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Sunday, 17 October 2010

Cutting back to ... 2009

Many years ago (which in City terms means at least 3), I worked for a specialist corporate finance boutique that was linked to Tullett Prebon.  That little venture flourished and then several years after my departure grew like topsy before imploding in a big way down in Australia.  The Tullett Prebon connection was no less racy, being a money broker, whose trading floor it was unwise to cross in a skirt, nay positively dangerous.

Those days are long gone, with Tullett Prebon somewhat tamed by its acquisition by Collins Stewart, although the groups have recenly announced a de-merger, with the chairman of the former group, Terry Smith, deciding to go with the interdealer broker rathar than the stockbroker.

Those with long memories will remember Mr Smith when he was an analyst for BZW and issued a sell recommendation against the parent bank.  I can't say I would have blamed him at the time. Barclays was in a big mess.  Mr Smith went on to earn muchos kudos by penning the classic Accounting for Growth, an encyclopedia of UK GAAP accounting scams, which won him royalties from book sales to the likes of me, but cost him his job as head of research at UBS (see previous comments on UBS). It is surely because of Mr Smith's chairmanship that we should pay attention to a simply stated paper on the likely impact of the cuts from Dr Tim Morgan of TB who predicts a shower not a hurricane.

1 comment:

Demetrius said...

Thanks for pointing to this, it was an interesting read and like a fresh wind after a month of muggy mist. I agree with much of it. As for Keynes, great in his time, but in his time. It was a very difference world then.