Discretionary management


R

Rhoy the Bhoy

Not so long ago, the chief financial officer of a major
national
organisation asked us to believe that substantial funds
under
his (nominal) control were disbursed in a manner about
which he had no knowledge. Moreover, his lack of
knowledge was not an accident: he consciously yielded
control of the disbursements, while putting his name to the
written authorities for them. In short, he signed blank
cheques.

The funds were not his own, but the organisation's. To me,
this
made it worse than if the money had been his own. Oh, and he
is wont to call himself an "accountant".

We now learn that, at about the same time, a small number of
senior executives in another organisation entrusted
management
of some of *their own money* to professional managers.
These
(then) very busy men now tell us that, having bought the
dog, as
it were, they didn't do the barking as well. They left the
managers
to manage the money and were not too curious about the uses
to which it was put.

The Taoiseach says that he doesn't understand this
supposedly
casual attitude, and finds the story somewhat incredible.

Perhaps he should speak to the man who signed the blank
cheques.

Oh, wait ...
 
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