A day in the life of a fund manager: the chairman emailed early yesterday with the pithy advice that something had gone on at Aberdeen. Since he is a card-carrying, kilt-swirling Scot, I presumed that in that northern city they had run out of IrnBru. I let the matter slip. But when the butler…
The SFO have formally charged Barclays over the dealings with Qatar about ten years ago. I asked a partner in the cleverest City major law firm as to whether there could be a defence for the directors’ conduct that by conducting themselves as they did they kept Barclays out of HM Treasury’s lifeboat. He said…
Seeking Alpha offered a coruscatingly sceptical commentary (9th February) on Elon Musk’s latest analysts’ conference where the subject was the woeful failure of his Californian factory to produce Teslas. What is really startling is the recital of the most improbable problems which are essentially nothing to do with common sense. I doubt they’ll be solved…
Sheer professionalism: when the SFO cooked up charges against the Tesco 3, I thought that that would be difficult. But, then again, it’s only taxpayers’ money. And £5 million and two years later the trial collapses. What a surprise. But I really admire the sheer professionalism of the defence team in arranging a heart attack…
I just had to buy Bitcoin this morning since Lloyds Bank banning its customers from using their credit cards so to participate is surely the proof that it has got to be worth having a go. Mind you, I bought only a smidgin and paid $7,975. Also, what on earth is Lloyds thinking of when…
Capita (LON:CPI) updated the market this morning with an RNS on “transformation, capital structure, funding and trading outlook”. As I type the shares are down 145p at 203p. Matters are clearly as bad as described and very probably getting worse. There is no hope offered anywhere at all. CPI may fancy raising £700 million to…
I have long previously decided that the sole purpose of most financial institutions is to rip off the public. However, a residual sense of romance allows me to toy with the idea that although the senior management are filth there are staff who do not share the corporate view. I opened a current account with…
I am sure the Dorchester sensibly seek to distance themselves from the shenanigans at The Presidents Club’s function, since although all sorts of extramural bonking has been initiated and conducted at the hotel, the fact remains that such a reputation can only lead to revulsion in the minds of some potential customers. Thereafter the sillies…
At this stage nobody knows how much wreckage will emerge from the liquidation of Carillion (LON:CLLN). But far-sighted hedgies are looking at what could go on at Capita (LON:CPI). Here, at 397p, CPI is capitalised at £2,650 million as against tangible net liabilities of £3,200 million. This is too much of a gap and, were…
I was told perhaps nine years ago that Carillion’s (LON:CLLN) accounting was highly questionable. And by no means was I alone. The surprise is that it has taken so long for all this and its effect to emerge. I hope HMG’s lawyers have been sensible when entering into contract with CLLN to ensure HMG’s losses…
