Wood on his mettle

Say what you like about Jon Wood, the hedge fund manager has balls of steel. Not content with taking on the government over Northern Rock, his SRM Global Fund is now simultaneously locked in battle with Bank of America in an effort to force a higher bid for Countrywide Financial. Troubled mortgage lenders, worried public authorities: the template for SRM's intervention is clear. But the risks are similarly large. If shareholders are sacrificed on the altar of the greater public good, Mr Wood could lose out. Either way, the outcome will determine whether Mr Wood has no fear - or no sense.

andrew.hill@ft.com To comment, visit www.ft.com/lombard