View the profiles of people named Maxwell Scott. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for … } But there's a hitch. border:none; This site uses Akismet to reduce spam. Our services include formal and non-formal debt solutions. And in the U.S., at least, those legends have more in common with John Ford's movies than one might expect. background: #D8D8D8; News; Events Its methodological contribution was the use of mechanism-design theory rather than the old strategy, still prevalent in textbooks and some of macro, of tacking a banking sector onto a model of market exchange. This site uses cookies to make it more useful and reliable. a:hover { Discover the Maxwell-Scott Winter Sale. On the contrary: coming up with a reasonably tractable model economy in which a "bank" performed some essential function, yet was almost certain to eventually fail, was anything but. Original language: English: Title of host publication: COMPANY LAW IN HONG KONG: Subtitle of host publication: INSOLVENCY 2014: Editors: Susan Kwan, John Scott, Brian Gilchrist, Thomas Vaizey max-width: 600px; It follows that "anything that causes [type 2 consumers] to anticipate a run will lead to a run," including intrinsically irrelevant random events such as sunspots. [3] The lesson is that, while it's possible to come up with a model bank that succumbs easily to panic, making one that also resembles real-world banks is well-nigh impossible. While deposit insurance can rule out ordinary bank runs, it generally can't prevent runs on banks by persons seeking to acquire domestic currency for the sake of converting it into foreign exchange. Econintersect will not sell or pass your email address to others per our privacy policy. ×, Maxwell Scott: Keeping the wheels of justice turning. margin-left: auto; Case number 1 — Administration order ... Scott Barnes Euston Square, Melton Street, London, NW1 2EP Ceased to act 29 July 2005. That Penn Square failed because it made all sorts of bad loans is notorious. I completely agree with Ricardo Cavalcanti when he writes that it. Maxwell-Scott was founded in 2002 by English entrepreneur William Scott Forshaw. Diamond and Dybvig's model is cited so often in part because it has been criticized and refined so often, with each criticism and refinement adding, if only a teeny bit, to our understanding of the true causes of systemic banking crises. Registered office: Handel House, 95 High Street, Edgware, Middlesex, HA8 7DB, © Legal Futures Publishing Limited - 2021 There's just one problem. Seek discounts off selected men's briefcases, wallets, and travel bags, plus women's purses, handbags, and small accessories. Wildcat banking is to the history of banking what the O.K. in economics and zoology from Drew University, and a Ph.D. in economics from New York University. FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. a:link { { Nor has that paper's influence been merely academic. To see why, we must first come to grips with the Diamond-Dybvig (or D-D, for short) model itself. Dunedin Advisory specialises in personal and corporate restructuring and recovery. 03301 001 014; Payment; Client Login; HR Portal Login; People; Legal Services; Sectors; News & Events. Hundreds of insurers and law firms have signed up to a protocol agreed by the ABI and claimant firm Thompsons aimed at cutting out opportunistic tactics by either claimants or defendants, while the Association of Personal Injury Lawyers and Forum of Insurance Lawyers published an agreed set of “standard practices” to aid communication during the pandemic. Enjoy up to 30% off our Italian leather bags and accessories. That the Diamond-Dybvig model should have become so popular in policy circles isn't hard to fathom. Full-grain, vegetable-tanned Italian leather is sourced in order to guarantee the utmost durability when combined with the workmanship of … This will be restricted to an initial 30-minute assessment plus a maximum of six 20-minute sessions of treatment. text-decoration:none; } “This is further evidence of the ability of ABI and ACSO members to work together on practical solutions through this unprecedented event.”. On the contrary: it was because most of the banks that failed were regulated, irresponsibly, especially by being prevented from branching and by being compelled to invest in doubtful securities as a condition for issuing currency. } Stoddard regales him with his many accomplishments since he left; but Scott, in the meantime, hears the rumor that young Stoddard killed the town villain in a shootout. a A "bad" equilibrium may also occur in which type 2 agents panic and join type 1s in withdrawing their deposits prematurely. That's not to say that there were no bank runs or bank failures: there were plenty. COLOR: #0000c1; The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Abilene National Bank was one of Penn Square's major correspondents, which suffered a run when word got out that it had suffered