This morning has mostly been spent in a state of agog and aghastness, due to assimilating the news that De La Rue chief James Hussey has fallen on his sword in the wake of the papermaking issues that have wiped millions off the company's value.

I was pretty agog last month too,  when the security printing giant announced that it had identified quality and production irregularities at its Overton banknote paper mill. This sort of hitch just doesn't happen in the world of De La Rue - attention to detail and adherence to the most tippety-top production standards being everything when you're literally making money.

What's peculiar is that Hussey has gone due to "his belief that he must take responsibility" for the production irregularities, according to De La Rue's statement this morning. Why? I'm all for bosses carrying the can when appropriate, but it's not as if Hussey was the chap running the paper machine. He's the boss of the boss of the chap who's running the paper machine.

How can a CEO take responsibility for production issues when someone else is paid to do that? It all seems very odd. Almost as odd as the fact that three weeks on the company still can't say exactly what the problem is and what the impact on its results will be, and is unlikely to be able to do so "in the near future". From a Stock Exchange point-of-view they have an obligation to update the market, but if they can't yet nail down the problem and its implications, one has to wonder what on earth might happen next?

The ramifications are enormous for a group for whom reputation and reliability is everything.