The Penrose Report
The Penrose report, commissioned by the Treasury in August 2001 and expected in 2002, was finally published in March 2004 after delays due to vetting by Treasury lawyers.
His 818-page report found that the company had made over-generous payouts to policyholders, reaching the stage where "The Society was under-funded to the extent of £4½ billion in the summer of 2001.” (Penrose Report, Chapter 19. parag 82). Penrose stated: "Principally, the Society was author of its own misfortunes. Regulatory system failures were secondary factors". He also accused the former Equitable management team of "dubious" practices and nurturing a "culture of manipulation and concealment". The Penrose Report was debated in parliament on 24 March 2004.
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“What has history to do with me? Mine is the first and only world! I want to report how I find the world. What others have told me about the world is a very small and incidental part of my experience. I have to judge the world, to measure things.”
—Ludwig Wittgenstein (1889–1951)