Friday, March 5, 1999 Published at 21:56 GMT
Business: The Company File
Lord Archer's son is sacked
Lord Archer, the millionaire author, whose son has been sacked
James Archer, son of millionaire author Lord Archer, has been sacked from his high-flying City job after an investigation into suspect share trading.
He was one of an infamous gang of dealers known as the 'Flaming Ferraris' who took huge bets on the money markets and were named after their favourite Fulham cocktail.
However the investment bank that employed the Flaming Ferraris, Credit Suisse First Boston (CSFB), has brought an abrupt end to Mr Archer's flourishing City career.
Red light for Ferraris
Mr Archer's fellow Flaming Ferraris David Crisanti and Adrian Ezra have also been dismissed.
CSFB said in a statement: "James Archer, David Crisanti and Adrian Ezra have been dismissed for cause, following the completion of our internal investigation. As a policy matter we do not comment on the detail of regulatory, disciplinary or other compliance cases.
"We are however both clear and consistent in demanding high ethical standards from our staff. There is no place in our organisation for those who do not meet such requirements."
However a lawyer for one of the three, Adrian Ezra, said that his client had already resigned from CSFB on Thursday and that their action was "irrational and inappropriate."
Keith Oliver, a partner in the law firm Peters & Peters, said Mr Ezra "was not party to any trading on any market which in his opnion, created or gave rise to any adverse market movement."
Claims of insider dealing
CSFB and the Swedish stock market authorities have been carrying out an investigation into share dealings by Mr Archer and his colleagues on the Swedish stock market.
It is alleged that Mr Archer brought shares in a major Swedish company in order to manipulate the Swedish stock market.
The Flaming Ferraris made their money by betting huge sums, sometimes billions of pounds, on which way markets would move.
They were regarded as among the most successful traders in the world, making tens of millions of pounds for their employers.
In return they could have received millions of pounds in bonuses. However, now they have been sacked they may not receive a penny.
The Flaming Ferraris were famous for working hard and playing hard, hiring limousines to travel around town and even paying caterers to supply a mountain of whipped cream for a huge food fight.
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