EPISODE 7: Why the world's wealthiest baby shouldn't be a company director

 WEALTHIEST MAN ON EARTH: John Patrick Crichton-Stuart, 3rd Marquess of Bute, was appointed president of the Cardiff Savings Bank in 1848, at the age of six months. He assumed the position automatically upon the death of his father.

WEALTHIEST MAN ON EARTH: John Patrick Crichton-Stuart, 3rd Marquess of Bute, was appointed president of the Cardiff Savings Bank in 1848, at the age of six months. He assumed the position automatically upon the death of his father.

In 1886 a sensational banking scandal hit the headlines in Great Britain.

It involved the world's richest man, John Patrick Crichton-Stuart, the 3rd Marquess of Bute, and it led to an absurd decision.

More than a century later, the current Banking Royal Commission in Australia continues to expose stories of banks behaving badly.

But it remains rare for the people at the helm of banks and other major corporations - the company directors - to be held legally responsible for what goes on at their company.

When things go wrong at a company who should cop the blame? And how far has the law come since the case of the Marquess of Bute and the Cardiff Savings Bank?

James Pattison