeli-Palestinian conflict

Lancet accused of 'anti-Israel hate propaganda' over coverage of Gaza conflict

Threat to free speech as publishers of renowned medical journal are accused of inciting hatred and violence
General Election 2015: Tories and Lib Dems throw their star names west to grab votes

All noisy on the Lib Dems' western front

The party has deployed its big guns in Cornwall to save its seats there. Simon Usborne heads to the heart of the battle
How Etsy became a crafty little earner: The online market has been floated for £1.2bn, but can craft and capitalism coexist?

How Etsy became a crafty little earner

The online market has been floated for £1.2bn, but can craft and capitalism coexist?
Guy Ritchie is the latest filmmaker to tackle King Arthur - one of our most versatile heroes

King Arthur is inspiring Guy Ritchie

Raluca Radulescu explains why his many permutations - from folk hero to chick-lit hunk - never cease to fascinate
Apple Watch: Will it live up to expectations for the man or woman on the street?

Apple Watch: Will it live up to expectations?

The Apple Watch has apparently sold millions even before its launch tomorrow
Don't fear the artichoke: it's a good cook's staple, with more choice than you'd think

Don't fear the artichoke

Artichokes are scary - they've got spikes and hairy bits, and British cooks tend to give them a wide berth. But they're an essential and delicious part of Italian cuisine
11 best men's socks

11 best men's socks

Make a statement with your accessories, starting from the bottom up
Paul Scholes column: Eden Hazard would be my Player of the Year – but I wonder if he has that appetite for goals of Messi or Ronaldo

Paul Scholes column

Hazard would be my Player of the Year – but I wonder if he has that appetite for goals of Messi or Ronaldo
Frank Warren: Tyson Fury will be closely watching Wladimir Klitschko... when he wins it'll be time to do a deal

Frank Warren's Ringside

Tyson Fury will be closely watching Wladimir Klitschko... when he wins it'll be time to do a deal
London Marathon 2015: Kenya's brothers in arms Wilson Kipsang and Dennis Kimetto ready to take on world

Kenya's brothers in arms take on world

Last year Wilson Kipsang had his marathon record taken off him by training partner and friend Dennis Kimetto. They talk about facing off in the London Marathon
Natalie Bennett interview: I've lost track of the last time I saw my Dad but it's not because I refuse to fly

Natalie Bennett interview: I've lost track of the last time I saw my Dad

Green leader prefers to stay clear of her 'painful' family memories but is more open about 'utterly unreasonable' personal attacks
Syria conflict: Khorasan return with a fresh influx of fighters awaiting the order to start 'shooting the birds'

Khorasan is back in Syria

America said these al-Qaeda militants were bombed out of the country last year - but Kim Sengupta hears a different story
General Election 2015: Is William Cash the man to woo Warwickshire North for Ukip?

On the campaign trail with Ukip

Is William Cash the man to woo Warwickshire North?
Four rival Robin Hood movies get Hollywood go-head - and Friar Tuck will become a superhero

Expect a rush on men's tights

Studios line up four Robin Hoods productions