Credit crisis diary: Fincham shows belief in ITV – and himself

Friday 26 September 2008 00:00

The credit crunch is obviously not biting too deeply in the Fincham household. The television executive Peter Fincham, pictured, best remembered for quitting his BBC job after a controversial documentary about the Queen, has forked out £147,000 for shares in Michael Grade's struggling ITV. Fincham left the BBC after a report criticised him for wrongly implying that the Queen stormed out of a photo shoot with Annie Leibovitz in an argument over whether she should remove her crown. Fincham, appointed ITV's director of television in May, seems to be repaying the gesture by investing in the shares. Brave man. They have more than halved in a year.

Penna loves the pinch

The recruitment outfit Penna is earning a bundle out of "career transition" – firms sack workers and then pay it to find them new jobs. Yes, I know, it is a funny old world. Anyway, Penna shares rose because it expects better than forecast profits this year, while the chairman, Stephen Rowlinson, says the shake-out in the UK, which could involve the loss of 110,000 financial services jobs, could last for four years. One thing, where does it expect to find all those new jobs?

Gaming world not flush

While the world holds its breath awaiting Congress's verdict on the $700bn bail-out, life for some goes on as normal. In Barcelona, the annual junket, sorry exhibition, for internet gaming companies attracted theusual suspects desperate to find fresh ways of extracting cash from the sad poker punters of cyberspace. Word is that companies are finding it harder to find new customers, some operators will go out of business and mergers are inevitable. Couldn't happen to a nicer bunch.

Fortune-teller gets job with Deutsche

Deutsche Bank is emerging as a great survivor of the credit crash. Who knows, perhaps the answer lies on our very own Brighton Pier, where Deutsche turns out to be a client of the "tarot consultant" Ivor Freeman. He says he turns the cards for corporate functions only and has never been asked for insights into structured products, interbank lending rates or liquidity issues. Deutsche needs to be choosy. One of his past clients was Arthur Andersen, shamed for its role in the Enron affair.

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