How very careless of David Ross, co-founder of Carphone Warehouse, not to have told his fellow directors that he used £157M of his shares as collateral in 2006 and 2008.
How even more careless not to have told the boards of three other companies that he did the same with shares (approx value £50M) in them as well.
Suffice to say he has now resigned from Carphone Warehouse.
However, he has not yet resigned from the organising committee of the London Olympics, where his role is to assess the legacy of the Games and to ensure that Londoners get value for money.
Let us trust he does so before being subjected to a potential criminal investigation by the Financial Services Authority.
Olympic Medals won during the Beijing 2008 Olympics
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