Money managers under the microscope
It is hardly uncommon in today’s markets to see an investment fall in value.
But shareholders in Irish national carrier Aer Lingus have more reason than most to be upset. This week its shares slumped by more than 35 percent after a profit warning investors did not see coming.
The news that the struggling airline will fail to make a pretax profit in 2009 contradicted claims made just two and a half months ago when it was defending a takeover approach from hated rival Ryanair.
Tuesday’s grilling of UK hedge fund executives is likely to create plenty of noise but produce little in the way of new rules.
While media-shy TCI founder Chris Hohn and others will face tough questions from the Treasury Select Committee on financial stability, short-selling and other issues, it nevertheless seems that the pro-legislation lobby’s position may be weaker than it has been in recent years.