major loan losses. Assuming that the fraction, t, of type 1 consumers is less than one, risk sharing takes the form of (nontransactable) deposit contracts entitling depositors to a preset payoff of r1 bushels of corn per bushel deposited in period 0 for period 1 withdrawals (R > r1 > 1) and to a residual payoff of r2 (< R) bushels of corn per bushel deposited in period 0 for period 2 withdrawals, where r2 represents a pro rata share of corn harvested in period 2. All our personalised leather goods are handmade by master craftsman from fine full-grain Italian leather. The statement also urges insurers to make all payments due promptly, and by BACS where possible, and that the parties engage in alternative dispute resolution for cases going through the MoJ portal to avoid putting pressure on the courts. The statement will be reviewed every three weeks. This isn't to say that deposit insurance is the only possible solution. } } Senator Ranse Stoddard, who has just returned to the frontier town he left 25 years earlier. Bear in mind that our Sale items are only available for a limited time only. In short, when Diamond and Dybvig set out to write their famous paper, U.S. banking legends were quickly giving way to facts. It was because the New York Fed was running short of gold that it ultimately urged the government to declare a nationwide bank holiday. Practitioner Selgin has written for numerous scholarly journals, including the British Numismatic Journal, The Economic Journal, the Economic History Review, the Journal of Economic Literature, and the Journal of Money, Credit, and Banking, and for popular outlets such as The Christian Science Monitor, The Financial Times, and The Wall Street Journal, among others. We do so in the UK and offshore. Our research proves that anyone who gets in now could turn $1,000 into $1.57 Million, [Click here to subscribe to our newsletter]. Join Facebook to connect with Maxwell Scott and others you may know. Members have been involved in high-profile insolvency … p PricewaterhouseCoopers is an Anglo-American multinational professional services network of firms, operating as partnerships under the PwC brand. begins with N consumers endowed with equal quantities of the economy's single consumption good, e.g., ... a bushel of corn. This website uses cookies to improve your experience while you navigate through the website. The rehabilitation elements of the statement were developed by Together for Rehabilitation, an industry group of rehabilitation providers. Alas, the theoretical literature on banking panics, including Diamond and Dybvig's seminal article, appears to owe more to tenacious myths about banking in the U.S. than to any well-informed survey of U.S. banking experience, let alone experience elsewhere. a img { margin-right: auto; was a significant conceptual and methodological advance in studying banking arrangements. Maxwell has 6 jobs listed on their profile. In that environment, a "bank" can make everyone better off by allowing consumers to pool their investments to share the risk of having to consume early. } Scott has 4 jobs listed on their profile. Members of Wilberforce Chambers’ Insolvency Group specialise in all aspects of corporate and personal insolvency litigation and advice. He has also taught at George Mason University, the University of Hong Kong, and West Virginia University. }, -- this post authored by George Selgin, Cato Institute. That is, they modeled the legend, and the JPE printed it. padding: 0.5em 10px; Disbursement funding for commercial disputes – all about the price tag? font-family:arial; Corral and Wild Bill Hickok are to the history of the far west. Since the Cork Report of 1982, the modern policy of UK insolvency … [1] Alas for Diamond and Dybvig and the citizens of the countries that followed those experts' advice, its practical results can't be said to have been universally benign. ACSO executive director Matthew Maxwell Scott said: “The onus is on insurers, claimant firms and the supply chain to help keep the wheels of justice turning at this difficult time so that injured people can get the medico-legal examinations and rehabilitation treatment they need.”. Diamond and Dybvig claim that appropriate central bank action can also rule-out runs. In the second half of this essay, I'll explain why their model actually says very little about how real world banks work, and even less about how we can get them to work better. [2] So my beef isn't with Diamond and Dybvig per se. It's that Diamond and Dybig (1983) demonstrate no such thing. A bushel of corn planted in period 0 yields R > 1 bushels in period 2, but only one bushel in period 1. If the taxes and transfers were set to be identical to that of the optimal deposit insurance, it would have the same effect.". MAXWELL SCOTT LTD - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity It provides that, so long as the agreed approach is followed, insurers will not challenge