Don't go racing with ING - the Dutch are good at backing the wrong horse. In early 1995 ING could have had Smith New Court, then London's pre-eminent independent securities firm, for the asking - or at least for £500m-plus. Snootily, ING backed off, preferring to place a £1 bet on buying Barings a week or two later. The odds of success with the 200-year-old bank must have looked great, but hundreds of millions have gone in since then and ING seems mightily unimpressed with the rewards. Just imagine how insiders at Merrill Lynch must be chortling - for the US firm has made zillions in profits from the Smith New Court business in the past five years.The Dutch must be kicking themselves.