ICAP needs a new captain

By THIS IS MONEY
Updated: 17:36 BST, 6 February 2010

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Michael Spencer has long been regarded as one of the City's more engaging and entrepreneurial characters.

But 負かす／撃墜する the years he has also earned a 評判 for sailing too の近くに to the 勝利，勝つd.

A year ago he stepped 負かす／撃墜する as chairman of 仲買人s Numis after using his 株 火刑／賭ける in the company as collateral for 貸付金s without telling anyone.

In 2004 he bought 株 in 示すs & Spencer after lunching with Sir Stuart Rose, の直前に Sir Philip Gr een 開始する，打ち上げるd a 企て，努力，提案 for the retailer.

As the 現在の Treasurer of the 保守的な Party one might have 推定する／予想するd Spencer to show 広大な／多数の／重要な 抑制 and prudence in his personal 取引 ahead of the 総選挙.

But there was no mistaking the dissonance in the Square Mile after his main 引用するd company, the interdealer 仲買人 ICAP, 問題／発行するd a 利益（をあげる）s 警告 いっそう少なく than a month after Spencer had trimmed his family holdings and collected a £45m cheque.

以前, ICAP had been 予測（する）ing 利益（をあげる）s for the 現在の 財政上の year of £311-£347m.

This has been lowered to £295-£315m sending the 株 skidding 18%.

ICAP says that neither Spencer nor the company was aware that a downgrade would be necessary until February 4.

It also points out that Spencer received 通関手続き／一掃 for his 株 sale from the company chairman Charles Gregson - a long 称する，呼ぶ／期間／用語 従業員 of ICAP and its 前任者 companies.

Maybe. But ICAP's 扱うing of the January family 株 sale did not earn Spencer many friends in the Square Mile.

When his 仲買人s HSBC placed the 株 they 報道によれば failed to 供給する 指導／手引 to the market that the 株 were 存在 sold by the 長，指導者 (n)役員／(a)執行力のある - やめる often a big sell signal.

In the three weeks since Spencer collected his handsome cheque the 株 have lost 30% of the value.

If one is 肉親，親類d, this could be せいにするd to the 衝撃 of the new ' Volcker 支配する' in the US which 潜在的に could 削減（する） proprietary 貿易（する）ing by the banks. That, however, would only account for a tiny 量 of lost income.

The 株-price 宙返り／暴落する is as much a result of a loss of 信用／信任 in the 正直さ of the 長，指導者 (n)役員／(a)執行力のある as the 利益（をあげる）s 警告.

If there were a Fabio Capello watching over the 事件／事情／状勢s of ICAP, or for that 事柄 the Tory Party, Spencer might be out on his ear.

Will the long-称する，呼ぶ／期間／用語 ICAP insider Gregson or David Cameron show the same decisiveness?

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Pea ce 協定／条約

After years of 批評 for its feebleness in 取引，協定ing with 財政上の 罪，犯罪, the Serious 詐欺 Office can finally （人命などを）奪う，主張する a real victory.

Bringing Britain's largest defence 請負業者 BAE to 司法（官）, after years of 主張s and 調査s of 贈収賄 in the developing world, has 証明するd immensely difficult.

The company has been 毅然とした it did nothing wrong and a pusillanimous British 政府 chose to kowtow to Saudi Arabia rather than bring a 起訴 in the UK which might 損失 the 価値のある Al Yamamah defence 契約.

This left the SFO director Richard Alderman in a difficult position as he was forbidden from bringing a 起訴 over Saudi 取引 in the UK - while the Americans were still 追求するing the company.

Sensibly, he has 行為／行うd behind the scenes 交渉s 捜し出すing 全世界の 解決／入植地.

This 要求するd BAE to 認める 悪事を働くこと in Tanzania - to which it sold an expensive and superfluous 空気／公表する defence system - in 交流 for admitting some culpability to the US 司法（官） Department over the Saudi 契約.

Alderman had hoped to 配達する earlier in the autumn of 2009. But a careful game of poker by BAE 長，指導者 (n)役員／(a)執行力のある Ian King kept the SFO at bay and may 井戸／弁護士席 have saved

BAE a 広大な／多数の／重要な 取引，協定 of money.

In the end the 罰金s of £286m to be paid to the Americans and the SFO are far smaller than the £500m to £1bn which some 分析家s had been 推定する／予想するing. No wonder the 株 行う／開催する／段階d 6 百分率-point turnaround.

BAE may still be an 武器 製造業者. But it now has a chance to 配達する on its 倫理的な 約束s.

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Chocoholics delight

On Thursday night a splendid 運送／保菌者 捕らえる、獲得する arrived from the Chicago cheesemaker Kraft 含む／封じ込めるing Cadbury confectionery and Kraft 製品s (Terry's chocolate orange and Toblerone) nestling 味方する by 味方する.

It was then that one knew that the 広大な／多数の／重要な 戦う／戦い for Britain's iconic chocolatier was finally o ver.

As the fight went on through the autumn and winter months the delicious 配達／演説／出産s to the City desk became ever more たびたび（訪れる） with both 味方するs 捜し出すing to 証明する they produce the most 望ましい 製品s.

If the fight had gone on any longer I might 井戸／弁護士席 have considered alterations to my waste-line of trousers. Statins may also have been necessary.