RAPPER TALKS CRIME, DRUGS AND THE CUT AND THRUST OF BUSINESS
FRESH from interviewing Warren Buffett, otherwise known as the “Sage of Omaha” or one of the most successful investors the world has ever seen, the Beeb’s Evan Davis yesterday turned his microphone on a different type of guest: rapper 50 Cent.
“Fifty”, who’s recently co-authored a business book called The 50th Law, was happy to chat shop with Davis, comparing the cut-throat corporate world to the drug and crime-ridden streets of Queens where he grew up.
“The boss of the neighbourhood doesn’t rule killing someone out as an option to expand business,” he says. “And in corporate America I’ve interacted with people who absolutely have intentions of killing the competition in a different way…”
The rapper should know: he’s currently at the head of the multi-million dollar G Unit brand as well as being a global megastar. His sage advice? “The core of my power in business situations is being the person with the least fear at the table.”
But for all the bluster, his ultimate tip for the top sound surprisingly similar to 79-year-old financier Buffett’s philosophy of being greedy in stockpicking when others are fearful. So now you know.
MEDIA CIRCUS
With regulator Ofcom preparing to publicise submissions today for its proposals to intervene in the pay-TV industry, it’s intriguing to see a cabinet of former BSkyB advisers queuing up to advise the other side.
Ofcom, of course, wants to force Sky to open up the sector to more competition by offering its premium content, including lucrative Premier League football rights, to rivals Virgin Media, BT Vision and Top Up TV at more reasonable prices.
Ofcom’s director of communications Julian Eccles previously worked as a top spinner for Sky, having replaced Tim Allan – who now leads PR consultancy Portland – in the job.
And Allan himself, who’s now working for Sky’s three rivals on the Ofcom ruling (are you following?), has recently appointed former Sky chief executive Tony Ball as Portland’s advisory chairman.
At least Allan is sticking to his well-oiled PR guns and remaining staunchly professional.
“Portland enjoyed working for Sky for seven years as communications consultants,” he tells me. “No consultancy arrangement lasts forever and Sky’s team decided last year that it was time for a fresh approach…I have huge respect for many of the people at Sky.”
TRICK OR TREAT
If you haven’t yet decided what to do for Hallowe’en, here’s a spiffing idea courtesy of the Wall Street Journal.
The paper’s MarketWatch website has decided the festivities coming up this weekend should be dedicated to the too-big-to-fail American banks which, in their words, have “returned from the dead, like mummies, ghouls, zombies and vampires, rising out of their tombs, crypts, catacombs and mausoleums to suck the bloody retirement funds from the souls of living and unborn future generations”.
As such, they’ve dreamt up a spoof “Goldman Conspiracy’s Halloween Chainsaw Massacre Costume Ball” – complete with US Treasury secretary Hank Paulson as Leatherface in the Texas Chainsaw Massacre.
Perhaps we over here in the City should be honouring the UK banking sector in a similarly debauched fashion – suggestions for costumes for the Square Mile’s own demons and ghouls are most welcome at [email protected].
TIME FOR A TIPPLE
In flies a present from stockbroker Charles Stanley, in the form of a traditional leather-bound pocket diary for next year.
What’s more, the firm appears to have stopped at nothing to make our lives a little easier – the organiser in question contains the usual street maps, Tube map and conversion tables, as well as a mini Latin dictionary page and even a “wine chart”, showing when wines from different regions of the world reach their drinking prime.
Now there’s a bank after The Capitalist’s own heart.
DOG EAT DOG
As the City waits with bated breath for the recommencement of the High Court case between inter-dealer brokers Tullett Prebon and BGC Partners next week, a titbit of gossip which might shed some light onto the proceedings.
Tullett Prebon, if you remember, is suing its rival for having orchestrated a carefully-constructed raid on its staff in which they were persuaded to breach their contracts; a claim firmly denied by BGC.
But word reaches The Capitalist of an individual who defected from another inter-dealer broker recently and was still liable to be sued – a whole 18 months later – for the amount of money the firm would have made if he had stayed.
“It’s not unusual for contractual clauses to last for that long,” says my man on the trading floor. “It’s dog eat dog out there…”