One episode has always stuck in my mind ”“ which illustrates the mentality of the City. I once travelled to Zug in Switzerland, to interview a metals trader who had been at the centre of a suspected £150 million fraud. As ever, the companies concerned had preferred not to press criminal charges (they don’t because the burden of proof is higher and they don’t want any negative publicity falling on them). But there had been a civil case and the judge’s findings had been pretty conclusive and highly critical. The metal concerned was aluminium. Instead of finding a dealer full of remorse for what he’d done, I met a person who expressed bafflement ”“ he could not understand why I’d gone all that way and why I was so concerned about events that had occurred some years previously.
“Why don’t you ask me about copper?” he said. “Make a note of where the copper price is six months from now.” Mostly for theatrical effect and to please him, I produced a diary and wrote down “copper” in six months’ time. Exactly six months to the day, copper was reported to have risen to an all-time high ”“ on the back of rumoured buying from my interviewee and his associates.
That’s what the City is like. One of the abiding terms in the market is “eat what you kill” ”“ you hear it trotted out regularly as a justification for the bonus system. It’s a “me, me” culture in which everyone is out for themselves.
Read it all.
Chris Blackhurst (The Tablet)–in the City, Greed is still ”˜good’
One episode has always stuck in my mind ”“ which illustrates the mentality of the City. I once travelled to Zug in Switzerland, to interview a metals trader who had been at the centre of a suspected £150 million fraud. As ever, the companies concerned had preferred not to press criminal charges (they don’t because the burden of proof is higher and they don’t want any negative publicity falling on them). But there had been a civil case and the judge’s findings had been pretty conclusive and highly critical. The metal concerned was aluminium. Instead of finding a dealer full of remorse for what he’d done, I met a person who expressed bafflement ”“ he could not understand why I’d gone all that way and why I was so concerned about events that had occurred some years previously.
“Why don’t you ask me about copper?” he said. “Make a note of where the copper price is six months from now.” Mostly for theatrical effect and to please him, I produced a diary and wrote down “copper” in six months’ time. Exactly six months to the day, copper was reported to have risen to an all-time high ”“ on the back of rumoured buying from my interviewee and his associates.
That’s what the City is like. One of the abiding terms in the market is “eat what you kill” ”“ you hear it trotted out regularly as a justification for the bonus system. It’s a “me, me” culture in which everyone is out for themselves.
Read it all.