Poor little rich girl
IT seems jolly unfair, but Nicola Horlick may have to think twice about buying a house in the Boltons. The prices there run into seven figures, and if she does not have an income to match there may be trouble with the mortgage. Poor little rich girl, don't drop a stitch too soon. ... Mrs Hor- lick's performance as the woman scorned by her employers, Morgan Grenfell, will have been relished by million of pensioners, actual and prospective. She was hired, so they now learn, to manage their money, which at one remove provided her £1 mil- lion salary and bonus. The City is said to live by shovelling money round the world and keeping the coins that stick to the shov- el, but it now seems to have been coated with adhesive. Rather late in the day, City firms are waking up to wonder what their colossal bonus payments buy them, except trouble. An eminent merchant banker (not with Morgan Grenfell) offers his own expla- nation. The City, he says, has its performers and its managers, but the managers, who are promoted performers, could not manage their way out of a paper bag.
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