The meaning of risk

Is it just me or does Adam Applegarth, CEO of Northern Rock, have a different understanding of the word "risk" to the rest of us?

In defence of his bank's strategy he says that the current banking crisis could not be predicted.

But since when has the future been predictable? I thought risk management was about managing things that you cannot predict?

Why is his bank the only one that needed an emergency loan from the Bank Of England if his strategy was so benign?

I have nothing against the guy personally but the only thing that amazes me is that he hasn't resigned yet. As CEO you get the most pay and the most responsibility. So when your company nosedives you accept the blame and move on.

The once proud name of Northern Rock is now muck; the brand is irreparably damaged.

If I was from Newcastle and had seen my local bank driven into the ground I would certainly find Applegarth's position rather spineless. Take it like a man Adam and move on!