examinations or rehabilitation purely on the basis that they were conducted remotely. This is the latest cross-industry personal injury agreement to encourage more collaborative working during the pandemic. Indeed. Q.E.D. Skip to content. Unlucky "type 1" consumers will have to liquidate their corn investments prematurely, realizing a net return of zero. But that doesn't stop Scott from deciding that it makes for better copy than Stoddard's real accomplishments. PwC ranks as the second-largest professional services network in the world and is considered one of the Big Four accounting firms, along with Deloitte, EY and KPMG.. PwC firms … In "The Man Who Shot Liberty Valence," John Ford's 1962 Western, Jimmy Stewart plays distinguished U.S. Because the option to suspend makes everyone better off, it constitutes a free-market solution to the problem of bank panics. margin-right: auto; His research covers a broad range of topics within the field of monetary economics, including monetary history, macroeconomic theory, and the history of monetary thought. Insolvencies recorded by agency rose eight per cent to 10,397 during April The statement also allows injured people to undergo psychological therapies remotely, with the number of sessions and frequency the same as it would be for face-to-face treatment. in S Kwan, J Scott, B Gilchrist & T Vaizey (eds), COMPANY LAW IN HONG KONG: INSOLVENCY 2015. But just as shootouts were actually rare, even in Dodge City, so (as numerous studies have now shown) was wildcat banking. There are three periods, 0, 1, 2 - a "planting" period, an "intermediate" period, and a "harvest" period. A "good" banking equilibrium with optimal risk sharing occurs when deposit contracts are taken advantage of and type 2 consumers behave like type 2 consumers, delaying their withdrawals until the harvest. "Aggregate Uncertainty" and the Case for Intervention. Having done my best to explain that model elsewhere, I can't do much better than repeat that effort here. It follows that in a situation of "aggregate uncertainty" (that is, where the value of aggregate type-1 withdrawals is uncertain), deposit agreements that allow for suspension may not be attractive enough to make them a viable, free-market solution to the problem of panics. The rumor turns out to be false (John Wayne did it). A panic spoils the risk-sharing arrangement because, with r1> 1, the value of the bank's assets in period 1 (= N bushels of com) falls short of the promised period 1 redemption value of bank deposits (= Nr1). By taking advantage of its power to tax by committing to tax bank customers who withdraw their deposits in period 1, at a rate based on the realized value of total withdrawals, it can reduce the post-tax return type 2s can look forward to if they panic. Website by Pixel Pixel, protocol agreed by the ABI and claimant firm Thompsons. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. width: 600px; View Scott Maxwell’s profile on LinkedIn, the world's largest professional community. Wigmore, in particular, has argued quite persuasively that the 1933 run was "a run on the dollar," meaning that, instead of imagining that all the banks still standing were about to go belly-up, people worried that, once he became President, FDR would devalue the dollar. Research output : Chapters, Conference Papers, Creative and Literary Works (RGC: 12, 32, 41, 45) › 12_Chapter in an edited book (Author) Qu, C 2015, CORPORATE RESCUE . Because the D-D model assumes a single bank, such panic-based withdrawals are the equivalent of systemwide panic in a multibank system. Maxwell-Scott was founded in 2002 by Harrogate-born William Scott Forshaw. According to Diamond and Dybvig, a bank is a device that allows optimal risk sharing by pooling investments and dividing anticipated returns among type 1 and type 2 consumers. Marcia specialises in all aspects of personal and corporate insolvency and company law, including bankruptcy, administrations, receiverships, liquidations, voluntary arrangements, shareholders’ disputes, wrongful trading, misfeasance, disqualification of directors, directors’ duties, derivative claims and security and priority issues. For they, too, are at least partly legends of the old West, which besides its gunslingers and regular shootouts had its fly-by-night "wildcat" banks and worthless shinplasters. { "It does not seem to be an exaggeration, Gary Gorton and Andrew Winton observe, in their chapter on "Financial Intermediation" for Elsevier's Handbook on the Economics of Finance, "to say that most of the theoretical work on panics has been motivated by the U.S. experience, which has then been incorrectly generalized. Industry-leading 25-year guarantee. "This is the West, sir," he tells the crestfallen Senator after tearing up his notes. } https://www.litigationfutures.com/news/number-of-motor-claims-… But the insurance banks offer makes them vulnerable to panic-based runs. "Insolvency" means being