So much for Anglo-Saxon transparency

Or at least as far as Lloyds of London are concerned.

Since the Asian crisis you have all read a lot about how transparent the Anglo-Saxon capitalist culture is. The more discerning realised this was never entirely true, but I am sad to say I discovered a great gaping whole in the edifice yesterday.

A friend had called me up and said he had heard that a few Hong Kong tycoons were 'Names' at Lloyds of London and would therefore be taking a hit from the disaster at the World Trade Centre.

'Names' are members of the syndicates that underwrite catastrophe risks. As has been well-reported, the terrorist attack on New York will be the biggest hit the Names have ever taken.

Duly, I called Lloyds...

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