Mel, the fraud or not is a big topic and I don't know any more...

Mel, the fraud or not is a big topic and I don't know any more than I have read and a couple of discussions with people in the UK (who were quite opinionated, but obviously they don't really know either). For all I really know it is clean. Obviously it would be way beyond irony if Terry was found in fact to be a fraudster and had built up PSD to facilitate the world's biggest "crash for cash" fraudulent insurance claims racket.

The major downward restatements of the accounts is a fact and that points to some sort of problem, though not necessarily fraud.

There is one thing though you haven't commented on about Terry that is troubling and is definitely on the public record. The share sale to the mob in the US and misrep of it to the market. What is your view of this?