Smith derides US debt ceiling deal as 'fudge'

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The Independent Online

Terry Smith, the outspoken chief executive of the Tullet Prebon brokerage, yesterday branded the deal to raise the US debt ceiling as a "bucket of fudge".

"They are doing exactly what we are doing in this country. There's no cut at all in spending and it's not going to work," Mr Smith added as he reported a 7 per cent decline in his group's first-half pre-tax profit to £73.1m. Revenues fell by 4 per cent in the period, a performance Mr Smith characterised as "dull but not disastrous". Average revenue per broker dropped by 6 per cent to £266,000.