'Wealth creator' who lost the City a packet

Click to follow
The Independent Online
Intriguing to see "wealth creation" cited by the Government as a main reason for Maurice Saatchi's elevation into the House of Lords. What on earth could ministers be thinking of? Maurice may or may not have created a fair amount of wealth for himself, but for most City investors it is for services to "wealth destruction" that he will be chiefly remembered.

The undoubted genius of Saatchi & Saatchi in the 1970s was used as a springboard in the 1980s for a period of profligate spending and hubris that was to result in a quite spectacular loss of shareholder value. The truth is that Maurice lost the City a packet. Any wealth created was squandered. Ministers may still be under the illusion that Maurice is a "wealth creator", but hardly anyone else is.