Following the good work done by business news columnist Brian Gaynor on Saturday, Eric Watson and Mark Hotchin seem to be backing away from their latest finance company venture, FAI Money.
They claim the move is in response to the Government's announcement to end the deposit guarantee scheme, but the timing looks suspicious.
If the removal of the scheme was the sole reason for the move, then that suggests FAI Money was potentially not in a position to continue in operations without someone else backing it. And when I say "someone else", I mean someone who has both the money and commitment to stand by the company. Remember how Watson and Hotchin were going to stand by Hanover and make sure it didn't fail? How did that work out?
The more likely scenario is that the public scrutiny of FAI Money made Watson and Hotchin realise the game was up.
I hope they stay out of the retail investment game permanently. In fact, I wouldn't trust them to run an ice cream van.
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