Competence? We've heard of it.
Well if Nominet is that incompetent and has to turn to what almost amounts to fraud in order to keep the lights on, then it may well be time for the government to take it out the back of the barn and shoot it.
I know that Nominet is supposed to be a non-profit but from what I can gather they have been taking that a bit too far. Still, I suppose that could be one metric that the board could use to justify their pay awards. "Look, we really are running as a non-profit organisation. Look at all the losses we have!"