= A Christmas Carol THIS YEAR as you scatter scraps of silver on your Christmas thought for one less fortunate.
of Alexander Howden's Lloyd's, the world famous insurance group.
Mr Posgate is rich. He gets a quarter of a million every year more than anyone else in Britain except British Oxygen's Joe Giordano. Mr Posgate takes more in a week than you get in a year.
But wealth, everyone knows, reward of a virtuous life.
This is why Mr Posgate was so upset when Lloyd's suspended him in September after Howdens was found E14.6m short on being taken over by the American company Alexander and Alexander.
He was so upset he has sued Lloyd's for breach of natural justice and loss of livelihood. As Lloyd's counsel Peter Scott plained to the High Court: 'In view of figures that showed he was earning many hundreds thousands of pounds, Mr Posgate was concerned about even a temporary interruption of his activities.
Given what these acingham.
(price 15p).
The Battle of Beirut:
Lebanon by Michael Jansen (price £4.50).
people like Begin and Sharon. The invasion We refer to Mr Raymond Posgate, director no surprise.
His assocates aes accused 'diversion of funds, benefits fraudulently or improperly obtained and the purchase of shares in a bank the Alexander Howden Group, financed with money that derived from the syndicates and underwriting agencies.' Dead Aren't we lucky that the buccaneering spirit isn't dead? Mr Posgate, who began life as a mere Oxford graduate, set up "baby' syndicates for 're-insurance. that word: you hoe nearing more or it.)
You insurance SCC people double as brokers professionals who ad vise others where to writers people who put up capital to create firms which receive this money.
ANOTHER REMINDER that you can solve your Xmas present problems by shopping at The Other Bookshops in London and Birm Both shops run a good line in postcards, one we recommend reads 'The birth of a man who thinks he's God isn't such a rare event' A book we can also really somed This book documents with painstaking care me scar consoracanesows me corlusion between the US State Department and La show run by the So it has become normal to divert lunds trom companies where you work as a director or broker, one you own!
As Scott put it: 'enormous sums money belonging to Howdens syndicates passed, first to respectable companies the Howden group thence to nonrespectable companies.
These included interesting and far-off enterprises such as the Rea Estate Company of Panama, Reinsurance, and Southern Insurance Re, $29m but was found this year to be worth only $1.27m.
Where the money had gone was to a considerable extent unexplained,' says. Like all patriots, Mr 'osgate's friends are also good internationalists. Money has been traced to Southern For mail orders please add 20 per cent to total price. your insurance, a Liechtenstein tru These trepreneurs, thought big Not content with a Swiss bank account, they bought a wiss bank - Baneue al Rhone et de la Tamise. recovered from this bank. UCCI for culture: among assets recovered numerous art treasures. You may recall the leading Nazis started doing things like that near the the Second World War.
But why is Mr Posgate suing? might nave thought, given the current order, that he would have as much chance as Militant will have John Golding.
that have the right to stop him. It uses what's called regulation Wales means that it is subject to restraint. It relies for self-discipline the high moral standards and probity usually associated Particularly the Tory MPs included in it ranks.
Ar Posgate is aggrie d at being told off for d ing what all his mates are up to their eyeballs in. No the Financial Times calls it 'the most serious crisis that has ever faced a City institution'.
It isn't just one individual. Lloyd's are now studying, relationship between Brookgate investments and its former subsidiary Fidentia Marine Insurance of Bermuda.' This seems to have been sold for a song to 'an unnamed party* £7.75m on DOOKS. a land-holding company in Cyprus and a small subsidiary in Panama.' Minet Then we have the sad Minet holdings whose subsidiary PCW being investigated by the Department of Trade after director and founder Mr Peter Cameron-Webb and its former chair Peter Dixpartners in intrigue The good will of the banking community is at stake Sir Peter Green, Lloyd's director, wants to set up a special committee oversee Lloyd's relations with the press, who are attacked for hysterical accusations' against respec table people is holder in 20 per cent holding Leresume company Cayman islands - - the Imperial Insurance Company which, several Lloyd's companies have -you've guessed it - • reinsurance contracts. does it all end?
Bunch This tale is far from over. Ine banking com munity will soon own all COlE Britain's wealth. They bring in massive share of Britain's 'invisible income'. They have the ascendancy in the And just wouldn't do, would it, if Britain was - run by a bunch of crooks?
"Tiny Tim' (Rowlands) might say 'Merry Christmas, and all!'
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