Business Diary: Nobel to blame for credit crisis
Monday 11 October 2010
At last, the true villains of the credit crisis have been identified: step forward the committee responsible for choosing the winners of the Nobel Prize for Economics (another one is due today, by the way). Nassim Taleb, the economist who wrote Black Swan, says it should never have given the 1990 award to Harry Markowitz, Merton Miller and William Sharpe, who won for their work on portfolio theory and asset-pricing models. He reckons their theories have encouraged too much risk-taking. "I'm not blaming them for coming up with the idea, but I'm blaming the Nobel for giving them legitimacy," says Professor Taleb.
Punters bet on Miliband return
Do the punters know something we don't? William Hill has slashed the odds on one of the contenders to be the next shadow Chancellor. Yes, we know the former Home Secretary Alan Johnson got the post rather surprisingly last week, but William Hill seems to think a change might be in the offing sooner rather than later. And it's cut what it offers on David Miliband to succeed Mr Johnson from 25/1 to 20/1.
Time to wrap up for wool week
Feeling chilly as the autumn cold begins to bite? Well, you'll be pleased to hear the next seven days are designed with you in mind. Yes, it's officially National Wool Week. Don't think we're making this up – it's an initiative backed by retailers including Burberry, M&S, John Lewis, Selfridges, House of Fraser and Debenhams. Even Prince Charles has been signed up to promote the week.
Yorkie really is truckers' fave
Good news for Nestlé. Its famous claim that Yorkie is the chocolate bar of choice for truck drivers appears to have been verified. A survey by Truck & Driver magazine puts Yorkie at number one, followed by KitKat (also Nestlé) and Cadbury's Dairy Milk. The survey is only marginally undermined by the revelation that the truckers would also choose Jeremy Clarkson – who once implied they were all serial killers – as their ideal cab companion for a day.
Board creates magnetic field to achieve lift
Singer says the track was 'force-fed down people's throats'
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
George Lucas criticises the major Hollywood film studios
Film follows park rangers in the Congo
Does Chris Grayling realise what a vague concept he is dealing with?
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Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
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