Friday, October 24, 2008

Planet? Which? On?

The financial crisis gripping world markets is "the worst in human history" and we are only just beginning to feel the fallout, the Deputy Governor of the Bank of England has warned.

That joyous piece of news comes to us courtesy of The Daily Telegraph website. But, you don't have to be the Deputy Governor of the Bank of England. We said that last night, for free.

But you do have to wonder quite what our financial geniuses do for brains (or where they keep them) when you get from Emmanuel Roman, chief executive of GLG Partners, Europe's biggest hedge fund, the stunning news that, "thousands of hedge funds are on the brink of failure as the global economy contracts with unexpected severity."

Unexpected? ... U n e x p e c t e d?

Planet? Which? On? Is this man? We’ve seen it coming for years, said so, written it, warned of it. And this man runs a hedge fund?

However, Roman goes on to say, "There need to be some scapegoats, and the regulators are going to go hunt people…". A very good target, it seems to me, could well be Mr Emmanuel "head-up-backside" Roman. But, as another thought, who is going to go after the regulators, when the industry scapegoats have been driven over the cliff?