Credit crisis diary: A housebuilder who is still smiling
Thursday 18 December 2008
Good to see that Taylor Wimpey boss Pete Redfern has at least managed to keep his sense of humour as he attempts to restructure the company's debts in the face of the worst housing downturn for 20 years. An internal email from the housebuilder's boss to staff, updating them on the latest developments, begins: "Given that our share price is 'somewhat volatile' and that over the last few weeks we have had more press coverage than if Angelina Jolie gave birth to Siamese twin chimpanzees, I thought it was time for a further update."
Memo to Nicola: publish or be damned
Good old-fashioned knife twisting on the Bronte Capital blog, which points out that Nicola Horlick's Bramdean claimed the company always spends several months doing due diligence reports on managers before investing with them. Now Bramdean faces losing the 9.5 per cent of its assets invested with Bernie Madoff, Bronte Capital is demanding Horlick publishes the report it produced following all that scrutiny. Talk about kicking someone when she's down.
Hoist on her own petard
It is, of course, very mean to remind people of what they've said in the past. But does Horlick remember the interviews she gave following the launch of Bramdean Asset Management three years ago? One includes this memorable quote: "Women are more conservative – it is something to do with nurturing and protecting your funds." Delighted Bramdean investors must be feeling very nurtured right now.
Bernie's words come back to haunt him
Still, Nicola is not the only one eating her words. Which prominent New York financier said this last year about the foolproof nature of regulation in the US: "It's impossible for a violation to go undetected – certainly not for a considerable period of time"? Step forward Madoff himself, who claimed in a television interview that financial fraudsters were always caught very quickly. There's always the exception to the rule, as Bernie was no doubt mentally adding.
Former gamekeeper gets poached
He was the scourge of Wall Street in his New York Attorney-General days. Would Eliot Spitzer have collared Madoff if he had stayed in that job, rather than running successfully for Governor (before a call-girl scandal forced his resignation)? Alas, maybe he would not have, given that Spitzer, according to US National Public Radio, is telling friends that his family firm has lost money in the scandal.
Newcastle manager taunted again as his side loses to Stoke
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 3 The Simpsons death: Creator Al Jean would 'kill himself' before a character like Homer or Lisa
- 4 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
- 5 Pope Francis assures atheists: You don’t have to believe in God to go to heaven
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
George Clooney and Amal Alamuddin wedding: The famous congratulate actor and human rights lawyer after Venice nuptials
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
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...
£300 - £330 per day: Ashdown Group: SQL Developer (Stored Procedures) Watford...