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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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Chickens Come Home

Chickens Come Home

(p.109) 9 Chickens Come Home
Escalation in Decision-Making

Helga Drummond

Oxford University Press

The first public sign that Project Taurus was in trouble came in January 1991 when implementation was postponed for six months, from October 1991 to April 1992. The delay was blamed upon the Department of Trade and Industry's (DTI) failure to produce the regulations in time. In May 1991, a reduced compensation fund of 100 million pounds was agreed with the DTI and the draft regulations duly published. The London Stock Exchange (LSE) Council had been dissolved and replaced by a board to give the LSE a more commercial ambience. Touche Ross was to undertake the building of Taurus but it was sacked from the project as part of cost-cutting. The delays put project manager John Watson under intense pressure. Chief executive Peter Rawlins also had his doubts and considered stopping the project, but the various reassurances he had received and his preoccupation with other matters led him to act against his better judgement.

Keywords:   Project Taurus, Department of Trade and Industry, London Stock Exchange, implementation, Peter Rawlins, John Watson, delays

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