Simon English: Why did the company's bosses know nothing?
Tuesday 20 March 2012
A statement from Conor Foley, chief executive of WorldSpreads until very recently: he "wishes to make it clear that the first he learnt of these issues was on Friday morning last, at the same time as the rest of the board of WorldSpreads".
His chairman, Lindsay McNeile, says the same. Assuming they are telling the absolute truth, and there is no reason to think otherwise, this question is begged: what on earth were they doing when they were supposed to be in charge of the business?
Rumours that WorldSpreads was in very serious trouble first reached this office even before Mr Foley stepped down. While the exact nature of the difficulty was hazy, plenty of people in the City knew something was up.
Mr McNeile denied all this with joie de vivre – he's an extremely charming fellow.
The inevitable investigation into this mess by the Financial Services Authority is bound to ask these two what they knew. If the answer really is "nothing", that doesn't seem to do them much credit.
About the last thing the spread-betting industry needed was a scandal involving a mix-up between client and company funds.
Rivals may be glad to see a competitor disappear, but annoyed at the confidence-sapping way it has done so.
Kirstie Allsopp has waded into the female fertility debate again
...and it wasn't caused by an asteroid crash, as first thought
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 35,000 walrus gather on north-west Alaska beach 'for a rest'
- 4 Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Amal Alamuddin: Human rights lawyer's legal chambers upgrades website following George Clooney wedding
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Stephen Fry: Girls who had sex with rock stars at 14 wouldn't call themselves victims – they were proud of it
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...