Business Diary: Rock's doors still revolving

Tuesday 11 October 2011 00:00
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Northern Rock fall-out part 103. Adam Applegarth, chief executive of Northern Rock when it went belly-up four years ago, is making a comeback, working as an adviser to a private equity firm bidding for credit card business MBNA Europe.

Meanwhile, Sir Callum McCarthy, we hear, has had to take a sabbatical from his role as a director of HM Treasury because the former regulator also does work for JC Flowers, the private equity firm, which is bidding to take Northern Rock off the Government's hands.

Men only at bank reform hearing

So why didn't Clare Spottiswoode attend yesterday's grilling of Sir John Vickers and his colleagues from the Independent Commission on Banking at the Treasury Committee? Sir John, Bill Winters, Martin Wolf and Martin Taylor are interesting chaps but in a world that wants to see more women in business, it was a shame to miss out on the only woman on the committee.

iCroak folk now feeling sore

We reported last week on the interesting timing of the folk behind iCroak, who chose to launch their new service on the day following the death of Apple's Steve Jobs. The company now wishes it to be known they meant no disrespect. Co-founder Mark Golding says: "[We] were saddened to learn of the passing of Steve Jobs, we have been inspired by him and wish that our legacy to him would be that we have created a service that will serve for generations as Apple have."

Economist says no to precision

University of Leicester students should not worry if their new Professor of Economics isn't always crystal clear. For Chris Wallace, an expert in game theory, believes vagueness is an undervalued quality in economics. "There's something in between full information and no information – and there's a benefit to that betweenness," he says. "Vagueness has a value."

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