Daily: How Britain’s Wolf of Wall Street crashed and burned

The Bunker – News without the nonsense

Podmasters

News, Government, Politics, Society & Culture

4.6 • 1K Ratings

🗓️ 15 April 2021

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

What kind of person crashes a £3.6bn business, shattering the life savings of 400,000 people? When Britain’s most famous fund manager Neil Woodford went down in flames in 2019 it was a personal humiliation for a “rock star investor” that the City thought was infallible. Owen Walker, the FT’s European Banking Correspondent and author of Built On A Lie: The Rise And Fall Of Neil Woodford And The Fate Of Middle England’s Money tells Andrew Harrison how Woodford’s arrogance lost his clients millions – and asks whether the City has learned any lessons from the debacle. “This was a guy who could get the biggest CEOs to do his bidding” “Journalists loved Woodford. They could create stories around him. And yes, they’re to blame for hyping him up” “When Woodford rang up, even major CEOs would take a seat and prepare for a rollicking” Produced and presented by Andrew Harrison. Assistant producers Jelena Sofronijevic and Jacob Archbold. Music by Kenny Dickinson. Audio production by Alex Rees. THE BUNKER is a Podmasters Production See acast.com/privacy for privacy and opt-out information. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	My name is Stan. I'm at. Nice to meet you. So you took up photography where? I've always loved
0:05.5	photography but I turn it into earning a living at 60. I enrolled on a day course.
0:11.8	Well college. I loved going to college. It's good you can retry. I'm enrolled on the day course. But college?
0:13.0	I loved going to college.
0:14.0	It's good you can retrain and do something.
0:16.0	Yeah, yeah.
0:17.0	Let's talk about working, learning, saving and making the most of living longer.
0:22.0	Phoenix Group is the UK's largest long-term savings and retirement business.
0:28.0	Search Phoenix Group living longer.
0:30.0	Pets brings so much joy.
0:32.0	From those happy greetings at the door to the warm cuddles on the sofa
0:36.7	so give a little love back with dental life from Purina a range of delicious chues made for dogs and tasty snacks for cats that help clean and support your pets, teeth and gums, essential for their overall well-being and a happy, healthy life. They give you plenty of smiles so
0:55.3	look after theirs with dental life. Pick up dental life in the pet food aisle. Hello I'm Andrew Harrison. Welcome to the bunker. How do you make 3.6 billion pounds disappear or at least vanish into limbo where it can't be reached?
1:16.8	That's what happened in 2019 with the spectacular collapse of the investment funds run by
1:20.8	Neil Woodford, infamous rock star investor who went from outside a
1:24.3	trainee to a business figure so powerful that he could decide the fate of CEOs and
1:28.2	major companies. For 30 years Woodford was the man who couldn't stop making money
1:31.6	and he couldn't stop spending it either
1:33.2	on luxury cars, race horses and real estate. The story of how it all went wrong and
1:37.6	how 400,000 people lost fortunes, sometimes their life savings, is grippingly
1:41.9	told in built on a lie, the rise and fall of Neil
1:44.4	Woodford and the fate of Middle England's money which is out now.
	...

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