They were told
Sir: While I do not disagree with the main argument advanced in Paul Johnson's arti- cle (And another thing, 16 November), I do take issue with his introduction regarding Lloyd's and the Financial Times.
Everything was not considered fine at Lloyd's by the paper. From the late 1970s onwards the FT revealed and analysed many of the scandals which should have put those who wished to invest or had invested in the market on warning. In the early 1980s the FT's work on Lloyd's was recog- nised in the British Press Awards by other newspapers.
After all the critical comment and revela- tions of bad practice and fraud in the FT, 14,000 individuals still decided to invest in the Lloyd's market.
If the decent citizens to which he refers choose to ignore what is publicly available when they are active investors, newspapers can hardly be blamed when things go wrong.
John Moore
128 Victor Road, London SE20
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