Who’s Michael Spencer you ask? Well that’s him dressed up as a Wild West Sheriff, he’s also the Conservative Party Treasurer, the Independent reports.

A company run by the Conservative Party treasurer Michael Spencer gave investment advice to almost half the councils facing a funding crisis as a result of the collapse of Iceland’s banks, an investigation by The Independent reveals. 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.

Of the 116 local authorities who lost money, 51 received advice from Butlers. Their losses totalled £470m, more than half the total amount of council funds frozen in the banks. Read the rest of the sorry tale at The Independent.

Personally I wouldn’t trust any of the sharks selling financial advice, and Spencer’s record speaks for itself.