According to C4's Secret Millionaire in November 2007, Chek Whyte was “one of the richest men in England”. To ram home the message, we were shown a yacht and a manor house, which contained leather-bound books bought “by the yard” for decoration.

Whyte, an entrepreneur and property developer, was seen heading off to Salford to share some of his wealth with the local needy poor. Very little was said about the previous history of this latter-day Robin Hood — which is a pity because if it had, alarm bells might have started to ring. We weren't told he'd been disqualified as a director, and could not sit on the board of his own Chek Whyte Industries.

If Whyte ever really was one of the richest men in England, he certainly isn't now. He faces formal bankruptcy proceedings as his businesses have collapsed with debts of more than £30 million. One of the creditors is Her Majesty's Revenue & Customs, which is owed £2.5 million and this week opposed his proposed voluntary arrangement plan.

But what of Whyte's mission to help the deserving of Salford? Well, one of the causes he helped was a project to build affordable housing at the Emmanuel Church. In a nice twist, though, while he put in some cash, he was subsequently paid from public funds for building work on the scheme. He even put up a sign: “Chek Whyte...Building for God”.

Alas, Whyte's Salford subcontractors don't see him in quite such hallowed terms: he owes them money, and they've been forced to join his lengthy list of creditors. “I couldn't believe the way people treated me in Salford, and I'll never forget it,” said Whyte at the time of the Secret Millionaire programme. If he returns to Salford today, he might find his treatment is rather different...

Not guilty plea from Iceland

Why Iceland? is a new book by Asgeir Jonsson, the chief economist at Kaupthing. The book's subheading is How One of the World's Smallest Countries Became the Meltdown's Biggest Casualty. If that looks promising (heavens, wouldn't we all like to know how a lump of lava rock with a few fishing boats attached came to take over the British High Street and much else besides?), then prepare yourself for a lesson in how it was everyone else's fault but Iceland's. The nasty hedge funds were to blame and the malicious rating agencies and the dastardly central bankers. Anyone, except the innocent Icelanders.

* What was life like at Kaupthing, the bank that now finds itself under investigation by the Icelandic authorities and was happily lending money to a cosy group of customers including top British business names? “Work and fun were to be synonyms, and workmates became best friends,” says Jonsson. Being a spouse to a Kaupthing employee was also a testing role. Not only were the employees expected to turn in long hours but the bank would also encourage all kinds of extracurricular activities.” Try reading that in an Icelandic accent — and keeping a straight face.

* ALISTAIR Darling confidently predicts Labour will win the next General Election. Yes, this is the very same Alistair Darling who in the Budget last year confidently declared: “The British economy will continue to grow through this year and beyond...The UK economy will continue to grow throughout this period of global uncertainty.”

Busman Lockhead misses Beeb's early service

Much gnashing of teeth at BBC Radio 5 live yesterday after its early-morning business programme Wake Up To Money was dumped late in the day by FirstGroup chief executive Sir Moir Lockhead, who is to launch the company's Greyhound bus service on an unsuspecting British public next month.

Sir Moir wanted publicity for Greyhound, which has been around in the US for 95 years. He had originally agreed to a live interview on WUTM followed by a repeat on Radio 4's Today programme. Sir Moir intends to push head-to-head with the likes of National Express and easyBus. But he decided that the 5.30am appearance was too early in the morning. At least that was his excuse. Sir Moir did, however, go on the slightly later but more upmarket Today.

* WHEN Harriet Harman proclaimed if it had been called Lehman Sisters, the bank would not have collapsed, she was greeted with howls of derision. “PC gone mad” and “doesn't know what she is talking about” were some of the more polite comments about the woman who would be Prime Minister. But in the US Patent Office, alongside the predictable registrations for Bernie Madoff-branded sweatbands and a Ponzi board game, the name “Lehman Sisters” has been protected. Harriet, is that you?

* TOP tip to the catering industry from Newsweek magazine in these challenging economic times. “Memo to restaurant owners: if there are particular dishes you want more customers to order, list them on the right side of the menu…Simply put, we associate the side of space where we're clumsier with bad, stupid, dishonest, unhappy and other negative qualities,” finds Daniel Casasanto of the Max Planck Institute for Psycholinguistics in the Netherlands.

* THE website for BusinessWeek, the struggling business magazine now put up for sale by owner McGraw-Hill, offers readers the opportunity to discuss The Case for Optimism. It is a “space populated with essays by outside voices...and a blog we hope will spark a spirited discussion of whether a recovery is really emerging...We will spotlight companies that used the slump to rethink their business models”.Editor Stephen Adler concludes: “It is my sincere hope that The Case for Optimism will help you take smart steps toward a new beginning.” Steve, have you tried crossing fingers and toes?