1. Leaking Information
So then, Robert Peston. Live by the leak, die by the leak, eh ? His epic fail on calling the new Bank Governor is surely the final nail in the coffin of his reputation. All those reporting scoops in the heady days of '07/08 - but not proper scoops, just his being used as a privileged conduit by a couple of highly-placed leakers. Except now, he gets fed garbage.
Everybody has his number. Here's how C@W can scientifically assess his decline: back in 2008, if we got a link on his BBC blog, we'd get thousands of hits. Two years later and this had dwindled to hundreds or less. Nowadays we don't even notice.
"As it happens, I did not think Mr Carney was in the frame because a well-placed Treasury source told me - in terms - that the unknown fifth person on the short list 'was very unlikely to get the job'". Pathetic.
And wasn't he subdued yesterday, interviewing Boy Osborne? Hope his fat Beeb package is success-based.
2. Leaking Money
UBS - what a shower. When Kweku Adoboli was being sent down, the news channels played extracts from tapes of calls between UBS Compliance and the talented trader, with such gems as:
Financial Controller: "So you're going to confirm exactly which counterparties are involved, and the quantum of the exposure".
Adoboli: "OK, will do".
WTF ? I fell off my chair. There shouldn't be a trading floor on the planet that doesn't have deal-capture systems, confirmation processes and risk metrics which make these issues 100% transparent and subject to checks by staff who are independent of the traders, by the end of each trading day at very least, but near-real-time is the standard. It should be like trying to do a transaction on the web: a required field pops up, and if the entry doesn't compute perfectly, instantly, you can't progress to the next stage at all. (Given that Adoboli was in a 'Delta One' outfit - deals with the simplest risk profile - there aren't even any complex sums to do.)
Phantom counterparties ? Trade books he 'set up himself' ? And all this 3 years after the banking crisis. So UBS indeed deserves to get it in the neck.
Gaol. Only language they understand - and corporate fines be damned.
OK, not you Pesto - ignominy will suffice.