According to today's Sunday Times, another senior executive at Northern Rock at the time of the crash is under investigation by the Financial Services Authority. The FSA's judgement about heavily-fined and banned David Baker mentions a "senior and suitably qualified colleague" who "also expressed the view that there was no obligation to amend statements in the annual 2006 accounts, which were about to be published" about nearly 2000 impaired mortgages.
The Sunday Times alleges this person is former Finance Director David Jones, who was close to Adam Applegarth at the time. Nobody is saying anything on the record. This modern trend of "spinning by leak" is reprehensible and unfair. But the emerging facts about Northern Rock imply a failure of regulation, and one wonders if there is the possibility of Equitable Life - type legal action against the company, the Government and individuals. No doubt that is something the big corporate shareholders are pondering even as this is written!
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