BUSINESS DIARY

Pimco's rather gross analogy

As boss of Pimco - the world's largest investor in bonds - whatBill Gross says matters, so there is no shortage of listeners.

Still, it certainly helps that he has an arresting turn ofphrase.

Take his latest internet posting on the soaring deficit in theUnited States, which he describes as "mindless spending".

Gross complains that - like praying mantises - Americanpolicymakers are "munching on the theoretical heads of futuregenerations, while paying no mind to the wretches that willeventually be called upon to pay the bills." That's telling them.

Madoff wrecked my divorce

The Bernie Madoff-related legal wrangles continue, this time witha curious twist. Steven Simkin, a wealthy New York lawyer, has justwon permission from the courts to sue his former wife for part ofthe settlement he agreed with her when they divorced four years ago.That deal saw him hand over $2.7m (1.7m), an award based on thenotional value of his investment with Madoff's investment scheme. Aswe all know now, that turned out to be a slight exaggeration of whatthe holding was actually worth.

Taxman's work is never done

It's official: Christmas wasn't as good fun this time around aslast year. How do we know? Well, HM Revenue & Customs has revealedthat no fewer than 845 people filed their tax returns on ChristmasDay, while a further 2,408 completed the forms on Boxing Day. That'sa 36 per cent increase on the festive season of the previous year.Proof, if nothing else, that Christmas telly is steadily gettingless watchable (or that Britons will find any excuse not to spendtoo much time with each other).

Toasting a fine investment

And you thought the stock market was doing well. The value offine wine was up by 40 per cent last year, according to the Liv-ex100 index, a benchmark of the value of top vintages at auctions andis expected to rise by a further 20 per cent over 2011. Like almosteverything else financial these days, the story is all about China,with wealthy individuals increasingly taking an interest in the finewine sector and paying top dollar for the top names.

businessdiary@independent.co.uk