Re: The boss is always responsible
CEOs don't like the "captain ship" ethics, i.e. being the last to abandon the ship, and without a golden parachute (or lifeboat) too. They prefer to get out early, like rats.
They got used to the idea they should be paid a lot just because they are clever, not because they bear responsibilities also.
I don't know how the English Law is in this regard - but usually you are required to sign off required reports, and if you didn't check before they are accurate, and you let your underlings deceive you, it's your fault - especially if you don't take any actions against those people when you become aware odf the situation.
Look at what's happening about the BT Italy scandal....