Keswick misses the point

In his statement to shareholders, Henry Keswick shows how little he understands international finance.

The Keswick victory over its minority shareholders resembled a skirmish outside the castle walls. One suspects the armies still loom over the hills. However, some interesting points emerged from Jardine Matheson chairman, Henry KeswickÆs, statement.

Central to his argument is that the JardinesÆ cross-shareholding structure offers a defence against the volatility of the Asian markets and allows the managers to focus on long term growth. ItÆs easy to swallow that one without thinking of the implications. In fact, itÆs a bit like saying the reason we rig elections every five years is that it is really good for the long-term growth of the economy, because it creates continuity.

ThatÆs the argument...

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