Word: banking
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Executives said the trader was able to use his extensive knowledge of the bank's controls from his previous job at the bank in order to bypass the control system and create his own rogue operation. That revealed a crucial hole in the bank's security, says Mark Thomas, an analyst with Keefe, Bruyette & Woods in London. "The single most important factor [in security] is that the risk-control function is independent of traders," Thomas told TIME on Thursday. "You would typically put extra supervision on that person for a couple of years." Said ABN Amro's Lakhani: "This...
...huge scale and complexity of Kerviel's fraud has strong echoes of Nick Leeson, a young rogue British trader in Singapore. Leeson bankrupted the 230-year-old Barings Bank in 1995, after losing $1.38 billion in fictitious trades on Asian futures markets, single-handedly wiping out Barings' cash reserves. Leeson was jailed for more than three years in Singapore, and the scandal became almost synonymous with the power of a lone employee to unravel a large company. At the time, officials at various banks said they were tightening internal security measures in order to avert a similar disaster...
...office to meet Iraqi Christian refugees. When they saw Faeza, who is Muslim, they immediately offered to help. They found her a comfortable apartment in a safer neighborhood and brought her some furniture, food and a cell phone. The church also helped her set up a bank account, collect food stamps and get a driver's license. "She's all alone here," says Amir Sitto, a real estate broker in neighboring Scottsdale. "No husband, no relatives. We had to help...
...Europe has seen some of the same warning signs as the U.S., including an overvalued housing market. A worldwide slump would be a special concern in poorer countries, says Ngozi Okonjo-Iweala, a former Finance Minister of Nigeria who is now a managing director of the World Bank. Food prices there, she notes, are already being driven up in part by demand for biofuels, which is leading to the substitution of food crops by those that can produce fuel. If food stays expensive yet economies in Africa and elsewhere slow, there could be big trouble...
...billion into the economy through tax cuts of various sorts. This is a classic Keynesian stimulus, and the whole purpose of that is to increase demand in the economy. Instead of a self-feeding spiral downward?I get laid off and can't pay my mortgage, so the bank fires you, and you don't buy a new TV, and so on?we get a self-feeding spiral upward: I take my government check and buy that new TV, Best Buy has the money to hire you as a salesman, you then buy a house and take out a mortgage...