"Firstly, you must always implicitly obey orders, without attempting to form any opinion of your own, regarding their propriety. [Chairing Brent Cross's Hammerson?... tick.] Secondly, you must consider every man your enemy who speaks ill of your king [We'll take that to mean Westfield... tick.] and thirdly, you must hate a Frenchman as you hate the devil." [Hammerson is an Anglo-French property company... That one's more tricky.]
(Horatio Nelson)
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| Link to Daily Telegraph |
"Three and 12-year plans may seem anathema to as fiercely capitalist an environment as the Lloyd's insurance market, but John Nelson, the veteran investment banker one year into his own three-year term as chairman, is making no excuses.
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| Not to be confused with Lloyds TSB) |
"... The strategy is already bearing fruit, with China Re coming to Lloyd's last year and insurance broking giant Aon moving its global headquarters from Chicago. [Daily Telegraph: "Aon to defer bonuses for high-paid staff to avoid 50pc tax"].
"... [However, he says:]
"The culture of the investment banks, as practised particularly over the last ten years, has not in my view been compatible with the role that traditional retail banks should be playing. [You mean they're crooks?]
If you're looking at a retail bank that's the guardian of the nation's savings, and turning it into a giant hedge fund, which is largely what was happening, I don't think [that] was sensible." [So they are crooks. No doubt you said so, at the time.]
"As for Nelson's three-year plan, he is retiring in May after nine years as chairman of the FTSE 100 property group Hammerson, whose value has risen 40pc in the past year as a result of its switch from offices to out-of-town shopping centres."
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| Whereas, OVER THE LAST FIVE YEARS...
(Pic: London South East Limited)
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