Lewis Pek Editor
Comment
August 2019
I was recently in the debenture lounge of Court One, overlooking the prefectly manicured lawns of Wimbledon, eating strawberries and cream while angrily listening to a loud and obnoxious conversation taking place at the next table. An investment banker was introducing himself to a potential client and was seeking to impress with his knowledge of financial markets with a view to taking charge of the other, near silent, man’s portfolio.
Adopting a condescending tone having been appraised of the current state of the man’s financial affairs, the banker suggested liquidating stocks in Facebook and Google, describing them as low earning “morally good” stocks. I think this is probably the only time that I’ve ever heard of Facebook and Google being described as morally good - however, he went on to explain that under his guidance, the client’s portfolio would be reinvested in “morally reprehensible” stocks. He described the percentage gains for the Tech-portfolio as making small marginal gains each year, whereas his evil stocks would double and even treble his returns.
Keen to impress, the banker gave an example of the kind of stocks within his portfolio. He described a French oil company, which had backed the rebel forces in the Libyan Civil War, providing funds of over US$20m to arm and equipment the fighters on the explicit understanding that the support would yield access to oil fields in Libya following the overthrow of the government.
IT WASN’T LONG AGO THAT THE BANKING SECTOR BROUGHT DOWN THE GLOBAL ECONOMY, BUT NO LESSONS HAVE BEEN LEARNED
The reprehensible actions of the oil company aside, the fact that the banker was actively promoting this company as a viable stock to an investor was shocking. Having dealt with banks in the past to obtain online banking facilities, to seek funding for projects and mortgages for premises, and having been scrutinised in the extreme - and delayed - due to Gaming Publishing’s association with the gambling industry as a publisher of a magazine about gambling - but not an organisation that actually provides gambling services - listening to a banking official describe his legitimate investment portfolio as “morally reprehensible” and therefore a sound investment, was both eye-opening and deeply offensive.
It wasn’t long ago that the banking sector brought down the global economy, and so to hear that no lessons have been learned a decade on is really worrying. However, what troubled me more is this question of morality, that the gambling industry can be damned despite the good it does and entertainment it provides, while those judging from high places can be rotten to the core.
EDITORIAL
G3 Magazine Editor Lewis Pek
lewis@gamingpublishing.co.uk +44 (0) 1942 879291
G3Newswire Editor Phil Martin
phil@gamingpublishing.co.uk +44 (0)7801 967714
Features Editor Karen Southall
karensouthall@gmail.com Consultant
John Carroll
carroll@carrollconsulting.de
International News Editor James Marrison
jamesmarrison@gmail.com Contributors
Brian Sandoval, AG Burnett, Jay Kaplan, Jan Jones Blackhurst, Corey Plummer, Kim Barker Lee
P4 NEWSWIRE / INTERACTIVE / MARKET DATA ADVERTISING
Commercial Director John Slattery
john@gamingpublishing.co.uk +44 (0)7917 166471
Business Development Manager James Slattery
james@gamingpublishing.co.uk +44 (0)7814227219
Advertising Executive Alison Dronfield
alison@gamingpublishing.co.uk +44 (0)1204 410771
PRODUCTION
Senior Designer Gareth Irwin
Production Manager Paul Jolleys
Subscriptions Manager Jennifer Pek
Commercial Administrator Lisa Nichols
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