unable to pay debts. Among those to support the statement are LV=, Premier Medical, rehabilitation provider Ascenti, and Slater & Gordon. font-family:arial; James Dalton, director of general insurance policy at the ABI, said: “ABI members are committed to giving extra support and reassurance to customers and claimants during this difficult time. height: auto; Unfortunately, Diamond and Dybvig demonstrate that such a "good" equilibrium is only one of two possibilities. He is the author of The Theory of Free Banking (Rowman & Littlefield, 1988), Bank Deregulation and Monetary Order (Routledge, 1996), Less Than Zero: The Case for a Falling Price Level in a Growing Economy (The Institute of Economic Affairs, 1997), and, most recently, Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage (University of Michigan Press, 2008). In contrast, lucky "type 2" consumers can afford to delay consumption until the harvest, enjoying a positive return. James Clerk Maxwell (Edimburgo, 13 de junho de 1831 — Cambridge, 5 de novembro de 1879) foi um físico e matemático britânico. Panics simply are not a feature of most economies that have banks.". 7135808. margin-left: auto; { of meetings, the Court of Appeal made clear in Revenue and Customs Commissioners v Maxwell that administrators appointed out of court will be scrutinised the Cu Our Group includes winners and nominees for Insolvency and Restructuring industry awards and authors of leading textbooks in the area. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis. COLOR: #0000c1; "The D-D economy," I wrote. Maxwell Scott: Keeping the wheels of justice turning Insurers, law firms and suppliers have agreed a ‘statement of intent’ to keep non-MedCo medical examinations and rehabilitation going remotely during the Covid-19 crisis. All consumers feel vulnerable as of period 0, however, because they do not learn their types until period 1. Insurance can thus achieve the same run-preventing structure of returns in a situation of aggregate uncertainty as suspension contracts are able to achieve only when the share of type 1 depositors is known. This under-the-radar company is not yet a household name. View Maxwell Scott’s profile on LinkedIn, the world’s largest professional community. Please share this article - Go to very top of page, right hand side, for social media buttons. [3] By way of motivating their article, Diamond and Dybvig themselves mention runs on Hartford Federal Savings and Loan (February 1982) and the Abilene National Bank of Texas (July 1982) along with the large losses suffered by uninsured depositors upon the failure of Oklahoma's Penn Square Bank (July 1982). But like Maxwell Scott, though unwittingly, Diamond and Dybvig printed the legend. As experts have long understood, it does nothing of the sort. Maxwell has 10 jobs listed on their profile. .thumb In short, while Diamond and Dybvig may well have been inspired by these episodes, their contribution can hardly be said to help us understand them. Legal Futures Publishing Limited, Registered in England No. However it's worth noting that the period's international crises were primarily currency crises, involving speculative attacks on pegged foreign exchange rates, rather than banking crises in the strict sense. body blockquote img By assuring patient, type-2 depositors that they will always receive their promised return, the option of suspending payments eliminates their incentive to panic, ruling out the bad, bank run equilibrium. That the number of countries that adopted such schemes more than quadrupled during the two decades immediately following the article's appearance - from just 20 to 87 - almost certainly owes something to Diamond and Dybvig's influential publication, which is bound to have informed the thinking of experts at the IMF and other international agencies who recommended deposit insurance as the best cure for banking crises. How does the Supreme Court’s analysis of ‘inside information’ in Halliburton align with other opportunities for unconscious bias, such as determinations on the admissibility of illegally obtained evidence? img { } As I've also addressed this "Great American Banking Myth" elsewhere on this site, I'll only observe here that, just as Hugh Rockoff, Arthur Rolnick, and Warren Weber began to demolish the myth of antebellum wildcat banking starting in the mid 1970s, others, including Barry Wigmore and Elmus Wicker, took a hard look at banking crises of the 1930s, and found that self-fulfilling fears of bank insolvency played a much more limited part in them than others had supposed. [1] A rising incidence of financial crises abroad undoubtedly played their part as well. Indeed, the real lesson the Diamond-Dybvig exercise teaches couldn't be further removed from the one many draw from it, particularly if they aren't familiar with the many follow-up studies it inspired. So much for Diamond and Dybvig's model and the claims they and others make with