The Office of the e-envoy, reporting directly to Tony Blair, is masterminding the project.The Government is expected to select a new e-envoy within two weeks. It follows the resignation of the former post-holder Alex Allen in October.It is understood that Richard Barrington, e-commerce development manager at Sun Microsystems, who is working on secondment at the department, is in the running. Acting e-envoy Andrew Pinder is also thought to be in the frame.. When I was a cub reporter, in the mid-1980s, I worked on a financial magazine which, alas, does not exist any more. One day the chief correspondent rushed into the office in a fit of great excitement “I’ve got an interview with Ivan Boesky,” he cried “Who?” I said, betraying my ignorance “Only the greatest financier of our age,” he replied.

When I was a cub reporter, in the mid-1980s, I worked on a financial magazine which, alas, does not exist any more. One day the chief correspondent rushed into the office in a fit of great excitement “I’ve got an interview with Ivan Boesky,” he cried “Who?” I said, betraying my ignorance. “Only the greatest financier of our age,” he replied.
Nowadays we know that Boesky was not a great financier, but a market manipulator who was caught out by the US authorities and sent to jail. He greatest legacy is the “Greed is good” speech that was so cleverly ripped off by Oliver Stone for his movie Wall Street. However, in his heyday he strode the financial market like an intimidating colossus, instilling fear into his targets, and making his acolytes rich beyond measure.Only one other could match his reputation and influence: Michael Milken. Like Boesky, Milken dominated his markets, intimidated his enemies and enriched his friends. And like Boesky he was caught out by the authorities, indicted, convicted and jailed But unlike Boesky, Milken has not faded away.

He is very much with us.As one of his last acts as President of the United States, Bill Clinton toyed with issuing a pardon for Michael Milken. The pardon, which Slick Willy appeared to forget to grant while securing his own immunity from prosecution, would not have been because the President felt that Milken was not guilty. Rather, it would have been an act of mercy because Milken is suffering from cancer and has spent much of the last few years raising money for charity.While I have all sympathy from somebody who is genuinely ill, and admire someone who dedicates his life to charitable causes, Milken is a convicted criminal who flouted the terms of the deal that allowed him an early release after serving two years of a 10-year sentence. There are those, no doubt including people in the now-departed Democrat administration, who would argue that his crimes were victimless But they weren’t. If money flows out of the markets to line someone’s pockets, it has to come from somewhere. And that somewhere is ultimately the savings and wallets of you, me and Auntie Maude.It was estimated that after he paid all his fines. Milken had a nest-egg of $1bn (about £670m) when he was released from prison.

While you or I might have settled for a fortune this size, and maybe dedicated ourselves to charitable work, it was not enough for Mike.Milken set up a charity to raise money for prostate cancer It is called CaP Cure and has been extremely successful. Through it Milken has made many influential friends – including Intel founder Andy Grove, and former Presidents Ronald Reagan and George Bush. Milken has other charitable trusts, including the Milken Family Foundation, which raises money for education, and the Milken Institute, a research organisation.While much good work is done in these foundations, there is the opportunity for Milken to further his business interests. According to an excellent piece by James B Stewart in last week’s New Yorker magazine, Milken used many fund-raising galas, notably the National Educator Awards in 1995, to make contacts and cement business deals. These deals were exceptionally lucrative for Milken.Shortly after the National Educator gala two of those attending – Bert Roberts Jr of phone group MCI and News Corporation’s Rupert Murdoch – struck a deal for MCI to buy a $1bn stake in News Corp.