Word: allfirst
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...that consumers, especially in France, will bite. THE BOURSE When Mickey Gets Militant How intense are Disney's troubles? The company hired George Mitchell, who helped forge Northern Ireland's Good Friday agreement, to co-chair the corporate governance committee. Better Luck For The Irish Allied Irish will sell Allfirst, the troubled subsidiary where the company uncovered a $691 million fraud in February, to U.S. bank M&T for $3.1 billion. Vivendi's Dash For Cash The Vivendi fire sale began in earnest, as the group sold its Italian pay TV arm Telepiú; to News Corp...
...Allied Irish, Ireland's biggest bank, needed another telling of the tale to drive home the message that inadequately supervised traders can threaten even the most venerable institutions. So last week we got the real-life reenactment: Allied Irish alleged that John Rusnak, 37, a currency trader at Allfirst, its U.S. unit in Baltimore, had piled up losses of $750 million over the course of a year, hiding them in fictitious transactions. Even the original rogue trader admitted that the copycat's performance was authentic. "The similarities," Leeson told the BBC, "seem to be very striking...
Allied Irish said it was investigating the possibility the trader had colluded with others, within the bank or outside. It also suspended five senior executives at Allfirst, though it hasn't accused them of wrongdoing. "Clearly, controls broke down," said Susan Keating, president of the Baltimore unit, "and we don't wholly understand how." Her boss in Dublin, Allied Irish chief executive Michael Buckley, suggested that no controls could hold back a trader determined to commit fraud. "You have a wonderful alarm system in your house," he said, "but someone who has a reasonable amount of skill and a certain...
...wasn't until early this month that Allfirst began to question Rusnak about some of his deals. The alarm bells began to go off on Sunday, Feb. 3 when, according to Allfirst's chief financial officer Maurice Crowley, officials checking "certain transactions, which purported to be done with institutions in the Far East," called the institutions. "Of course, those transactions proved to be fictitious," Crowley says. When Rusnak failed to show up for work on Monday, some officials went to his house: he wasn't there. Keating phoned Buckley in Dublin later that day. By the time...
...Washington, where Rusnak's neighbors had only kind words for him. He certainly doesn't fit the stereotype of a brash young Master of the Universe. His career had been steady rather than spectacular. After a long stint at Chemical Bank (now part of JP Morgan Chase), he joined Allfirst in 1993 and scarcely made a ripple. He was "not in any sense a star trader," Buckley said. His personal life was equally unremarkable. Married with two kids and a Labrador, he attended services at the Shrine of the Sacred Heart Catholic Church and is on the board...