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It shows how a greedy group of executives, with almost unfettered energy, have been able to take one in every of Britain's richest, most worthwhile and cautiously run firms and strip it naked. Now the workforce is paying for Marconi's monetary meltdown. More than 10,000 jobs are to be axed worldwide, and some of Marconi's oldest established plants, together with a factory making telecom equipment in Poole, Dorset, are scheduled for closure. Simpson and Mayo grew to become so wrapped up in their very own power that they'd not recognised that the bursting of the expertise bubble would crucify them and Marconi, and destroy a manufacturing legacy. Arnold Weinstock spent forty years building the overall Electric Company right into a British industrial powerhouse encircling the globe, promoting energy plants to China, locomotives to America and superior radar methods to the Gulf. Weinstock's fashion of administration was frugal and unique. He prided himself on the company's dingy headquarters at Stanhope Gate in the heart of London.

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Marconi was haemorrhaging money. Key buyers were furious. One massive establishment complained bitterly: 'Now we have been kept at the hours of darkness.' The shares, valued at 1250p every in September 2000, lost momentum. With the market swirling with rumours about the corporate issuing a warning a few dip in future income, they plunged to simply above 100p on 5 July, in the most traumatic day of trading in the company's history. The private loss for Lord Weinstock, who retains the honorific title of emeritus chairman, was enormous. As he lay within the London Clinic, writhing in ache after damaging a vertebra, he watched his household fortune collapse. Built up over two generations and worth £500m, on the peak of the technology bubble, that fortune now stands at simply £44m. Weinstock had no illusion about where the blame lay. His view was that Simpson had betrayed his legacy and that Mayo was an 'ego-maniac' who should never be allowed to run the company.

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