Accountancy Age has reported that:

Sir Mike Rake has been given the high-profile task of policing the new code of conduct for private equity firms that will be released by Sir David Walker tomorrow.

The code is aimed at making the buy-out industry more open and transparent. According to the Times, it is a voluntary code that will adopt a 'comply-or-explain' approach to compliance and it will be up to Sir Mike to ensure that firms meet the requirements of the document or explain why they haven't.

Sir Mike will chair the oversight committee that will enforce Lord Walker's code. This committee will work with the British Venture Capital Association and meet three times a year to sift through details of the companies owned by buy-out groups.

Nothing could fill me with less confidence than Mike Rake fulfilling this task.

How can a man who watched his own firm nearly go to the wall and pay fines of $456 million because it failed to comply with so many legal and ethical requirements made of it possibly be suited to this role?

I despair.