
RICHARD LITTLEJOHN: Will the sick cowards who covered up the rape gang scandal ever be punished? Don't hold your breath
This one is long overdue and, for once, welcome. Let's hope that it throws a retina-scorching searchlight on those responsible. Not just the vile Stone Age sexual predators, but the evil politicians, social workers and police who deliberately turned a blind eye to the industrial-scale abuse of young white girls because they were terrified of being accused of 'racism' and 'Islamophobia'.
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Daily Mail
7 minutes ago
- Daily Mail
Woodford fined £46m and banned from top City roles: Ex-fund manager branded 'not fit and proper' by watchdog
The financial watchdog has fined Neil Woodford and his company £46million and banned the disgraced fund manager from holding top City jobs. The former star stock picker 'made unreasonable and inappropriate investment decisions' before his fund collapsed and left thousands of investors trapped, the Financial Conduct Authority (FCA) found. In a damning verdict, it yesterday hit Woodford with a £5.9million charge and his company with a £40million penalty. And the regulator said the money manager's 'lack of competence, capability and reputation' meant he was 'not a fit and proper person' to hold senior management roles or control retail investor funds. It comes six years after more than 300,000 investors were left with around £3.7billion stuck in the Woodford Equity Income fund in one of the UK's biggest retail investment scandals. The FCA said Woodford 'did not react appropriately as the fund's value declined, its liquidity worsened, and more investors withdrew their money'. The regulator accused Woodford of holding a 'defective and unreasonably narrow understanding of his responsibilities'. Campaigners have urged the Government to strip Woodford of the CBE he received in 2023 for services to the economy. But in a statement through his lawyers, Woodford said he will fight the decision and blamed the regulator and the fund's manager Link for the collapse and investor losses. The penalty and ban are dependent on the outcome of the appeal process. At the crux of the scandal was a lump of illiquid investments made by Woodford, meaning they were difficult to rapidly turn into cash. When investors started pulling out their money, it was the more liquid investments that were sold first to fund the withdrawals. But that was unfair to those who kept their money invested, because they were left with a disproportionate share of the remaining illiquid assets before being locked out of the fund. Woodford Investment Management (WIM) insisted that his new venture – a subscription service that costs up to £840 a year – would not be affected. A spokesman for WIM and Woodford said: 'We believe the appeal process will shed much needed light on the events leading to and following the fund's suspension, including the regulator's role in those events.'


Daily Mail
7 minutes ago
- Daily Mail
Pitiful justice from the FCA: It took far too long to put Woodford in the stocks, says ALEX BRUMMER
How jolly good it is that financial justice has finally caught up with disgraced investment guru Neil Woodford and his irresponsible and deceitful management of the collapsed Woodford Equity Investment Fund (WEIF). There is satisfaction to be drawn from the ban imposed on Woodford from holding senior management roles and looking after retail investors' cash. Moreover, Woodford personally will have to cough up £5.8million in fines and his eponymous investment firm some £40million. Yet the process of delivering verdicts for Woodford savers (including this writer), which started when Andrew Bailey was chief executive of the Financial Conduct Authority (FCA), has been exasperating. It has taken six long years to reach this point, and one fears that there will be victims of Woodford's nefarious behaviour who will have missed out on seeing the regulator swing into action. And it is not over yet since Woodford, lawyered to the hilt, is taking the matter to the Upper Tribunal, the FCA's equivalent of the High Court. That means more delays. Much of the material in the voluminous decision documents relating to Woodford Investment Management and WEIF emerged at the time. It was known, for instance, that Woodford sought to cover up a lack of liquidity in his funds by transferring assets to the obscure Guernsey stock exchange. He also sought to shift the blame for what happened to corporate director Link. The FCA found them jointly culpable and Link, now controlled from Down Under, has already paid £230million in restitution for its error. The rules-based system under which the FCA operates needs to be preserved if retail investors and professionals, such as Kent County Council, are to be protected. What is intolerable is the bureaucratic faffing which has taken so long to put Woodford in the stocks. In the interim, Woodford still offers his services as a financial adviser. The FCA has also failed, thus far, to establish how it was that some 300,000 people who invested in Woodford funds were exposed through the Hargreaves Lansdown (HL) platform and its own fund of funds. HL is now owned by a consortium of private equity investors led by CVC. That is no excuse for escaping culpability and facing up to HL's responsibility for misleading savers. Musical chairs Often it is said that the main duty of the chairman is to fire the chief executive. At Diageo, Sir John Manzoni, who took over as chairman early this year, lost little time in disposing of one of the FTSE 100's small gang of women bosses, Debra Crew. Admittedly, at the time, Diageo's share price was in sharp retreat, falling by 30 per cent. Authoritative accounts suggest that Crew was ambushed. When she questioned the assertiveness of finance director Nik Jhangiani with Manzoni, she signed her own resignation letter. The latest results show that, were it not for the Trump tariffs – which cannot be blamed on Crew – the underlying picture was much better than thought with organic sales up 1.7 per cent at £15.1billion. The vital North American market was still robust with sales up 1.5 per cent. This is despite the trend of Gen Z turning away from alcohol. Where does this, one wonders, leave Murray Auchincloss, chief executive of BP, in another part of the corporate forest? New chairman Albert Manifold has ordered a review of the business and costs, and he hasn't even been seated. What that means for the sensible Auchincloss strategy, already under fire from activist Elliott, one shudders to think. Tech leakage No board of directors would dare turn down a bid premium of 104.9 per cent unless it came from the Ayatollah himself. So British scientific instrument maker Spectris has been able to sit back as private equity ghouls Advent and KKR fight it out for control, with the latter back in the driving seat. If the sharp minds at Advent and KKR were able to see the value, where were the British analysts and buy-side investors as Spectris languished in the lower reaches of the FTSE 250? And doesn't a Labour government, committed to a high-tech future for the UK, worry about the escape of British intellectual property overseas? It should do.


