Last in this series from the desk of CC's UK man:

"Ebbered":
Lexicographers will mark 15th March 2005 as the day when a new word entered the vocabulary: "Ebbered". As in "to be Ebbered", verb. Can also be used as an adjective meaning totally screwed (and I could have been more vulgar) having lost a high profile court case.

Seriously though, 15 March was an important landmark in that, at last, one of those who fraudulently ramped their company and rewarded himself obscenely will finally pay his just dues (well, here's hoping) as opposed to some minor sentence and fines like Martha (Stewart).

Still, this correspondent was flabbergasted to hear a contact say, "well, it seems a bit tough - wasn't it a victimless crime?" Jeeze. If we all thought like that it'd be like the wild west! Come to think of it.

Roll on the Tyco and Enron cases - and those still to emerge (see below)!

Spitzer:
As Elliot claimed another scalp this week with the demise of Greenberg at AIG (not to mention Buffett scheduled to testify before regulators), US investors will come to rue the day when he moves into politics full time.

Since he turned his focus on the boys in New York his success rate has been astonishing. Which just goes to prove how bad things must have been in Wall Street and how lax the recognised regulators have been [Editor: or what weak tools they have to work with]. Now I want to know will the vaunted Sarbanes-Oxley legislation nail Greenberg or not?

The Euro:
The Governor of the Bank of England Mervyn King, a man who I generally respect, last week (24th March) dived into waters in which he shouldn't be swimming. Whilst he may have a point about the relaxation of the budget deficit, realpolitik must play its part too. His comments about a collapse of the Euro may be correct. But, sitting on the other side of the channel, that may be no bad thing. It should also be noted that the only other game in town, the Greenback, is on a double deficit roller coaster and can't at present put up much of a fight (if that's what is required).

Finally, "but for the grace of God go I" should be his mantra. Expect choppy times for UK plc and sterling in Labour's third term.

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