LETTER : Bank governor's costly lesson

From Mr Julian Roberts

Sir: Most comment on the role of the Governor of the Bank of England in the Barings' collapse has concentrated on whether or not he should have used taxpayer's money to bail the bank out. But we should not forget that at the time of the ERM dbcle, the then Governor indulged in a spending spree not dissimilar to that of Nick Leeson's.

Working closely with John Major and Norman Lamont, the Governor bet hundreds of millions of pounds against George Soros. They lost. They were not prosecuted, nor did they lose their jobs. The taxpayer picked up the tab.

Once bitten, twice shy?

Yours faithfully,

JULIAN ROBERTS

London, NW6

6 March