Word: hole
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...positions. But those to whom he reported, who made more money and had more responsibility at the bank - his "superiors," in other words - had nary a clue, because young Nick had for a time devised a way to hide his trades from them. More than $1 billion in the hole, and with no hope of digging his way out, he skipped off to a Malaysia beach resort with his wife to sip umbrella drinks for a few days before their world caved in. A week later Britain's oldest merchant bank, which had helped finance the Napoleonic wars...
...January 28, 1958, that then-Lego head Godtfred Kirk Christiansen filed a patent for the iconic plastic brick with its stud-and-hole design. Since then, the company has made a staggering 400 billion Lego elements, or 62 bricks for every person on the planet. And if stacked on top of one another, the pieces would form 10 towers reaching all the way from the Earth to the Moon...
...Regulars congregate at Kevin Moran's, formerly the Nag's Head, an historic watering hole in stylish Belgravia, to enjoy its open fireplaces in the winter or summertime flowers bursting from the window boxes on its charming Dickensian façade. But Moran says he sees the pub recession just down the road. "There's the Moore Arms - you wouldn't even know it was a pub now - it closed two years ago. Up from there's the Australian - that's been turned into apartments. Opposite, the Shaftsbury Arms is now a Baker and Spice [bakery chain] underneath and flats...
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...
...Israel had blocked all but basic "humanitarian aid" from Gaza. Businessmen and students streamed over, as did scores of brides-to-be, caught on the Egyptian side, who scurried across to be united with their future bridegrooms in Gaza. And some, like teacher Abu Bakr, stepped through a blast hole into Egypt simply "to enjoy the air of freedom...