Now that we’ve read Patrick Evershed’s letter to Human Resources, the backbone of his lawsuit against his boss, famed London financier John Duffield, for bullying him, everything has changed.
Now it appears Evershed is whining a bit too much. He claims to have predicted the credit crisis (three years before it began) even though his fund lost money. He blames the lost money on Duffield, even though he had this incredible insight three years prior to catasrophe.
Here’s the letter, thanks to Citywire:
I would like to make formal complaint about the way John Duffield has been bullying me and several of my colleagues.
He has been vile to most of the fund managers for several years and bullying us. He has created a most unpleasant atmosphere throughout the firm. His conduct and the atmosphere which he has created has destroyed the performance of the New Star funds. He recruited stars and then destroyed them by the way he treated us.
The board are aware of they [sic] way Duffield has been treating us and by the way his conduct has undermined the self confidence of the fund managers and the marketing department but they have been too frightened of him to deal with the situation in the way they should have.
In particular he bullied me in to reopening my fund. This destroyed the performance of the fund and my reputation. He has also destroyed the performance of several other funds and the reputation of several of my colleagues.
He also bullied Roger Dossett into buying properties when he and I and many others kept telling him the property sector was over valued. I kept telling him for over three years that a credit crunch was coming, but he turned his back on me each time and walked away. He refused to listen to me or Roger.
When I told him to stop bullying Roger to invest in over-valued properties he threatened to sack me. I intended to take him to court over this but I was persuaded by Richard Pease not to do this. This was the worst decision of my life. I could have saved a lot of people a lot of money if I had brought action through the courts against him at that time.
I would also like to make a formal complaint against Gregor Logan. He also bullied Roger and his team in to investing in over-valued properties.
I am sorry to have to write this letter to you but an increasing number of my colleagues have come to the reluctant decision that it is time for Duffield to be removed. It would be better if the board did this rather than leave it to me to take the matter to court.
After his employers received the letter the judgement says Evershed was promptly summoned by the then New Star chief executive Howard Covington, who is said to have suspended Evershed from his duties, saying he was ‘clearly emotionally unfit to manage money.
Evershed was given 15 minutes to clear his desk and as he passed Duffield he is said to have warned Evershed to be ‘very careful’ as ‘this might be very expensive for you.