More on the blame game for the mess we're in. Bankers get the rap and credit-rating agencies, institutional shareholders, analysts, lawyers, accountants, PRs, media, regulators and government go free. Reader Michael Davies from Oxfordshire writes: "It is also apparent that there is one other group that has contributed substantially to the problem of bankers' pay which has escaped attention. This is the group of remuneration consultants who have advised the various boards on senior executive pay. Their habit of collecting data on industry pay levels and then suggesting similar percentage levels for their clients has not only created a upward spiral in pay levels, as everybody measures everbody else, but has ignored the need for a reality check as to what absolute amount is really needed to provide incentives in the business line concerned."

* City Spy is not surprised by the fact that top Whitehall mandarins have been lavished with corporate hospitality junkets. Some of the media outrage is over the top, of course — plenty of journalists and editors get invited to the same events. The new puritanism infecting public life is understandable as the recriminations continue about the causes of recession. But let's face it, there aren't going to be too many junkets this year. As the cull in the number of sponsored gardens at Chelsea this year — down almost 50% — shows, corporate hospitality is drying up fast.

Insolvency experts drink... Cava

You can't say they don't practice what they preach: one of the insolvency firms doing so well out of the recession is splashing out on some corporate entertainment. But it's not quite champagne and lobster — PKF LLP Corporate Recovery are putting on an evening of... cava and mini-pancakes.

* “Recession? What recession?” is the cry of Anthony Preston, the ex-3i founder of Pets at Home, the pet superstore group. In 2007-8, the company quadrupled profits to £16.8 million on sales up over 81% at £354 million. Knowing that a dog is man's best friend has made Preston a £175 million fortune.

Look who is advising Sir Fred

Just who was the architect behind Fred the Shred's anguished, if not entirely heartfelt, apologia before the Treasury Select Committee last week? For days it has been speculated that former News of the World editor turned spinmaster Phil Hall orchestrated Sir Fred Goodwin's bravura performance, judged the most convincing of the four beleaguered bankers on show. Not so. It was none other than former British Airways PR man and Ulster Unionist MP David Burnside who was pulling the strings behind Goodwin's appearance.

The gravel-voiced Ulsterman and the former banking chief are old shooting buddies and Burnside's sidekick Tony Lodge was spotted sitting behind Sir Fred for the duration of the extravaganza.

The Bar looks too high for S&P

Haven't analysts got anything better to do? Bespoke Investment Group has just published its Sports Illustrated Swimsuit Indicator, which they argue gives some sign about which way US stocks are headed. In the last three decades, an American model has been on the cover of Sports Illustrated 16 times. During those years, the S&P gained an average 10.6%. But when a foreign star has been on the cover, the average increase was only 7%. So what's the outlook for this year? It's not looking good: Israeli model — and Leonardo DiCaprio's girlfriend — Bar Refaeli, has just won top billing. Of course there are always exceptions to the rule. The S&P slumped 38.5% in 2008, when US model Marisa Miller graced the cover.

Ryanair boss goes to War at Aintree

Ryanair boss Michael O'Leary used to claim he didn't suffer from that failing of the Irish — a love of the horses. Not any more. The developer of the formidable Gigginstown House Stud went and bagged himself a Cheltenham Gold Cup at the first attempt with War of Attrition in 2006. Last year, he won the Irish Grand National with Hear the Echo. Now O'Leary is dreaming of sticking the ultimate one over on the English and winning our Grand National. War of Attrition and current second favourite Hear the Echo have both been given encouraging low weights for champion horses. O'Leary has the second largest number of entries for Aintree showpiece with One Cool Cookie and Dix Villez also declared, lagging behind only Irish turf legend, JP McManus, with seven.

* Obviously, retirement wasn't really in the plan when Meg Whitman, stepped down last year as CEO of eBay. She has just said she will seek to replace Arnold Schwarzenegger as the governor of California in the 2010 election. The Governator cannot run because of term limits. Whitman, 52, is vying for the Republican nomination. Strangely, the race is expected to be fierce even though the state has immense problems and is practically bankrupt with a $40 billion budget deficit.

* What does the future hold for 11th in line to the throne, Peter Phillips as he surveys the wreckage of his employers, Royal Bank of Scotland, from his office in Hong Kong? Phillips was only given the newly-created position of head of group sponsorship for RBS Asia-Pacific in the autumn, after overseeing the bank's motor-racing interests for four years. He was appointed by then RBS chief Sir Fred Goodwin, who was also working for the Prince's Trust at the time...

* The official history of JJB Sports records it was founded by a JJ Broughton in the early 1990s. It was subsequently sold to a JJ Braddock and then almost unbeliveably sold on to a JJ Bradburn. He sold it to architect of the modern JJB, Dave Whelan. Up in Wigan they may soon be referring to it as JJ Bankrupt.