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Over the last couple of days, we really have hit a new low as far as UK government’s incompetence in face of flagrant demonstration of corporate greed goes. I am, of course, talking about the scandalous pension due to be paid to Sir Fred Goodwin, previously the CEO of RBS, and the way the government has been handling this debacle.

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A few weeks back I found this fantastic January 09 article by Norman Lamont. Despite my delay in commenting on it, this type of material is unfortunately set to have a rather long shelf life, unfortunately for us Britons; Gordon Brown is set to wreak further havoc in the economy before the fat lady sings eventually.

Lord Lamont argues that Brown is “like an arsonist posing as a firefighter”. What does he mean by that?

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My other half and I been pondering this very question recently, so it’s quite funny that today the BBC site has an article on this very subject. Our own thoughts on this matter are that yes, it is selfish and not socially responsible given existing pressures on this planet’s resources.

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We’ve been trading since autumn 08 but have been extremely unfortunate in our earlier attempts to secure a great-sounding name for our business. The result of this debacle is that we are now facing the third change of name, which is extremely frustrating, so truly this needs to be the last and decisive choice made that we won’t live to regret.

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Yesterday, four former bosses of UK’s RBS and HBOS (former HBOS chief executive Andy Hornby, former HBOS chairman Lord Stevenson, former RBS CEO Sir Fred Goodwin and former RBS chairman Sir Tom McKillop) faced the Treasury Select Committee for a questioning session about their role in the financial meltdown and the disasters that came to befall their banks.

The key snippets of this session, which has been dubbed “the show trial” for all the public apologies it started off with, can be found here.

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Most of us feel that auditors should indeed be worried now. After all, none seem to have been raising any alarms over the extent of bad loans accumulated by major financial institutions, or over risks that banks exposed themselves to through entering into derivatives contracts they claimed they understood but did not. And now many hold auditors at least partially responsible for the ensuing debacle.

For some audit firms, the time of reckoning seems to be approaching fast. However the degree of their concern over legal action will depend on where the firms are operating, and global or US-based firms are at greatest risk of coming under close scrutiny in the courts of law.

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