Thursday, 10 January 2013 at 2:00PM
Barnard's Inn Hall

What the Dickens? The City's Great Financial Scandals, Past and Future

Presented by Brandon Davies

The litany of great financial scandals is long, and sadly unending. Dickens himself covers scandals we would recognise today in Little Dorrit and Nicholas Nickleby. Beyond Dickens, the South Sea Bubble (of course), railway shares, bonds in newly independent countries (Kingdom of Poyais), never again... IOS, Saavundra, Rolls Razor, Bank of Gibraltar, BCCI, never again... endowment mortgages, Barlow Clowes, Equitable Life, Maxwell, Lloyd's names, Lehman Brothers, payment protection insurance, never again... This symposium seeks, through the ghosts of scandals past, present and future, to see what lessons we can learn and to assess which is rosier, the future of finance or of financial scandals.

Conference speakers

Brandon Davies is senior independent non-executive director (SINED) of Gatehouse Bank plc (an Islamic Bank in London) where he has helped to establish the “Gatehouse Thought Leadership Programme”. He has worked with institutions notably in Malaysia, London and Kuwait to build on this role. He is also SINED of Premier European Capital Limited, a private equity company and is also the CEO of dRisk.biz, a company he founded.

Brandon is a member of the Financial Markets Group at the London School of Economics (LSE) and lectures extensively on subjects in banking and risk management and has written numerous papers and articles on these subjects for organisations such as the ACCA, Cass Business School, Central Banking, the LSE, Lombard Street Research and the Financial Times. 

Until December 2009 Brandon was Managing Director of the Global Association of Risk Professionals Risk Academy. In that capacity Brandon has produced five books on Basel II and risk management, Governance, Supervision and Enterprise Risk Management. These books form the basis of certification programs in both banks and Central Banks in China and Indonesia.

Brandon has over 30 years of work experience in the banking sector, his positions included Head of Retail Market Risk and Treasurer of the retail businesses of Barclays Bank, and he was also a member of the banks executive committee. Prior to this appointment he was Managing Director of Financial Engineering at BZW and later of Structured Products at BZW and Barclays Capital.  Brandon holds a degree in economics from University College London.

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Professor Michael Jones, graduated with an MA from Magdalen College, Oxford and is a Fellow of the Institute of Chartered Accountants.  He is currently  Professor of Financial Reporting and Head of Department at the University of Bristol and a visiting Professor at the University of Cagliari.  He has taught accounting for 32 years and was at Cardiff Business School from1996 to 2009.  He has taught financial accounting at all levels from GCSE level to final-year degree course.  He has published over 130 articles in both professional and academic journals.  He has published 66 refereed articles.  These articles cover a wide range of topics, such as financial accounting, the history of accounting and international accounting.  He serves on three editorial boards.  He was ranked the fourth most productive accounting academic in Europe from 1991 to 2002.

As well as being Director of the Financial Reporting and Business Communication Unit, he chairs the British Accounting Association Financial and Reporting Special Interest Group and is a joint Editor of the British Accounting Review.   He has served on the British Accounting Association Committee and on the Committee for Professors of Accounting and Finance.  He has written four textbooks: Accounting, Financial Accounting andManagement Accounting; Creative Accounting, Fraud and International Accounting Standards.  The final book reflects a long research history into creative accounting especially in the abuse of narrative and graphical presentation.  Michael has a wide range of research interests that include the history of accounting, financial reporting and communication and social and environmental accounting.

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Edward Chancellor is a member of GMO’s asset allocation team and focuses on capital market research.  He has worked as a financial commentator and consultant and has written for the Wall Street Journal, New York Times, Financial Times, and Institutional Investor, among others.  He is the recipient of the 2007 George Polk Award for financial journalism.  Mr Chancellor is the author of several books including Crunch Time for Credit (2005) and Devil Take the Hindmost: A History of Financial Speculation (1999), a New York Times Notable Book of the Year. Prior to joining GMO in 2008, he worked as deputy U.S. editor for Breakingviews.com in New York and for Lazard Brothers. Mr. Chancellor earned his B.A. in History from Cambridge University, and his Master of Philosophy in Modern History from Oxford University.

 

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An honorary life fellow of Gresham College, Professor Tim Connell is an Emeritus Foundation professor from City University, where he sat on Senate for many years. He is a graduate of Oxford, Liverpool and London universities, and has studied in Spain and Mexico. He also holds the degree of Doctor of Letters from City, University of London.

His particular interest is in the field of professional training for translators and interpreters, where he works closely with the Chartered Institute of Linguists, of which he is a Fellow and a Vice-President, and is a regular contributor to the professional journal The Linguist. He is a member of the All Party Parliamentary Languages Group, which he addresses with some regularity.

International education is another area of key concern. Tim is deputy chair of the international course board for ESCP Europe, (the French grande école based in Paris) which also covers London, Berlin, Madrid and Turin. He has had professional links with Latin America for many years, which has provided ample material for his classes on cultural communication and awareness.

