The Money-Go-Round
I must admit that I’ve borrowed this title from the nickname of a rather dubious tax-saving scheme thought up in the 1980s by a company called Rossminster Group. Little is found on the Internet about this company, although there is a bit in the obituary of one of Mrs. Thatcher’s ministers, Peter Rees. I became aware of Rossminster through my bank manager and friend, David, who was also bank manager to the Group. He explained what they did as moving money between large number of onshore and offshore accounts, so that it was difficult to say, where it was for taxation purposes. You have to remember that in those days of the 1970s, tax rates were very high and moving money to say the United States to start a subsidiary there was so impossible it was virtually banned. The latter is one of the main reasons, why so few small, but very profitable private companies were successful before the 1980s and 1990s. Any success, especially in a technological field was to be envied and not nurtured, especially if it was in competition with one of the government’s pet projects. And if it was successful, it had to be taxed to the hilt.
My association with Rossminster was rather limited, but I was asked to quote for a computer system to manage all those accounts. I didn’t do much, as I had bigger fish to fry. But David did a lot of business with Rossminster, as all those transfers meant a lot of bank charges in those days. In the end, as he once said he had a good run with the company, but eventually someone offered Rossminster a better deal.
This Should Never Happen Again
The case of Dr. Eva Michalak should never happen again. Reading the story in The Times and on the BBC, it seems that the doctor did nothing wrong in her work, except decide to have a baby. That seemed to arouse the ire and vindictiveness of her colleagues and quite rightly, she has got a settlement to compensate for the career they destroyed.
My main problem with this case, is that it would appear that none of her colleagues, have been disciplined in any way. That may not be the case, but as in so many cases like this secrecy may have been used to protect the guilty.
Every person, who runs a large company or organisation, has a duty to all their employees to make sure things like this don’t happen. It could also be argued that they must manage the organisation, so that no employee is pushed into a position, that will cost their company a lot of money. Is the Chief Executive still employed by the Trust? I hope not!
Michael Spencer’s Thoughts on the Drachma and Taxation
Michael Spencer is the CEO of ICAP and someone whose business judgement I respect. He’s also a man with strong Suffolk connections, which is always a plus point.
An article with the headline of “Spencer ready for return of drachma”, sums up his view on what to do, if or when Greece falls out of the euro.
He s also very forthright on what would happen if the financial transaction tax is imposed on the City.
After reading the article though, I suspect it will never be levied, as everybody has too much to lose. Except of course countries like Dubai, who’d laugh all the way to the bank, if it was implemented in substantial parts of the world.
One thing I like about Mr. Spencer, is that his company does its bit for charity. Here’s their page.
If you can get a copy of the article, read it!
If you look at ICAP’s major competitors, they are either in London or based in the United States. Not one is based on German or French soil. So if the European Union brought in a unilateral transaction zone and the UK didn’t levy it, they’d raise precisely zilch. Would banks like Deutsche Bank do their business in Frankfurt, when they could do it cheaper in New York? Of course they would!
Rail Ticket Machines
The on-line rail ticket system is good, in that you can pick up your tickets from any machine you want, anywhere in the UK. They do ask you to nominate a specfic one, but I generally use the ones in Kings Cross, as they are convenient for me and are often not very busy, as there are lots of them. They are also slightly more private than some I could name.
The biggest problem is that you need to type in a randomly generated transaction number. I usually text it to my mobile phone, so that when I look at the Inbox, all I see is the numbers of tickets I need to collect, so I can hold the phone in my left hand, whilst I type with my right.
The system could be improved, by allowing you to type in a collection code, when you buy your ticket on-line. So for East Coast, you might use EC and the last four digits of your phone number. As to get the tickets, you’d need to put in the right credit card, that would probably be as secure as the current system. In fact it could be more so, as I’ve seen people take little bits of paper out of their wallet and then read the code, whilst they type it. Some machines have a Qwerty keyboard, which can be difficult for those who don’t type too well.
It would of course mean that collecting multiple tickets, as I’m doing all the time at the moment would be very easy, as I’d use the same code.
So I would end up with a pile of little orange cards, that I’d have to check before I left the station. But that happems now. It’s just that I have to type in several numbers instead of one.
I would also like to see the fact that the ticket had been collected acknowledged to me in an e-mail. That way mistakes and fraud would be spotted earlier.
And why not have a few chairs by the machines so that some like me could sit down and sort everything out.
Was It The Cat?
UBS has discovered some unauthorised trading according to this report.
I’ve heard some interesting stories.
In one a trader typed in the value he wanted to trade. He then went home and left the computer switched on, with the value still there. The cleaner then dusted his desk and accidentally did the trade.
Or that’s what they think happened. Luckily the guy who sorted it out made a profit on the deal.
In another incident, it was the cat that stepped on the keyboard. Or that was the explanation to explain the loss!
In both cases though the software should have picked up the inactivity and shut the computer down.
Avon Is 125 Today
Avon is 125 this week.
I suppose they know that some of their products have unusual uses. One is a good part of a home made fly repellant for horses.
Liverpool’s Commercial District
Most people forget that Liverpool was and still is in many ways, a prosperous commercial city.
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- Oriel Chambers
I took these pictures as I walked round the city on Saturday morning, before I departed for Blackpool to see Ipswich.
Some of the buildings in the pictures like Liverpool Town Hall and Oriel Chambers are by any standard, some of the best commercial or civic buildings in the country.
Everything Everywhere
Mickey Clarke is one of the presenters of the BBC’s early morning business program, Wake Up To Money.
He remarked that he’d never heard of the mobile phone company, Everything Everywhere.
I hadn’t until a few weeks ago, noticed them either.
It does seem that they haven’t done much to successfully raise brand awareness.
Rolls-Royce Move Into Tidal Power
It is being reported that Rolls-Royce has moved into tidal power generation after the acquisition of Tidal Generation Ltd. There are some details here.
I know I keep bringing the Balaena up on this blog. But this surely is another place where the technology could be used. An appropriately sized column-like Balaena could be an ideal mount for the turbine.
Is Fred Goodwin a Coeliac?
The reason I ask this question, is that we have one important thing in common; we both hate pink vanilla wafer biscuits. In my case, I’ve avoided them all my life even before I was diagnosed as a coeliac and of course can’t eat the normal ones now. But I’d never write an e-mail about it, as Fred did and I reported here.
But hope is at hand, as Sainsburys are now selling Pink Panther gluten free vanilla wafers.
Who’s to know, if Fred might have liked them? If he had, the train crash that was RBS might not have happened.
The Anonymous Widower 