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Fury as Northern Rock head takes up the post at Pearl Group

Ron Sandler, the government appointed head of Northern Rock, has today confirmed he will be taking up a part-time role as chairman of Pearl Group ahead of the company's flotation on the UK stock market. Many in the UK are concerned that his full-time role at Northern Rock may well be impacted by his part-time role at Pearl Group at a time when Northern Rock is struggling and needs all the assistance it can get. So does this go against the UK government's attack on the UK banking system?

The UK government, and Ron Sandler, have left themselves wide open to criticism after attacking the UK banking industry for large remuneration packages while at the same time allowing Mr Sandler, head of a state-owned bank, to take up another role at a UK financial company. Despite the fact that Mr Sandler has a proven track record in bringing companies to market the very fact that he is on a significant retainer to stay at Northern Rock has caused some controversy.

Is this another case of the UK government telling bankers to do one thing while doing something totally different itself?

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