Jeff Randall discovers the principal/agent problem in banking.
But here’s the rub: Hoare & Co is no ordinary bank. It is wholly owned by Hoare family members and is financed entirely by them on an unlimited liability basis. They are on the hook for every penny, which helps to explain the bank’s statement: "We have a highly conservative attitude to risk."
Amusing side note. The Hoare website:
You may not link any other website to this website without obtaining the prior written consent of C. Hoare & Co.
Eh?
3 responses so far ↓
1 Kay Tie // Apr 30, 2008 at 8:46 am
“You may not link any other website to this website ”
Typical Arse Lawyer involved, I expect. Who doesn’t know how the technology works. Or what case law has established.
If I were the wanker (rhyming slang for a rude word) who hired the lawyer, I’d ask for my money back.
2 Cleanthes // May 1, 2008 at 1:13 pm
I hope you asked for permission to put that link in Tim….
3 Hoare & Co // May 1, 2008 at 2:25 pm
[...] reported earlier, Hoare & Co. insists that you ask before you link to their [...]
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