Archive for April, 2010

28
Apr
10

Sir Clive Sinclair – beauty and the geek

Sir Clive Sinclair –  what a card he is.

I dealt with Sir Clive (then plain Clive) and his company Sinclair Research in the mid-1980s while toiling in the computer – as it was then called – press. They were heady days too. The British home computing boom was in full swing and barely a week passed without the launch of another home computer which gave the impression that the UK was a world leader in microcomputers.

This mirage vanished once IBM launched its first personal computer running an operating system developed by a Mr W Gates and Mr P Allen. Still, before those two spoilsports came along, Clive was pretty much the poster boy of the computer industry.

Not a conventionally handsome man, it nevertheless became clear that Clive had something of a penchant for the ladies, especially young and pretty ones. There was no shortage of attractive young women at a Sinclair Research press event.

Clive also always made sure members of the press were given one of his computers to take away. I took a Sinclair QL, which stood for Quantum Leap. When I got home and turned it upside down some of the keys fell off. But hey, it was a new frontier.

He split from his wife at about the time his microcomputers began selling faster than you can say Acorn. It was the microcomputer maker headed by ex Sinclair  research boffin Chris Curry that won the BBC micro contract so coveted by Clive. This rivalry and the spirit of the times was captured nicely in a recent BBC docudrama called Micro men. If you missed it, watch it.

Anyway it appears that money and fame, and of course a mega-mind, helped Clive attract very pretty young women and he seems to be better known these days for his womanising than his products.

It was in the mid-1980s  that my then editor told me to call Clive to ask about a liaison with a brainy young beauty whose name escapes me. It was a call I didn’t want to make but nevertheless did. The great man told me to “eff off” in no uncertain terms. My admiration for him grew from that day on, and I’d say that was, in terms of an outstanding moment, a highlight of my journalistic career. After all it’s not every day a knight of the realm tells you to enjoy sex and travel.

Now I read he’s married former lap dancer Angie Bowness – a mere 36 years his junior – in a Las Vegas civil court. He met her at Stringfellows, apparently.

Well, I can’t say I’m surprised as old habits die hard. I wish the old boy well – what are 36 years between lovers in this modern age? –  and hope that he still has an invention up his sleeve to capture a few more headlines.  I doubt it though.

22
Apr
10

The first of many leaks to come?

Towergate creates two pl cs and appoints ipo specialist – Postonline.

Post Magazine’s front page lead resurrects the Towergate will they won’t they flotation story and quite right too. Armed with the knowledge that everyone’s favourite consolidator has registered three new holding companies called Towergate Holdings I PLC, Towergate Holdings II Ltd and Towergate Holdings III PLC, the yarn talks about companies house rules and how 50 000 shares of this and £12500 worth of that might mean LSE here we come!

Post Mag is hedging its bets on the subject though. The headline dutifully sticks to the facts saying; Towergate creates two PLCs and appoints IPO specialist, a nice bit of advertising for the lawyers Shearman & Sterling LLP while leaving us to make our own minds up.

The intention if flotation is the aim must be to talk up rates in commercial lines. Given that fact, it’s probably likely we’ll see more conversations of that ilk from Cullum et al in the higher brow business press from time to time…

22
Apr
10

Goldman remains one step ahead of AIG

Goldman Sachs has again been all over the news this week from the business pages to the front pages.

There is no shortage of opinions on the Securities and Exchange Commission’s (SEC) charges of fraud against the investment bank. The details are out there so I won’t spend too long rehashing them.

The SEC says that Goldman marketed a collateralised debt obligation (CDO) to investors with one hand while enabling the hedge fund Paulson & Co to bet on its failure. The investors lost around $1bn while coincidentally Paulson made around the same amount.

Although it was not a direct investor in this particular CDO it again looks like American International Group will suffer financial losses as Goldman were in the process of ‘doing God’s work”.

According to this article in Business Insurance, AIG leads the directors’ and officers’ liability coverage for Goldman Sachs Group.

In short AIG will end up covering Goldman’s legal costs as the bank defends itself against charges that it favoured some clients over others.

Meanwhile, AIG is said to be looking at recovering losses of around $2bn related to guarantees on Goldman’s CDOs suggesting that it was not amongst those favoured clients itself.

Whichever way the insurance giant turns it appears Goldman remains one step ahead of it.

18
Apr
10

Let’s not get positive say UK employers

Despite the best efforts of Hattie Harman and  equality fanatics it seems UK bosses aren’t over keen on embracing positive discrimination when it comes to recruitment.

