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  Then one day the Tory Party treasurer, Michael Spencer, got himself in a right mess after he became the second Conservative figure to be embroiled in a share scandal. Spencer, who has raised milions of pounds for the Tories in his role as treasurer, is chairman of the stockbroking firm Numis and the company has informed the City that Spencer's entire holding of 13.1m shares - 12% of the company, worth about £15m - has been used as security for a loan with HSBC .
  This deal has been revealed in the wake of a similar furore surrounding fellow major Tory donor David Ross, the multimillionaire co-founder of Carphone Warehouse. Ross quit as the firm's deputy chairman two weeks ago and also resigned his position on the board of the London Organising Committee of the 2012 Olympic Games.
  The latest controversy emerged when private investment company IPGL, of which Spencer and his family own a majority stake, revealed he used the shares as collateral. Independent legal advice at the time the arrangement was made appeared to suggest that such a switch "did not amount to a dealing within the meaning of the AIM Rules", the Numis statement said.
  The trouble is that this a true story and another example of why the Tories are unfit to run the country.

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