For those who enjoyed or resented my forays against philanthropy last year, a couple of lovely quotes I've recently discovered:
Philanthropist: A rich (and usually bald) old gentleman who has trained himself to grin while his conscience is picking his pocket.
- Ambrose Bierce
Philanthropic people lose all sense of humanity. It is their distinguishing characteristic.
- Oscar Wilde
Humour aside, I believe there is genuinely some truth in both.
Thursday 21 February 2008
Tuesday 19 February 2008
BBC Voices
I think I am allergic to Robert Peston's voice. He was a perfectly good financial journalist at the FT, but I just can't bear the drawn-out syllables of his radio and TV appearances as BBC Business Editor.
He has just managed to say "Rock" in a way I would never have believed possible. It's one syllable, for Christ's sake!
He has just managed to say "Rock" in a way I would never have believed possible. It's one syllable, for Christ's sake!
Sunday 17 February 2008
Germanation
The year just goes on getting more and more exciting. Not only did the private banker's favourite secret - the res non-dom - become part of the Daily Mail's lexicon last week, but now we have a new country in Europe, all the budding flowers in my ecological island have been wiped out by frost, and a British bank is to be run by Alistair Darling. How they have ended up nationalising the Rock after all these months of twittering... But there are plenty of others to commentate on that story this evening. I'm rather more fascinated by what is going on in Germany.
In case you haven't heard, the CEO of Deutsche Post, the exceedingly rich and delightfully named Mr Klaus Zumwinkel, has just resigned after allegations/confessions of tax evasion on a monumental scale. Somehow he has been channelling millions of euros through undeclared trusts in Lichtenstein. Was it all Mr Zumwinkel's own nefarious work, or should we detect the hand of an artful private banker getting creative on his behalf?
If so, said banker has been busy. Apparently, German prosecutors are building cases against 750 other people who have been up to the same Licht-trickery. I'll say that again: seven hundred and fifty people about to get done for the crime of retaining a private banker just a little too good at his job. Wasn't me, I can assure you, and I'm fairly sure no one in this office has been involved. But we will, no doubt, see.
One almost feels sorry for the Germans, what with the "lust trips" at VW (remember the 30,000 euro prostitute bills?) and the bribery and tax evasion scandals elsewhere. It does rather seem that the malaise cuts right to the heart of the establishment (Zumwinkel is a McKinsey man, after all). I have only a handful of German clients - they tend to stick to their own, and send all their money to Switzerland (or is it Lichtenstein?) - but I dare say we shall all be sharing in the economic fallout from this one.
In case you haven't heard, the CEO of Deutsche Post, the exceedingly rich and delightfully named Mr Klaus Zumwinkel, has just resigned after allegations/confessions of tax evasion on a monumental scale. Somehow he has been channelling millions of euros through undeclared trusts in Lichtenstein. Was it all Mr Zumwinkel's own nefarious work, or should we detect the hand of an artful private banker getting creative on his behalf?
If so, said banker has been busy. Apparently, German prosecutors are building cases against 750 other people who have been up to the same Licht-trickery. I'll say that again: seven hundred and fifty people about to get done for the crime of retaining a private banker just a little too good at his job. Wasn't me, I can assure you, and I'm fairly sure no one in this office has been involved. But we will, no doubt, see.
One almost feels sorry for the Germans, what with the "lust trips" at VW (remember the 30,000 euro prostitute bills?) and the bribery and tax evasion scandals elsewhere. It does rather seem that the malaise cuts right to the heart of the establishment (Zumwinkel is a McKinsey man, after all). I have only a handful of German clients - they tend to stick to their own, and send all their money to Switzerland (or is it Lichtenstein?) - but I dare say we shall all be sharing in the economic fallout from this one.
Monday 11 February 2008
Indomitable
Has anyone yet witnessed any serious determination, as opposed to idle threat, in a non-dom client to leave the country rather than pay the Chancellor's new tax? None of mine have expressed anything more than mild irritation. I keep waiting for change of address cards, but so far nothing. No one is yet heading off to Bermuda or Monaco or anywhere else.
Yes, it's a very silly tax which is unlikely to raise much and has the potential to backfire, but I've yet to see evidence for my colleagues' panicky assertions that this will cause disaster in the City. Non-doms who have been in the UK less than 7 years aren't affected - most of our younger, professional non-dom clients are in the clear. And the long-term residents are generally too rich to care. They grumble a little, but none of them seriously wants to give up their home, their children's schooling, their place in society and their shooting weekends for the sake of £30K.
