Business Diary: A star falls in insurance
Friday 15 October 2010
Happy landings, Paul Cable: the insurance broker to the stars will have to seek new opportunities after the Financial Services Authority kicked him out of the industry for two years and fined him £89,000. His crime? On behalf of Media & Entertainment Insurance Services he was asked to arrange two insurance contracts for a client in an "area of business that was outside Cable's usual area of expertise". The FSA says he inflated the cost of the premiums and falsified documents with the aim of overcharging the client. Plus ça change for the entertainment industry, really.
Klingons off the Schroders bow
It's logical to conclude that Schroders fund manager Andy Brough is something of a Trekkie and has a sense of humour. Calling his mobile yesterday, diary was expecting to hear a bland canned message if he was out. Instead Mr Spock informed us that the Spurs-supporting investment guru for smaller companies was busy and could we perhaps call back later. We presume he was in a meeting. Either that or the Klingons off the Schroders bow needed fending off.
No more cuddles for fund boss
Poor old Paul Greenwood: there'll be no cuddles for him when his legal difficulties are over. The hudge fund manager pleaded guilty to fraud charges in the US last year and agreed to forfeit over £200m. So yesterday his beloved teddy bears went under the hammer at Christies in London. In total his collection of luxury soft toys fetched just over £1m with the top lot from the collection of 1,300 Steiff toys (a Harlequin teddy bear circa 1925 apparently) fetching the princely sum of £46,850. Which will buy a lot of cuddles for someone.
Here comes the hedge fund sun
Talking of hedge funds, Mr Greenwood's counterparts are, it seems, flocking to the Cayman Islands, at least according to Cayman Finance Chairman Anthony Travers (OBE) who eulogises about the islands being "free from intrusive regulation from an investment perspective". So come to the sun, chuck us a few dollars and do what you want. Great for financial stability, that.
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