The FSA's reasons for not pursuing Fred Goodwin make interesting reading

An entire chapter in the report written by the Financial Service Authority into what went wrong at Royal Bank of Scotland is devoted to explaining why no "enforcement" action was taken against the former directors or even the bank itself.

It is the regulator's justification of why there was not a case that could be put against Sir Fred Goodwin, the former chief executive, and other board directors. It makes for interesting reading, as do further explanations given by Lord Turner, who argued that the direct actions of an executive had to be shown to have caused the bank to collapse.