Robert Maxwell<\/p><\/div>\n

I’ve just finished reading ‘Maxwell: The Final Verdict’, a brilliantly researched book about the life of Robert Maxwell, written by one of the greatest writers of the modern era, Tom Bower. \u00a0The book goes into incredible detail about how Maxwell, allegedly supported by his son Kevin, convinced his own directors, senior management, lawyers and bankers that what he was doing with pension fund money was acceptable.<\/p>\n

Without going into all the details, he was basically borrowing money from (mostly) unsuspecting banks using shares belonging to the pension funds as collateral. \u00a0As that source of funds started to dry up he implemented one of the most embarrassingly deceitful, but simple, forms of financial fraud by entering into foreign exchange contracts with banks to buy Dollars with Sterling but then ‘forgetting’ to pay over the Sterling (after having received the Dollars).<\/p>\n

But, leaving aside the fascinating insight into the way in which the fraud was perpetrated, the book highlights a number of interesting features about Maxwell’s life.<\/p>\n

The first is the fact that he had no friends, which is probably not surprising for a man with few redeeming features. \u00a0The monstrous ego of the man comes across strongly, typified by his getting his hair dyed black every few days by his personal stylist. \u00a0In fact, it was to this stylist that he admitted one evening to having no friends and that “people only like me for my money, and I’m including my family in that.” \u00a0Immediately after he died reporters noted that not one member of his family was seen shedding a tear, not least his wife who he had treated with the utmost disrespect. \u00a0(He left her 60th birthday party after an hour and before the speeches.)<\/p>\n