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The Bottom Line

Producers or Parasites?

The Bottom Line

BBC

Society & Culture, Personal Journals, Business

4.6606 Ratings

🗓️ 20 October 2011

⏱️ 28 minutes

🧾️ Download transcript

Summary

The view from the top of business. Presented by Evan Davis, The Bottom Line cuts through confusion, statistics and spin to present a clearer view of the business world, through discussion with people running leading and emerging companies.

With protests continuing around the world against the financial sector, three guests from that industry swap candid thoughts about it. Evan puts to them a fundamental question: is their industry creating genuine wealth, or is it essentially parasitic, finding clever ways of distributing other people's wealth to its own workers?

Joining Evan in the studio are Ken Olisa, chairman of boutique technology merchant bank Restoration Partners; Ian Gorham, chief executive of financial advisory firm Hargreaves Lansdown; Julian Roberts, chief executive of savings and investment group Old Mutual.

Producer: Ben Crighton Editor: Stephen Chilcott.

Transcript

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0:00.0

Thank you for downloading the Bottom Line podcast. This week, Evan Davis asks a panel of

0:05.1

executives in the world of finance, whether their industry is productive or parasitic.

0:10.9

Hello and welcome to the bottom line. With protests erupting around the world against the

0:17.0

financial sector at the moment, we gather three people who work in that industry today.

0:22.3

I'll ask them the all-important question.

0:24.7

Does it really create wealth?

0:26.3

Or just find elegant ways of distributing other people's wealth to its workers?

0:31.2

We'll devote the whole programme to that, in fact.

0:34.1

But first, let's meet the guests.

0:36.3

You'll have to forgive us.

0:37.1

The panel perhaps doesn't

0:38.3

represent the kinds of financial institutions that attract much of the protesters' wrath. We struggle

0:45.1

to get the chief executives of big investment banks on the program to answer for themselves.

0:49.8

But what I'd like to do, gentlemen, is to get you each to explain what your company does,

0:54.3

because I think to the world outside, many of the occupational demarcations in the world of finance are lost on people.

1:02.5

First of all, then, Ken Alisa.

1:04.6

I run an organisation called Restoration Partners.

1:07.6

We are a boutique technology merchant bank.

1:10.2

If I crack that code, boutique means small.

1:12.8

There are three partners. Technology is information technology, i.e. computing. And merchant bank

1:17.6

means the combination of clever, creative people, access to a powerful network of contacts,

1:23.2

and access to capital. And we apply those to help early stage growing, high potential IT companies

...

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