Business Diary: Wall Street goes on a trip

The latest Wall Street insider trading trail, in which the former trader Winifred Jiau faces securities fraud charges, is producing some wonderful vignettes of what these masters of the universe get up to in their spare time. Take Noah Freeman, one of the witnesses testifying against Jiau. He's just admitted to the court he once ended up wandering around San Francisco dressed only in his underpants after eating some magic mushrooms. Freeman gave a false name to the hospital where he ended up, fearing trouble from his employer – he was supposed to be at a hedge fund conference.

ITV's Norman paints us a picture

Did Archie Norman have someone in mind during the speech he made at an Institute for Turnaround event this week? "Tough economic times are often blamed for business failure, but behind most financial failure is an organisational failure and flawed corporate culture," he said. "True business renewal requires fracturing the old culture and forging a new one – this usually means new leadership and an injection of new talent." The former Asda boss is, of course, now chairman of ITV, having replaced Michael Grade last year.

Cable in the firing line yet again

Poor Vince Cable. "Are you the monkey or the organ grinder?" one impertinent MP asked the Business Secretary at yesterday's Treasury Select Committee hearing, wondering out loud whether George Osborne might have been a more useful witness. Cable hasn't had the best of weeks – he spent Monday at the GMB conference being shouted at by angry trade unionists.

Groupon boss has a sense of humour

The serious-minded folk at The Wall Street Journal are getting a little sniffy about Andrew Mason, the 30-year-old boss of Groupon, which is getting ready for an IPO worth billions. "Will his unconventional leadership style resonate with public investors?" they ask. The Journal details a string of Mason's exploits, including his refusal to provide them with a picture for their famous engravings other than one in which he is grinning inanely. They also point to a YouTube video that features Mason talking about yoga while dressed only in his underwear.

businessdiary@independent.co.uk