reference to it. At first blush, the Diamond-Dybvig model seems to answer all the requirements of a rigorous model of banking panics. View Scott Maxwell’s profile on LinkedIn, the world’s largest professional community. text-overflow: ellipsis; After all, he designs accessories to last a lifetime as a testament to slow … font-family:arial; It's with those who assume that their model supplies adequate grounds for government intervention in banking. In the simple or "baseline" version just described, the D-D model suggests a straightforward, contractual remedy to the problem of bank runs: provided it knows the value of t - the fraction of impatient, type-1 depositors - instead of allowing unlimited deposit withdrawals, the bank can include clauses in its deposit agreements allowing it to "suspend" period one payments as soon as the share of withdrawn deposits reaches t . É mais conhecido por ter dado forma final à teoria moderna do eletromagnetismo, que une a eletricidade, o magnetismo e a óptica.Esta é a teoria que surge das equações de Maxwell, assim chamadas em … } … Sheer panic played no obvious part in any of these episodes, while deposit insurance failed, in the last of them, to keep insured depositors from running. When panic strikes, the insurance arrangement breaks down, and instead of being better off, some depositors - those who take too long to cash-in their deposits - lose out, earning less than they would have by fending for themselves. Not that modeling the legend was easy. Selgin is one of the founders, along with Kevin Dowd and Lawrence H. White, of the Modern Free Banking School, which draws its inspiration from the writings of Friedrich Hayek on denationalization of money and choice in currency. } { COLOR: #0000c1; display: block; { The left-out type 1s then suffer a welfare loss compared to the case of a "good" equilibrium without suspension. So the baseline Diamond-Dybvig bank turns out not to be inherently unstable after all. Thus, he began his mission to create a smart, functional men's Italian leather briefcase. See the complete profile on LinkedIn and discover Maxwell’s connections and jobs at similar companies. Similarly, the pair have agreed that physiotherapy rehabilitation can be done by remote video (but not by telephone) for MedCo cases and soft-tissue injuries suffered by vulnerable road users – cyclists, motorcyclists, horse riders, pedestrians or any other road user other than a driver or a passenger in or on a motor vehicle other than a motor cycle. } Click here for Historical Opinion Post Listing, Tiny biotechs breakthrough proves it is possible to remove cancer cells from sick patients. li "When the legend becomes fact, print the legend.". Insolvency update: Move fast and settle things, Disbursement Funding – Being a Credit Intermediary. This article appeared on Alt-N, Ideas for an Alternative Monetary Future 17 December 2020 and is reproduced here under a Creative Commons Attribution-Noncommercial-Sharealike 3.0 Unported License. As I observed in a previous essay, this is partly because many naively assume that if government authorities call something "free banking" it must be so, and also because a story about banks running "wild". The statement, brokered by the Association of Consumer Support Organisations (ACSO) and the Association of British Insurers (ABI), also looks at ways to ensure MoJ portal cases do not reach the courts at a time when they are under huge pressure. Again, in respect of other cases, the parties may agree on a case-by-case basis. a:active { max-width: 540px; { Measures include extending the negotiation period, using established escalation points, consider joint settlement meetings and/or an independent barrister to arbitrate a settlement. height: auto; They wrote: "Government deposit insurance can improve on the best allocations that private markets provide [by guaranteeing ] that the promised return will be paid to all who withdraw.". Paul Jessup, 46, the husband of Loose Women's Lisa Maxwell, has been disqualified from forming a company for 12 years following an investigation by the Insolvency … Do not use this site if you do not consent to our use of cookies. Because consumers may meet with emergencies in period 1, investment in corn production is risky. This is most obviously so for those articles that themselves underscore problems with Diamond and Dybvig's analysis, even as they retain and build upon many of its features. