Saturday, December 31, 2011

UK Shows Crime Does Pay by Honouring a CBE for jailed tycoon and a knighthood for Tory donor who cashed in on the credit crunch

A disgraced property tycoon and a hedge fund trader who cashed in on the credit crunch are both in the New Year Honours list.

Ex-convict Gerald Ronson – the great survivor of the Guinness share-trading scandal – is made a CBE. And there is a knighthood for Tory donor Paul Ruddock, who has given more than £500,000 to party coffers since 2003.

His firm, Lansdowne Partners, made a staggering £100million from the financial crash by betting that the price of Northern Rock shares would fall and also made millions in a matter of days by predicting the likely slide of other banking shares.

The honours sparked a cross-party war of words, with Labour accusing David Cameron of cronyism, but Downing Street insisting that the Prime Minister had nothing to do with the decisions. Read More