Academic push-up for Mone

Another week, another insecure tycoon feels the need to paper over a lack of academic qualifications by accepting an honorary degree (either the height of vanity or a begging letter – depending on if you’re giving or receiving).

This time University of Hertfordshire (Hatfield Technical College, as was) has doled out the award to Ultimo bra founder, Michelle Mone (possibly pictured below in the outfit she chose to receive the Chancellor).

Mone left school at 15 (to help support her ill father) but snubbing academia didn’t overly hinder her as she’s now supposed to be worth about £45m. Also receiving a gong was Tesco’s clothing boss, Terry Green. Sadly, there’s no room for a snap of him sporting the supermarket’s trolleys.

Every title helps

I see that Tesco boss, Sir Terry Leahy, has become the latest businessman to accept an Honorary Degree - a pointless bauble that's either a) the height of vanity to accept or b) a shameless begging letter if you dole them out.
The retailer has been "honoured" by the University of Hertfordshire (Hatfield Poly as was) with a gong he can now add to the other honorary award he has from Cranfield University (formerly Cranfield Institute of Technology) - plus the 2:1 in management science he obtained from UMIST in 1977 when he actually had to pass a couple of exams.
This latest degree means Sir Terry joins a growing club of business knights who are rather partial to collecting these trinkets. Among their number is the great Sir Derek Wanless - who loves publicising awards from former Polytechnics yet doesn't like talking much about his time as head of Northern Rock's risk committee.
Why do these people do it?