Hubris and nemesis
In October 1987 Hoare Govett and its MD, a Richard Westmacott, had agreed with HMG that HG would underwrite a rights issue for BP. All was going well when disaster struck in the US. The issue was left with HG and far far too much of it fell on the shoulders of HG. HG had to ask its 30% shareholder Security Pacific, an American bank, to divi up. Which they did and moved their shareholding up to 80%. All the directors, barring Westmacott, were sacked. This was a remarkable case
4 hours ago1 min read
Quiz of the day
What makes you think that Albert Manifold, formerly of BP, is an exhausting fellow?
11 hours ago1 min read
Fiddler Reeves is at it again
UK citizens should be aware that this mendacious cow is trying to revive Gordon Brown's Private Finance Initiative of twenty years ago through her getting NHS trusts to borrow privately. For some reason indebtedness thus contracted does not show on the national balance sheet when in fact it remains in practice a liability of the state. It's very expensive finance and our children and their children will have to sort out the mess.
12 hours ago1 min read
Pantheon(PANR)
I bought 400,000 at 14p about ten days ago and was pleased to see that Michael Spencer is really having a go. They are now around 17p offer. That seems a fair bet.
1 day ago1 min read
The Oaks
I have glanced through Timeform for tomorrow but there is nothing that makes me greedy. And then there is the weather. We'll have to wait and see what tomorrow brings.
1 day ago1 min read
Population decline in fact and not prospect
is bound to depress property prices and therefore Angle Rayner's barmy plan to build 1.5m homes need not be implemented. Written by Simon Cawkwell, June 2026
2 days ago1 min read
All's well with the world
given that England World Cup player Ollie Watkins owns a £65,000 handbag. Written by Simon Cawkwell, June 2026
2 days ago1 min read
