Wednesday, 14 October 2009

Doing A Ratner

From today's Evening Standard (Tuesday 13th October)

Mark Davies MD, when asked if anybody makes a living on Betfair.

"There are very few people who are consistently profitable and NONE of these people are in the UK"
A bizarre statement, up there with Gerald Ratner's speech at the Institute of Directors on April 23 1991. For those too young to remember, during the speech, he commented:

We also do cut-glass sherry decanters complete with six glasses on a silver-plated tray that your butler can serve you drinks on, all for £4.95. People say, "How can you sell this for such a low price?", I say, "because it's total crap"”

He compounded this by going on to remark that some of the earrings were "cheaper than an M&S prawn sandwich but probably wouldn't last as long". After the speech, the value of the Ratners' group plummeted by around £500 million, which very nearly resulted in the firm's collapse.


Anonymous said...

I have the article in front of me and it doesn't read like that. Yes he says that, but not in the manner you indicate. He seems to be implying that people who do outright gambling don't make any money. Not exactly a shock!

Cassini said...

I'm sure that's what he meant, but it was either poor reporting or a poor choice of words.