Thursday, November 05, 2009

The Lunatics Are Taking Over The Asylum

British media is the envy of the world. It is chokka block full of innovative, talented people, so I simply cannot understand what's going on with the changes at the top at Channel 4 and ITV (apart perhaps from those in the industry being talented and clever enough to know that senior positions at these companies are poisoned chalices).

So, rumours that 'Teflon Terry' Burns is in line for the top job at Channel 4 is saddening. Quite apart from being an erstwhile banker, his record is shocking: as a civil servant he was responsible for the ERM debacle at the Treasury, ran Abbey into a fire sale and failed to manage the succession at M&S.

And over at ITV the whisperings don't get much better, with another banker, former Merrill Lynch (bust and sold to Bank of America) boss Bob Wigley in the frame for the Chairman's seat.

Since the person overseeing the debacle of the top recruiting at ITV is a former HBOS banker, it's not surprising that it's jobs for the boys.

City experience might count for something (cough, splutter...) , but no amount of financial engineering is going to save either of these institutions.

So, after busting the country and getting many of the media companies into the dire straits they're in today, the bankers are now being given jobs saving our beleagured media industry.
Trebles and big bonuses all around!