It was one of only two known watches Patek Philippe made in platinum with a complex tourbillon movement--the word means "whirlwind" in French--that continually adjusts for error when the watch's position shifts.

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The energetic Talbot was at the heart of their pressure but, finding himself in an inviting shooting position on 37 minutes after Steve Finnan's error, he screwed the ball lamely wide.

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If the trade proved profitable, Miller and his co-conspirator would share in the profits and if the trade proved unprofitable, Miller would claim human error, leaving Rochdale holding the losing position, prosecutors said.

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In the aftermath of the big trading error, Knight also said it would create a board-level risk committee and a chief risk officer position.

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"This catastrophic error of judgment - hiring Andy Coulson, hanging on to him too long - directly contributed to the position Sir Paul found himself in and his decision to resign, " said Mr Miliband.

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