James Doran, New York

Court hears of a gross inability
Inexcusable, says top accountant
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Bob Greifeld[/tag], the chief executive of the Nasdaq stock market, admitted under oath that he did not understand how to calculate gross profit margin, one of the most rudimentary formulas in business accounting.

The admission is humiliating for Mr Greifefld, an MBA graduate who is in the thick of a hostile bid to take over the London Stock Exchange, one of the most significant moves of his career.

Mr Greifeld’s lack of basic accounting knowledge was exposed this year during a case in the New Jersey Superior Court. The Nasdaq chief filed a lawsuit against a company called Tours of Enchantment, which had organised a $600,000-plus reunion for his family at a luxurious castle in Ireland.

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