Just say no
As a long standing hack you would expect my
sympathies normally to fall on the side of the embittered
scribbler. Indeed, under any normal circumstances (ie ones in
which my views have not been influenced by an offer of money) I
would tend to, as they say, back the hack. However, sometimes
an incident comes along in which you have to lay down your arms
and admit that - just a little - you can understand why
institutions get so annoyed at us members of the fourth estate.
Take last week's Nymex press conference in London, at which Jim
Newsome chatted about the "worst kept secret in the industry" -
the exchange's planned move to London. Having said that Nymex
was "in discussion" with FSA about a regulatory application,
one journo asked if an application had been lodged. Newsome's
response was a straightforward "no", tempered with the proviso
that he hoped that one would be in the coming weeks. This was
obviously not good enough for one newswire (name rhymes with
'goitres'), which within half an hour was proudly proclaiming
that Nymex "had applied for an operating licence with Financial
Services Authority." I have been eagerly scanning the wires
ever since, awaiting news that black is white, drinking
excessively won't give you a headache the next morning and
Elvis Presley has not left the building.
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