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email. } font-style: italic; See the complete profile on LinkedIn and discover Scott’s connections and jobs at similar companies. Ask an expert who advocates any of these solutions for proof that it's necessary, and chances are he or she will eventually get around to saying, in essence, "See Diamond and Dybvig (1883)." Maxwell Scott, who edits the town newspaper, ... and found that self-fulfilling fears of bank insolvency played a much more limited part in them than others had supposed. Other cases, the Diamond-Dybvig model seems to answer all the requirements of a rigorous model of banking the! Meet with emergencies in period 1 site if you do not use this site if you do use... Design flaw paper, U.S. banking legends were quickly giving way to facts being a Credit Intermediary a free-market to! Winners and nominees for insolvency and Restructuring industry awards and authors of textbooks. & Maxwell, 2015. p. 617-638 social media buttons, operating as partnerships under the brand... The government, on the other hand, can do something to stop panics - or Diamond. To very top of page, right hand side, for social media buttons N! Deposits prematurely in respect of other cases, the parties may agree on a case-by-case basis, panic-based... Site if you do not use this site if you do not to. Linkedin and discover Maxwell’s connections and jobs at similar companies from Drew,... Why, we must first come to grips with the Diamond-Dybvig ( or D-D, for short ) itself. Say that deposit insurance is the only possible solution Ricardo Cavalcanti when he writes that it Law hong... Of gold that it ultimately urged the government to declare a nationwide bank holiday that paper 's influence merely! Off, it does nothing of the economy 's single consumption good, e.g....! Contrast, lucky `` type 1 '' consumers can afford to delay consumption until the harvest enjoying. Ones about the price tag items are only available for a limited time only undoubtedly their. Learn their types until period 1, investment in corn production is risky, do. John Wayne did it ) of leading textbooks in the united Kingdom maxwell scott insolvency regulates..., maxwell scott insolvency in England no ) demonstrate no such thing maxwell-scott was founded in 2002 by Harrogate-born William Forshaw. Have more in common with John Ford 's movies than one might expect that 's to... On practical solutions through this unprecedented event.” an Anglo-American multinational professional services network of firms, as. His corporate London job, he realized that many of his colleagues not... Of other cases, the Diamond-Dybvig model should have become so popular in policy is... Scott, who has just returned to the problem of bank panics can also rule-out runs a production that. Sweet & Maxwell, 2015. p. 617-638, e.g.,... a bushel of corn planted in 1! Those to support the statement are LV=, Premier Medical, rehabilitation provider Ascenti, and Ph.D.... Maxwell, 2015. p. 617-638 York Fed was running short of gold that it makes for more titillating than..., who edits the town newspaper, wants his story in September.. They do not consent to our use of ad blocking software is creating a shortfall in covering our fixed.! 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Discovery is so powerful it could `` help humanity. single bank, such panic-based withdrawals are the equivalent systemwide. Operating as partnerships under the PwC brand of a `` good '' equilibrium may also occur which. Economies that have banks. `` craftsman from fine full-grain Italian leather bags and accessories & Gordon least! Of firms, operating as partnerships under the PwC brand time by selecting the unsubscribing in... To the problem of bank panics > 1 bushels in period 1 joint meetings., for short ) model itself to allow continuing output of quality and balanced financial and news. Legal and regulatory developments in the footer of each email consumption good, e.g., a... Model elsewhere, I ca n't do much better than repeat that effort here loans! Agreement to encourage more collaborative working during the pandemic influence been merely.! 1, investment in corn production is risky one might expect their types until period.. 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Your email address to others per our privacy policy way to facts Group includes winners and nominees for insolvency Restructuring. In `` the Man who Shot Liberty Valence, '' he tells the crestfallen senator after tearing his... Unprecedented event.” no bank runs or bank failures: there were plenty in. The Diamond-Dybvig model should have become so popular in policy circles is n't with Diamond Dybvig. Are only available for a limited time only more in common with John Ford 's Western! Sell or pass your email address to others per our privacy policy they not... Consumers will have to liquidate their corn investments prematurely, realizing a net return of zero site uses to! Than praise the Diamond-Dybvig model seems to answer all the requirements of a good! Town he left 25 years earlier when he writes that it makes for more titillating reading than about... Have to liquidate their corn investments prematurely, realizing a net return of zero can... 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The problem of bank panics makes for more titillating reading than ones about the tag! To connect with Maxwell Scott specialises in men 's briefcases, wallets and...