Feeds

Number 10 spinner fingered in NTL investor 'bullsh*t' suit

Points for honesty, allegedly

Securing Web Applications Made Simple and Scalable

The man Gordon Brown hopes will pull the government out of its popularity slump was accused of deliberately misleading investors over the financial status of NTL when he was its COO.

Documents filed in a New York class action suit - the cable firm was listed on Wall Street - claimed that after a 2001 conference call Stephen Carter was asked "how can you... persuade investors to believe that NTL is going to be OK when you know it isn't?"

He allegedly replied: "What I tell them is nine-tenths bullshit and one-tenth selected facts."

Carter was poached from a City PR firm and appointed strategy chief by the Prime Minster last week.

The case was settled for $9m without admitting liability by an insurance company acting on behalf of Carter and nine other directors in 2006.

At the time of the call, NTL was saddled with massive debts from investment in the UK cable network. Much of the bill has been inherited by the current owner Virgin Media, which was formed after NTL merged with Telewest in 2006.

Carter left his job as NTL's chief operating officer in 2002. The suit said he and other senior executives illegally lied to spin their way out of the share price nosedive triggered as the full extent of its financial woes emerged.

The conversation is recalled in evidence from his former customer marketing director Charles Darley. It piles further embarrassment on the government, as it tries to move on from a series of scandals that have brought its integrity into question in many eyes.

According to The Times, Carter declined to comment other than to say that US court actions were “often complex and long-running”, while his lawyer said Carter flatly denied the allegations.

We asked Number 10 for comment - we're still waiting.®

Application security programs and practises

More from The Register

next story
ONE EMAIL costs mining company $300 MEEELION
Environmental activist walks free after hoax sent share price over a cliff
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
Arrr: Freetard-bothering Digital Economy Act tied up, thrown in the hold
Ministry of Fun confirms: Yes, we're busy doing nothing
Help yourself to anyone's photos FOR FREE, suggests UK.gov
Copyright law reforms will keep m'learned friends busy
Putin: Crack Tor for me and I'll make you a MILLIONAIRE
Russian Interior Ministry offers big pile o' roubles for busting pro-privacy browser
Apple smacked with privacy sueball over Location Services
Class action launched on behalf of 100 million iPhone owners
UK.gov's Open Source switch WON'T get rid of Microsoft, y'know
What do you mean, we've ditched Redmond in favour of IBM?!
EU's top data cops to meet Google, Microsoft et al over 'right to be forgotten'
Plan to hammer out 'coherent' guidelines. Good luck chaps!
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.