To understand what went wrong, it is crucial to differentiate Adam Smith's model from the mutated form of capitalism that has evolved in the U.S. over the last 25 years, which I call financialism.

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Oddly, given Mr Smith's dislike of American television, the model to be imitated is the Federal Communications Commission.

ECONOMIST: Regulating communications

"Models are athletes too, " says Maxine Schiff, a model and a client of Smith's.

WSJ: Athletes, Models: Who's Tougher?

Absent any assurances of a future with Gordian, Smith continued to push for specifics on how Gordian's business model was changing.

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