Michael Spencer under attack by the Indy

This morning's Indy breaks a story about Tory treasurer council leader Michael Spencer.

The paper claims that a company run by him

gave investment advice to almost half the councils facing a funding crisis as a
result of the collapse of Iceland's banks, councils who paid Butlers for
strategic advice were almost twice as likely to have lost money in the three
main Icelandic banks as those advised by other companies.

adding that

Several councils claim they were not warned early enough about the
vulnerability of the banks, despite Butlers being contracted to evaluate and
monitor their creditworthiness

This is not the first time that Spencer has been involved according to Labour home

he secretly pledged £15 million in shares of Numis, a stockbroking firm he chairs, against a loan, without disclosing it, even though the shares pledged were 12% of the total stock and it was therefore of interest to other shareholders and should have been disclosed under stockmarket rules.