Wednesday, June 01, 2005

This Pointing Finger is worth US$4.6 billion

I work in an evironment where finger-pointing, blame-storming, ass-covering are all par for the course. Generally the higher up in an organization you are, the more is at stake, usually for actions and events that are beyond your physical control. All we can do is try our best and stick to the bright side of the line the separates good and evil.

Then I read this article about the Bank of Thailand (the central banking authority of the Kingdom of Thailand, for those who have been living under a rock). Am I glad I don't work there, or at least, am stepping anywhere close to being its governer.

Excerpt from the BBC, full article here:
A former Thai central bank governor has been fined 186bn baht ($4.6bn; £2.5bn) for his leading role in the country's 1997 financial crash. ... The Bangkok Civil Court has now ordered that Mr Marakanond must reimburse the Bank of Thailand within a month. / Otherwise he will face the seizure of his personal assets. ... The ruling means that Mr Rerngchai is in effect being held personally responsible for the meltdown.

That's going to be some fancy fund-raising that he'll have to do in a month. Net of his personal assets, of course - yacht in the Bahamas, perhaps? Chalet in Switzerland, maybe?

Good luck, Mr. Rerngchai.

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