Paul Ruddock, a hedge fund manager and Tory donor who profited from the collapse of Northern Rock.
The Observer, getting all het up about the Honours List.
I\’m afraid I don\’t understand. Why are they getting all het up about making money out of Northern Rock\’s collapse?
We want capital to be allocated efficiently. Whatever economic system we have we really do still want that to be done by someone, somewhere. And a vital part of that, in fact the part that capitalism (even, if you prefer, late financial capitalism) does really well is close down the failures. Clears the shite out of the system.
Reallocates capital from unproductive to productive uses.
This is a good thing so why are they getting indignant about it?
I can imagine being upset if a financier drive a perfectly good business into the ground. But recognising that something is shite, selling stock in shite, making apparent to everyone that it is shite as it does in fact turn out to be, shite, that\’s a plus to the economy, not a minus.
Or, in this case, I can imagine getting angry at Applegarth but why Ruddock? Ruddock, by his actions, helped to uncover the stupidity that Applegarth was perpetrating.