Business Diary: The senators who were selling America short
Thursday 06 May 2010
Good, old-fashioned hypocrisy in action? A Wall Street Journal investigation has found that at least 13 members of the US Congress made money during the financial crisis by using exchange traded funds and other vehicles to bet on falls in the bond or stock markets. Many of them went on to make high-profile speeches in which they criticised investment banks for short selling. Do what we say, not what we do.
Thiam's society debut has to be postponed
Tidjane Thiam has kept a relatively low profile with the press since stepping up to the chief executive's office at Prudential last year. All that was meant to change yesterday, with a round table lunch scheduled so that Thiam could impress City hacks with details of the massive fundraising Pru intended to launch. Cue a last-minute cancellation of the invite when the FSA put the mockers on the cash call.
Gross lays into the credit rating vampires
Bill Gross, the boss of the giant bond investor Pimco, is on Mr Angry duty, firing off a furious missive to investors about the failings of the credit ratings agencies during the sovereign debt crisis and just about every other financial meltdown. "They have brazenly sold their reputations for unbiased judgement to the very companies they were standing in judgement upon," Gross concludes, before warning that we've not seen the last of them. "Don't bury them, however; like vampires in the dead of night, they will outlast us all."
Let's not give Gowers a shot at a hat-trick
Note to recruitment agencies everywhere. Think twice about suggesting clients hire Andrew Gowers, the former editor of the Financial Times. After leaving journalism, Gowers took a senior role in communications at Lehman Brothers. When the bank collapsed, Gowers popped up in a similar position at oil giant BP, now confronting its own disaster. Is he cursed?
- 1 Labour rallies behind Flint as deputy leader to offset a Corbyn win
- 2 The difference between a psychopath and a sociopath
- 3 It won’t work, Jeremy: The Health Secretary has lost the confidence of the medical profession in his attempt to reform the NHS
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 'Cool kids' can go on to become losers in later life, study finds
Labour rallies behind Flint as deputy leader to offset a Corbyn win
Kim Jong-un is awarded global statesmanship prize by Indonesia
Dutch King Willem-Alexander declares the end of the welfare state
RuPaul interview: The drag star on being inspired by Bowie, never fitting in, and saying the first thing that comes into your head
Calais crisis: Migrants that have made it to the UK reveal how Britain has matched their expectations
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
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