Letter: Losses at Lloyd's: the role of the chairman and what must be done

Sir: I was amazed that the Independent should devote both its front-page headline and its first leading article today to the vociferous activities of a few hundred investors at Lloyd's of London. Are there not more important things - affecting considerably more people - happening in the world at present?

Those who have lived in conditions of considerable security and comfort for most of their lives are obviously likely to be better organised in expressing their anger at financial loss than the millions affected by recession and unemployment. This does not make them more worthy of public attention.

As for your criticism of David Coleridge, the present Lloyd's chairman, this is quite unjustified. Even Tom Benyon, a leading 'dissident' name who has campaigned for many of the reforms now being introduced at Lloyd's, said:

I think Coleridge has done a good job. He has picked up an awful lot of blame for people in the past. He just happened to be there when the parcel was passed to him. He has done his job honourably.

Yours faithfully,

STEPHEN SCHICK

London, SW3

28 July