Sunday, 13 December 2009

Odious Odey

Crispin Odey is a Hedge Fund Manager and runs Odey Asset Management. Crispin is to pay himself £30 million, "after his firm made a fortune betting on the near collapse of the UK banking system last year" Believe it or not Odey will escape the one off windfall tax on bonuses as it does not apply to Hedge fund managers...another Alistair Darling loophole I suppose !

Odey admits that he was seen as 'one of the bad boys' for short selling Bradford and Bingley shares. So here we have yet another example of individuals being allowed to use dubious financial instruments to undermine banks that we then have to bail out!

What really bugs me with this lot is that they just don't seem to get it, they don't realise that they are part of the problem and not the solution. Odey's Chief Executive exemplifies the attitude when he tries to argue the difference between hedge fund managers and bankers, "We are aligned to the interests of our clients a third of whom are UK Pension Funds"...well really is that so, how many ordinary punters can safely say they are happy with their pension pot?

The Chief Executive then goes on to warn us what will happen if we don't let him and his mates do what they want and continue to rip us off, "The UK should not deny success. Wealth generation is part of our economy and if we deny that we will become a communist state."! The only people who are in denial of reality are the Hedge Fund Managers themselves.

Source - Sunday Times (Business)

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