In April 1991, Gerald Ratner stood up at the Institute of Directors annual conference at the Royal Albert Hall and described some of his own products as “total crap.” He also joked that one pair of earrings was cheaper than a prawn sandwich from Marks & Spencer, but probably would not last as long. At the time, Ratners was the UK’s largest jewellery retailer. Within months, the company had lost hundreds of millions in value. Ratner himself was eventually forced to resign. The