He writes and broadcasts regularly on a wide range of themes relating to London, languages in the modern world and diverse cultural topics. He sits on an editorial board for Cambridge Scholars Publishing and has dealings with various publishers. In the past three years he has published chapters on livery companies in the City of London, languages and Brexit and was the lead writer for Get Smart About Scandals, a report on past lessons for future finance. He has just completed a revision of the history of Canning House, home to the Luso-Hispanic Brazilian Society, with which he has had an association for nearly forty years.

Tim has developed particular links in the Square Mile as a Freeman of the City of London and sits on the Court of the Stationers' Company where he is currently developing a policy on public access as part of the new Hall charity.

As a Fellow of Gresham College he sits on the Academic Board and has organised cycles of lectures in the Mondays at One series for 24 years, looking at topics of mainly current interest and speaks on a variety of subjects himself.  He has devised half-day symposia on a wide range of themes with an invited panel of experts and is currently looking at the development of webinars. Since 2006 he has been Chairman of the Gresham Society, which supports Gresham College.

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Alderman Professor Michael Mainelli is Emeritus Mercers' School Memorial Professor of Commerce at Gresham College, having held the chair from 2005 to 2009. His first degree was in Government from Harvard, followed by mathematics and engineering studies at Trinity College Dublin and a PhD from the London School of Economics in chaotic systems, where he was also a Visiting Professor.

Professor Mainelli is Executive Chairman of Z/Yen, the City of London’s leading commercial think-tank and venture firm, which he co-founded in 1994 to promote societal advance through better finance and technology. A qualified accountant (FCCA), securities professional (FCSI), computer specialist (FBCS) and management consultant (FIC), Michael began his career as a research scientist in aerospace (rockets) and computing (architecture & mapping). He later became a senior partner with accountants BDO Binder Hamlyn directing global consulting projects. During the 1990s he worked for the UK Ministry of Defence as Corporate Development Director for Europe’s then largest R&D firm, the Defence Evaluation & Research Agency leading to two privatisations. Career highlights include directing Z/Yen’s Long Finance initiative with Gresham College and the City of London Corporation asking “when would we know our financial system is working?” as well as creating the Global Financial Centres Index, Global Intellectual Property Index, London Accord and Farsight Award. Michael also conceived and produced the first complete digital map of the world in 1983, Mundocart (a 1980’s Google Earth), and the $20 million Geodat consortium cartography project.

Michael is non-executive Director of the United Kingdom Accreditation Service (UK’s national body for standards and laboratories), AIM-listed Sirius Minerals plc (potash mining), AIM-listed Wishbone Gold Plc; Alderman for Broad Street Ward (elected) at the City of London Corporation; Almoner for Christ’s Hospital School; Trustee of International Fund for Animal Welfare. Michael has held numerous advisory posts, for example with Hitachi UK, City University and HM Treasury. Michael won a 1996 UK Foresight Challenge award for the Financial Laboratory, 2003 UK Smart Award for prediction software, 2005 British Computer Society Director of the Year, 2011 Technology Strategy Board Challenge Award for financial avatars, and was awarded Gentiluomo of the Associazione Cavalieri di San Silvestro in 2011. Michael is a Liveryman, Worshipful Company of World Traders, Freeman, Watermen & Lightermen, and represents the Financial Services Group of Livery Companies.

Michael has published over 40 journal articles, 150 commercial articles and four books. Michael’s humorous risk/reward management novel, Clean Business Cuisine: Now and Z/Yen, written with Ian Harris, was a Sunday Times Book of the Week in 2000; Accountancy Age described it as “surprisingly funny considering it is written by a couple of accountants”. Their third co-authored book, The Price of Fish: A New Approach to Wicked Economics and Better Decisions, based on his Gresham lectures, won the 2012 Independent Publisher Book Awards Finance, Investment & Economics Gold Prize. Michael plays bagpipes, loves skiing and sailing and, with his wife, Elisabeth, he races and restores the 1923 Thames Sailing Barge Lady Daphne and sits on the world’s oldest sailing racing body, the Thames Match Committee. With an international family, Michael speaks English, German, French and Italian poorly, but even worse Spanish and Chinese.

To access all of Professor Mainelli's previous Gresham College lectures, please click here.

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Conference lectures
WATCHED
Part of a conference

What the Dickens? The City's Great Financial Scandals, Past and Future

Alderman Professor Michael Mainelli
Thursday, 10 January 2013 - 2:00PM
WATCHED
Part of a conference

Ghost of Scandals Past: A Short History of Financial Scandals

Edward Chancellor
Thursday, 10 January 2013 - 2:15PM
WATCHED
Part of a conference

Ghost of Scandals Present: Modern Pitfalls

Professor Michael Jones
Thursday, 10 January 2013 - 2:30PM
WATCHED
Part of a conference

Ghost of Scandals Future: Great Expectations

Brandon Davies
Thursday, 10 January 2013 - 2:45PM
WATCHED
Part of a conference

Panel Discussion: Never Again?

Professor Tim Connell
Thursday, 10 January 2013 - 3:00PM