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Monday, October 22, 2007

The Long Goodbye

The Chairman of Northern Rock, Matt Ridley, finally resigned on Friday after enduring several weeks of humiliating media articles and a grilling last week by the Treasury Select Committee that left his reputation and the reputation of the board in tatters.

During the weekend it emerged that he will not receive a pay-off from his £315,000 a year job.

The Treasury Select Committee accused him of "damaging the good name of British banking".

This is but the first head to roll, the question is will the others leave without a pay-off?

The Treasury Select Committee will now call investment banks, ratings agencies and accountants for a new series of hearings; after widening the terms of reference of its inquiry into the credit crunch.

The hearings will last until at least the end of 2008.

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