Where should ultimate responsibility lie for this unholy mess?
Government failure?
Management failure?
Failure of the shareholders to exercise proper controls over management?
In years to come we will be writing about
Adam Applegarth (Northern Rock)
Steven Crawshaw (Bradford and Bingley)
Andy Hornby (HBoS)
and using these people as exemplars of total management failure allied to a failure of regulators to exercise sufficient oversight.
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