Oh, dear. We try to present a picture of financial directors as sensible, go-ahead people with an acute sense of risk management – and then one of our number goes and blows almost £10m of his ex-partners’ private cash. Hugh Eaves, former FD at Phillips & Drew stockbroking firm, which was acquired by Union Bank of Switzerland in the mid-1980s, was asked by a handful of his former partners to look after a slice of their sell-off windfalls. Sadly, he managed to lose almost £10m of their cash in derivatives trades that went from bad to worse (don’t they all?). Eaves, who is “consumed with remorse”, does have some assets to hand over. He owns 90% of Bury Football Club which, oh dear, was relegated to the second division the day Sunday Business blew the whistle on him.
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