Daily Mail
7 minutes ago
- Daily Mail
EUAN McCOLM: Book festival is doomed thanks to the cowardice of its chief...but women still won't wheesht
"The Women Who Wouldn't Wheesht" is the smash hit the literary establishment would rather not talk about. The book, published last May, collects essays by some of those involved in the campaign to protect women's rights against the demands of trans activists. The stories within are moving, inspiring, and - all too often - infuriating. The book's three separate appearances in the top 10 best sellers list show there's real interest in the issues it explores. It deserves its success. The editors of "TWWWW' - Susan Dalgety and Lucy Hunter Blackburn - gathered an impressive roster of contributors, including novelist JK Rowling, to tell the story of how Scottish feminists fought back against the SNP 's plan to reform the Gender Recognition Act to allow anyone to self-identify into the legally-recognised sex of their choosing. The stories contained within are gripping. Yet, despite the book's best-seller status, there is no place for it at this year's Edinburgh International Book Festival. To have included it would have been to risk conversation, you see. In an email to a customer, festival director Jenny Niven said discussion of the issues raised in the book 'feels extremely divisive'. How weird that the director of a literary festival should feel the divisiveness of an issue to be a negative. Aren't literary festivals, done properly, places where conflicting ideas do battle? While there's no place for a Scottish best-seller on one of the great controversies of our times at the festival, there is a slot - of course - for former First Minister Nicola Sturgeon to promote her memoir, 'Frankly'. If Jenny Niven is using divisiveness as a measure for exclusion from the book festival then Ms Sturgeon should be nowhere near the event. It was the former First Minister, after all, who denounced feminists opposed to her self-ID plans as bigots. It was Ms Sturgeon who remained silent while trans activists hurled abuse and threats at nationalist politicians (and anyone else, for that matter) who dared dissent from the 'transwomen are women' orthodoxy. Of course, a proper literary festival would find spaces for both the former First Minister and the women whose campaign against her crank plan to let men self-identify as women hastened her political demise. Another writer conspicuous by her absence from this year's festival line-up is Jenny Lindsay, whose book 'Hounded - Women, Harms, and the Gender Wars' tells the shocking stories of women whose lives were torn apart by trans activists after they dared assert their sex-based rights. Ms Lindsay was, until six years ago, a leading figure on the small but vibrant live poetry scene. An award-winning writer, she mentored young poets and staged regular events in Edinburgh before her life was turned upside down for condemning a trans activist's demand for violence against lesbians at a Pride march. For speaking up, Ms Lindsay lost her livelihood and the majority of her friendships. While there is no place for Ms Lindsay at the book festival, some of those who participated in her hounding have been welcomed by Jenny Niven. (You know the 'let's not be divisive' Jenny Niven? That one.) The capture of the publishing industry by gender ideologues was swift and devastating. In recent years, we've seen numerous writers cancelled for their perfectly reasonable expressions of concern about the impact of the demands of trans activists on the rights of women. From children's authors such as Gillian Philip and Rachel Rooney to Father Ted creator Graham Linehan, writers with 'gender critical'views have seen work dry up. Showing that, if nothing else, she retains her sense of humour, Ms Niven claims the book festival programme shows 'we don't shy away from difficult conversation'. Yes, from the greatness of Nicola Sturgeon to the bravery of men in women's changing rooms, we can expect all the biggest issues of the day to be discussed at the festival. The book festival is doomed under its current leadership. Ms Niven's cowardice (for what other explanation can there be for her refusal to invite the women behind one of the most controversial and successful Scottish books of the year to appear at the festival?) is balanced by the stupidity of her senior colleagues. And if you think I'm being unnecessarily mean, consider this: one member of the festival board recently complained that charity Sex Matters had breached data protection law by emailing her only for it to be pointed out to her that her email address appears on her company's website. This is proper 'is-there-anybody-in-there?' stupidity. The success of books by writers such as Jenny Lindsay, Susan Dalgety and Lucy Hunter Blackburn is a standing reproach to literary establishment tastemakers drunk on a cocktail of mixed pronouns and furious self-righteousness. Jenny Niven's book festival is as difficult and edgy as an Ocado delivery. Its hand-wringing theme of 'repair' studiously ignores the damage wrought on the literary world by the activist views and behaviour of many of those booked to participate. Just as perplexing as the decision of Ms Niven exclude hugely successful gender critical feminist writers from this year's book festival is the absence of Orwell Prize-winning author, Darren McGarvey from the line-up. Mr McGarvey's third book - 'Trauma Industrial Complex: How Oversharing Became a Product in a Digital World' - is published next week, slap bang in the middle of the festival. Of course, nobody is entitled to a booking at the book festival but it seems strange that there is no space for Mr McGarvey, a relentless pain in the establishment backside, while there is room for a trans identifying male 'poet' whose most recent performance was a topless protest during which he demanded 'give us wombs and give us t*****s'. In common with Jenny Lindsay, Susan Dalgety and Lucy Hunter Blackburn, Darren McGarvey has no interest in rubbing along nicely with the charlatans currently dominating the Scottish cultural world. His recent album, released under the name of his rapper alter-ego Loki, 'Not Funded by Creative Scotland' is a brutal and often hilarious critique of the cosy arts scene, where individuality of thought is treated with the greatest suspicion. The Edinburgh International Book Festival has a long and illustrious history as an event at which great, provocative thinkers presented - and defended - controversial ideas. Under the cowardly leadership of director Jenny Niven, those days are over.