A survey of 545  ”senior business figures” by legal firm DLA Piper, as part of its General Election survey,  due out today, found four out of five respondents  do not support positive action in general while 77% of them oppose quotas for women in senior positions.

Some 86% do not want the Government to pass legislation that sets quotas for the number of women to be employed at board level – the general feeling being that such quotas should be voluntary. Only one in 10 favoured legislation that sets quotas for the number of women in the boardroom.

Some 81% of those polled said they opposed positive action in the recruitment and promotion of under-represented minorities.

Well, this will put the cat amongst the pigeons at feminist and dungaree collectives up and down the land, and will lead to much hand-wringing in the salons and drawing rooms of Islington and Hampstead.  Don’t UK bosses realise that the more diverse their boardrooms are the more successful their businesses will be? It follows like evening follows morning.

Mr Ratan Seevarpeterum, who runs my local news agent, tells me the poll mirrors his own views on the recruitment of under-represented minorities. “I only take on those who are underrepresented in the national work force and over represented in the local news agent work force and who can speak Tamil and serve lottery tickets at the same time.”

Well that’s what I call positive discrimination.

Mystic Charlton predicts that should Labour and Lib Dems form a coalition then UK bosses will pay for their anti-progressive attitudes and face quotas before you can say underarm hair. After all, as La Harman has said, the banking crash would not have happened had women been in charge of investment banking.

Just as UK manufacturing would not have shrunk had we had a female prime minister in the 1980s.

One final postscript: 30% of the senior business figures polled thought the retirement age should be scrapped.





14
Apr
10

Little joy for HR in manifestos – what did they expect?

Pass the hankies and prepare for weeping and wailing amongst HR directors – the employment law mountain will continue to grow pace the election. Oh dear, oh dear.

According to a poll by law firm Eversheds, HR directors were hoping to see employment law cut back after the general election. Fiona Bolton, employment partner at Eversheds, said the firm’s research amongst HR directors showed they wanted employment law simplified in general, and a reduction in employee rights in particular.

I don’t expect such sentiments are shared by the employment law profession which has benefited hugely by the splurge of legislation brought in by the Labour government since it came to power in 1997.

In any case, the manifestos are fairly light on employment law with vague promises to extend the right to request flexible working and to raise the retirement age. Legislation enacted by the Brown government, such as the Equalities Bill, is going through the system, and will be in place in the next term but otherwise the coming Parliament is likely to be employment law light.

Indeed, it’s all very well HR directors crying into their energy drinks about too much employment law but the fact is that it’s very rare for incoming governments to pass legislation that removes previous acts from the statute book. The tendency is to develop or amend existing legislation rather than scrap it altogether.

Also, the dead hand of the EU will ensure that employment law will continue to flow from the talking shops of Brussels irrespective of what goes on in the Westminster parliament.

Any HR directors who thought that employment law would be simplified and or rolled back is clearly bonkers. Parliament is a playground for lawyers and playtime for them means more laws for the rest of us.


09
Apr
10

From facebook to sales book – Postonline

From facebook to sales book – Postonline.

Social networking, broker focus

 This piece by Amy Ellis looks into the facebook/twitter/linkedin world of social networking and asks brokers if they reckon they can use it to make money. In short, the answer is no. But they’re definitely interested in it. Ironically, lawyers are actually way ahead of brokers on this one, developing networks on facebook which capture claims like wildfire… where you on that bus which stopped quickly and gave all 57 passengers whiplash???

UKRC puts rehabilitation on the general election agenda

Lynn Rouse’s story reports how the chair of the UK Rehabilitation Council has written a letter to all the main parties demanding that they declare whether rehab and return to work is on their general election agendas. UKRC has opted against partisanship but if single issue politics was my area, I’d follow the example of those business leaders who’ve sided with the Tories about national insurance – they’ve milked that PR cow dry.

comment;  ‘Fit for purpose’

This piece from Tony Urwin of Shaw Trust uses the introduction of GP ‘Fit notes’ as an excuse to talk about vocational rehab and how successful it’s been in Australia, the US and Canada. He says all the same things about why it’s never really taken off and then makes you read all the way until the end of his 1000 words to say why he thinks the fit notes could provide a spark. He says they will be a procedural problem for insurers and employers that they will be looking for someone to solve and that outcome-focused vocational rehab could be it.




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