Alex Brummer on Business

Hedge funds aren’t evil. They could save us all

By Alex Brummer, April 7, 2009

As the credit crunch descended, the so-called “shadow banking” system, which includes hedge funds and private equity, attracted more than its fair share of opprobrium. In Germany, these groups, a symbol of free-wheeling Anglo-Saxon capitalism, were labelled “locusts”, and here in Britain the government launched a tax clampdown on private equity just as the financial system was seizing up.

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TV reality is harsh, Grade must tune in fast

By Alex Brummer, March 26, 2009

Michael Grade almost certainly missed his vocation. Listening to him at fundraising ORT events, he appears a natural for America’s “Borscht Belt” comedians who, before the days of cheap flights to Florida, toured the summer resorts in the Catskills. The ITV executive chairman is in need of every bit of quick wit he has at present.

Having risen to the peak of the establishment as chairman of the BBC in the wake of the clear-out after the Hutton report, he wrongfooted the media world in November 2006 when he abandoned his post to move to ITV.

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The man who steered the Pru to safety

By Alex Brummer, March 5, 2009

There is not much time for corporate small talk when you accompany Mark Tucker to watch Chelsea. The Prudential chief executive weighs up every move with the eye of a seasoned professional. Weaknesses and strengths are assessed coolly without the usual invective of the football fan.

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Sir Victor’s ‘safe’ Lloyds TSB is not so safe any more

By Alex Brummer, February 18, 2009

While researching my book on the credit crunch early last year, I met Lloyds TSB chairman Sir Victor Blank in a spacious office on London’s Gresham Street.

Blank, in his naturally laconic manner, was pleased that the bank he led had managed to avoid the worst of the toxic debt — based around US sub-prime mortgages — which had caused the credit markets to freeze over and led to the run on Northern Rock.

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City trusts Mick Davis much less now

By Alex Brummer, February 5, 2009

On a crystal clear winter’s day in Trafalgar Square last month, Mick Davis, dressed in a leather jacket and open-necked blue shirt, was the star turn as he battled for Israel’s cause amid the demonisation which erupted around Israel’s Gaza operation. As chairman of UJIA, South African-born “Mick the Miner”, as he has been dubbed by the financial press, is a passionate supporter of Israel’s cause.

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Not the end of the retail world

By Alex Brummer, January 22, 2009

The new landscape of Britain’s high streets is becoming all too familiar.

Closing down sales, bill-littered doormats, boarded-up shops and other ugly manifestations of recession are in evidence as well-known chains from Woollies and MFI to other newer and less familiar names like Zavvi (an outgrowth of Virgin), children’s wear firm Adams and Officers Club have gone bust.

Even Marks & Spencer, once regarded as a rock of stability amid the organic mass on the high street, is closing 25 of its specialist Simply Food stores.

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