King faces accusation that the Old Lady was asleep at the wheel

By Sean O'Grady, Economics EditorPublished: 15 September 2007Was the Bank of England asleep at the wheel?Recently Jon Moulton, the chairman of Alchemy Partners, remarked to reporters that at a recent breakfast meeting with Bank of England officials "none of them knew what a 'CLO' actually was". It's a collateralised loan obligation, in case you were wondering: a debt security – i.e. a financial