Word: banking
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...Tonight Show. Immediately after finishing the show he drove to the Comedy Store and joined the picket line. "This was the umbilical cord for a lot of guys, myself included," says Letterman. "Money wasn't necessarily an issue for me, because I had a couple of bucks in the bank. But for these other guys, this was it. This was sustenance." Richard Lewis, who had moved on to concerts and television, wouldn't join the picket line but thought the cause was just. "I didn't want to picket, because I didn't want to say to the owners...
Three days was all it took in 1995, after the bank-busting deals of rogue trader Nick Leeson had come to light, for the venerable Barings Bank to file for bankruptcy and forever vanish. Managers at France's Société Générale may well be wondering why their agony endures, a week and counting after a far bigger scandal that cost it $7.13 billion to unwind - and that subjected its risk control procedures to public mockery. Yet the end is still not in sight. The SocGen's board of directors, meeting in emergency session, left...
...board's rejection of Bouton's resignation surprised many observers, considering who has been calling for heads to roll after the bank's staggering losses from allegedly unauthorized speculative activity by Jérome Kerviel, a junior derivates trader. Earlier in the week, French President Nicolas Sarkozy led a parade of government officials signaling expectations that the highest ranks of the bank's management would step up and assume responsibility in the affair. "We are in a system where, when you have a big salary - which is without doubt legitimate - and there is a big problem, you cannot escape your...
...Société Générale is in crisis," added Finance Minister Christine Lagarde on the eve of the bank's board meeting. "The board members are there to decide whether or not the person in charge is the best one to steer the ship or if a change of captain is needed...
...however, the board agreed with the large group of Société Générale employees assembled in support of Bouton outside the bank's headquarters. They stressed the short-sightedness of vengefully sacking an otherwise proven manager just when the shattered bank most needs him. "You don't throw the captain overboard when the ship is sinking," said board member Philippe Pruvost, who represents employees...