Socially Useless ? What About Us ?

The Sunday Telegraph reports that ICAP CEO Michael Spencer made a speech last week in which he said that he was 'genuinely offended' by Financial Services Authority Chairman Lord Turner's description of bankers as 'socially useless'.

And well he might be, as ICAP and its employees have raised over $100m for charity over the last 16 years, by donating revenues and commissions each year through the now famous ICAP Charity Day to organisations like The World Vision Foundation of Thailand, The Hong Kong Society for the Protection of Children, the Alzheimer's Society and Starlight Children's Foundation.

2009's Charity Day will take place this Wednesday, and the firm will hope to top the record $18.3m it raised last year (the size of the donations have increased every year, save one, since the Charity Day was first run in 1993). ICAP clients in 50 countries are expected to take part in this year's event.

At a time when most bankers are getting it in the neck for greed and recklessness, it's good to see the more positive side of our industry. Hats off to ICAP (once again).

For more information on the firm's Charity Day, please e-mail

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