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Escalation in Decision-MakingThe Tragedy of Taurus$
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Helga Drummond

Print publication date: 1996

Print ISBN-13: 9780198289531

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198289531.001.0001

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The Scandal that Never Was

The Scandal that Never Was

Chapter:
(p.45) 4 The Scandal that Never Was
Source:
Escalation in Decision-Making
Author(s):

Helga Drummond

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198289531.003.0004

The stock market crash of October 1987 led to hundreds of millions of pounds in compensation payments for lost dividends and payments for additional staff and so forth. The London Stock Exchange assigned an extra fifty accountants to deal with reconciliation alone. The prime cause of the settlements crisis was a character known as ‘Sid’, the name given to a character used to advertise the government's privatization programme and intended to portray the man or woman in the street in order to emphasize the opening up of the stock market to private investors dealing in small packets of shares. The Bank of England applied its tried and tested formula to Project Taurus by acting as a catalyst for the formation of an industry-wide committee known as Siscot (Securities Industry Steering Committee on Taurus). It was Siscot's understanding that a future design for Taurus must be achieved without seriously damaging any business interests. In November 1988, members of Siscot began applying themselves to the challenge.

Keywords:   London Stock Exchange, Bank of England, Project Taurus, stock market crash, Sid, privatization, compensation payments, settlements, stock market, Siscot

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