I know I should be joining the Lord Mayor et al in proclaiming that the tax is counter-productive, dangerous to the economy, and ruinous for my clients... but I just don't think it's true.
Yes, it's a very silly tax which is unlikely to raise much and has the potential to backfire, but I've yet to see evidence for my colleagues' panicky assertions that this will cause disaster in the City. Non-doms who have been in the UK less than 7 years aren't affected - most of our younger, professional non-dom clients are in the clear. And the long-term residents are generally too rich to care. They grumble a little, but none of them seriously wants to give up their home, their children's schooling, their place in society and their shooting weekends for the sake of £30K.
I know I should be joining the Lord Mayor et al in proclaiming that the tax is counter-productive, dangerous to the economy, and ruinous for my clients... but I just don't think it's true.
Monday 4 February 2008
Retailed into Early Retirement
My absolute favourite quote of the year so far: Peter Bennett, the "Deputy City Surveyor" (whatever that is) while proposing a new retail mega-development on Cheapside, said of people crossing the Millenium Bridge to the City, “Instead of turning left to God, they can turn right to Mammon.”
What makes this a particularly delectable quote is the innocent suggestion that there is something new in this. St Paul's may have been there for centuries, but we've never had anything tainted by the reek of money at the other end of Cheapside. Does this deputy not realize what goes on in the City he claims to survey? No, I'm being unfair. It's a lovely soundbite, even without that irony. Good for you, Peter.
That, however, is as far as my enthusiasm goes.
One of the things I've always liked about London is the separation of activities by geography. Entertainment in the West End, shopping in Knightsbridge and Oxford Street, politics in Westminster, art and diplomacy in Mayfair, sex in Soho, dormitories in Fulham, Clapham and the rest. And in the City of London, finance. Well, why ruin it by mixing things up? It's bad enough having to travel to Picadilly to see the private equity lot. Retail in the City? Worse - cheap retail on Cheapside? It's an horrendous idea.
Imagine if the banks suddenly decided to build trading floors on the King's Road, or in Camden Lock, or Covent Garden. The howls of protest that would come from retailers! That's how I will feel seeing Brent Cross materialise beside the Bank of England. Who cares if the City is empty at weekends? This is a holy place for some of us. The last thing we want is cut-price tracksuits and barbie dolls stockpiled within yards of the Stock Market.
Call me a snob - I am, probably, in your terms - but I hate this plan. I cannot for the life of me see the need for MORE mass market retail space in London. All these shopping chains are already duplicated in every corner of the capital. And yes, I will admit, I loathe the idea of new crowds being drawn to the City. The occasional lost tourist is fine; a horde of Stepney and Peckham discount shoppers pouring across the Thames in search of a bargain would drive me to early retirement.
So please, Mr Deputy City Surveyor, take your fine plans south of the river. We like the City the way it is.
What makes this a particularly delectable quote is the innocent suggestion that there is something new in this. St Paul's may have been there for centuries, but we've never had anything tainted by the reek of money at the other end of Cheapside. Does this deputy not realize what goes on in the City he claims to survey? No, I'm being unfair. It's a lovely soundbite, even without that irony. Good for you, Peter.
That, however, is as far as my enthusiasm goes.
One of the things I've always liked about London is the separation of activities by geography. Entertainment in the West End, shopping in Knightsbridge and Oxford Street, politics in Westminster, art and diplomacy in Mayfair, sex in Soho, dormitories in Fulham, Clapham and the rest. And in the City of London, finance. Well, why ruin it by mixing things up? It's bad enough having to travel to Picadilly to see the private equity lot. Retail in the City? Worse - cheap retail on Cheapside? It's an horrendous idea.
Imagine if the banks suddenly decided to build trading floors on the King's Road, or in Camden Lock, or Covent Garden. The howls of protest that would come from retailers! That's how I will feel seeing Brent Cross materialise beside the Bank of England. Who cares if the City is empty at weekends? This is a holy place for some of us. The last thing we want is cut-price tracksuits and barbie dolls stockpiled within yards of the Stock Market.
Call me a snob - I am, probably, in your terms - but I hate this plan. I cannot for the life of me see the need for MORE mass market retail space in London. All these shopping chains are already duplicated in every corner of the capital. And yes, I will admit, I loathe the idea of new crowds being drawn to the City. The occasional lost tourist is fine; a horde of Stepney and Peckham discount shoppers pouring across the Thames in search of a bargain would drive me to early retirement.
So please, Mr Deputy City Surveyor, take your fine plans south of the river. We like the City the way it is.
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