How not to make money 101
Friday, October 12th, 2007The saga of the Assets Recovery Agency seems to me like an episode of The Apprentice.
On the TV show, SirAlan gives the teams a few hundred pounds, sends them out with a task, and expects them to come back with a profit.
But usually one (or even both) of the teams screws up, and comes back with 8p and a half-chewed biscuit, or something.
Sadly, with the Assets Recovery Agency, it was £65m the team was given - and they came back with a rather paltry £23m, meaning they spent about £2.80 for every £1 they took off the criminals.
That £23m would have been impressive if they’d been selling canned goods in a supermarket carpark for a television show - but less impressive given they were supposed, in David Blunkett’s words, to be
“hitting organised criminals where it hurts”.
Best of all, though, it has emerged that about half of the £23m came from just one “client” who handed over some assets after a process of “negotiation” - he got to keep the rest of his potentially ill-gotten gains, apparently.
And that reminded me of the Comic Relief episode of the Apprentice where Cheryl Tweedy just phoned up her fiance (Ashley Cole) and got him to donate £20,000 or something. It seemed a bit like cheating…





