The excesses of Lord Black, former proprietor of the Telegraph Group, which owns this magazine, are mind-boggling. Of course they have not yet been proven in a court of law, and Lord Black continues to deny the allegations in his characteristically orotund language. But the author of the 500-page report condemning Lord Black is Richard Breeden, a former chairman of the Securities and Exchange Commission in America, and his colleagues are equally well respected and disinterested people.
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