Posted 09 February 2013 - 12:43 PM
"But if the stock market is no longer raising capital for business, what is it for? In theory it allows investors to become shareholders in existing businesses and share in their profits. But this does not work either, because as Professor Kay further pointed out, the vast bulk of those profits are creamed off by an army of intermediaries: fund managers, brokers, independent financial advisers, investment consultants, platform providers, custodians and a string of others. They make a comfortable living, but the investor rarely does. Indeed, others have calculated that private pension plan returns would be a third higher if only the fund managers charged at the same rate they do in Holland".
We must not forget that Steve Christian was not a Fund Manager the Attorney General said so, (the one presently suspended said so) and that the large sums paid to his company Cinemanx Ltd were paid for advice and not management of the Media Development Fund.
We must also not forget that although the Chief Minister has gone on the public record to say that all our present financial woes are the direct result of the VAT reductions made by the UK on us, we should forget that it was Steve Christian who was the prime mover of the VAT scheme endorse by Allan Bell in the first place that has led us to where we are now as a result.
We must also not expect the members of the Public Accounts Committee to act on this until sufficient time has gone by for them to properly understand if the Pinewood Shepperton Plc deal has been in the public interest or not, so we will have to wait until all the Media Development Fund has been spent won't we?