Thursday, March 23, 2006

Alphabetical order

Rod Aldridge is out. The chairman of Capita is stepping down, so becoming the first head to roll in the cash for peerages scandal.

The man who lent New Labour £1m told the Today Programme:

‘There have been suggestions that this loan has resulted in the group being awarded government contracts. This is entirely spurious.

‘Whilst anyone who is associated with the public procurement process would understand that this view has no credibility, I do not want this misconception to continue, as I remain passionate about the group's wellbeing.’

I’m almost prepared to concede the man some grudging respect for having the balls to take the rap, although other blogs have suggested this is a case of getting out while the going's good.

Meanwhile, an earlier post queried the appointment of former Severn Trent chairman David Arculus as president of the Confederation of British Industry, after Ofwat ruled that Britain’s biggest quoted water company deliberately supplied false information to the regulator, enabling it to overcharge customers by £42m.

Arculus commented:

‘I am confident that high standards of governance were in place at Severn Trent plc and that the board, under my leadership, acted properly when the problems emerged.

‘However, as chairman of the parent company at the time the allegations were made against the subsidiary, Severn Trent Water Ltd, I believe I must bear my share of the responsibility for events in the organisation.’

Good to see that, in the two-and-a-half short weeks of its existence, this blog has toppled two top capitalists whose surnames begin with A. We’re taking a few days off before moving on to the Bs next week.


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