Tuesday, March 14, 2006

Letter to the Editor - Personal Liability

Business Day published this letter from me in October last year. They edited out the bit about Maria Ramos though.

SIR – In an era of limited liability and buck passing Michael Pireu's column on Lloyds (October 21), as always, makes one think. In the same issue where there is comment on the responsibility and liability of the Leisurenet directors, and calls on auditors to recognise their primary role as protecting the public interest, Pireu points out that one of the reasons for rise and success of Lloyds was that the members "had to be willing to commit all their worldly possessions to make good on their customers losses." A few days after Maria Ramos equated corporate governance with corruption that type of willingness today would surely restore some trust in the capital markets!

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