David Blanchflower gives a tirade of abuse about the Governor of the Bank of England in the New Statesman. “A tyrant looks to his own advantage rather than that of his subjects and uses extreme and cruel tactics – which pretty much sums up how I feel Mervyn King has run the Bank of England in his role as governor since 2003″, and much more.
Mr Blanchflower, a former member of the Monetary Policy Committee is not a great fan of Paul Tucker, the favourite to replace Sir Mervyn: “He seems to have little leadership skills and, in my view, is intellectually not up to the task. In the days when he and I were on the MPC, I kept a “Tucker brown-nose score”, whereby I awarded him a point if he said any of the following: “I couldn’t agree with you more, Governor”; “Absolutely right, Governor”; “I agree with you completely Governor” or some such sycophantic nonsense. At some meetings, he would get into double figures.”
The Accountancy and Actuarial Discipline Board yesterday started a consultation on “Sanction Guidance to Tribunals“. The consultation discusses the sanctions that the independent tribunal could impose on auditors found guilty of professional misconduct by the AADB. The headline suggestion is that, for the first time, fines should be calculated by reference to an audit firm’s turnover. AADB press release here.
The Wall Street Journal reports that Mark Zuckerberg only told his board about Facebook’s biggest ever acquisition on the morning of the day the deal was announced. “The board, according to one person familiar with the matter, “Was told, not consulted.”"
As we note here, he would be able to act in the same way after Facebook’s IPO, given his majority voting control.
Phillippa Williamson has left the SFO days before the new head, Davis Green QC, starts work. Ms Williamson enjoyed the unusual luxury of continuing to live in the Lake District whilst running this most challenged of organisations, working from home two days a week and receiving an allowance of £27,600 for travel and accommodation costs.
Reports Reuters Business.