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Wednesday, February 06, 2002

:: The Economics of Morality & Depravity
Alas, not a subscriber so I can't see the entire article, but certainly this picture says it all!
from The Dismal Scientist, 5 Feb 02
And in other developments, yet another paper trader gets caught:
Dublin, Feb. 6 (Bloomberg) -- Allied Irish Banks Plc, Ireland's largest bank, may lose $750 million from alleged fraudulent currency trades at its U.S. unit. The shares plunged as much as 23 percent. Allied Irish has found that a trader at Baltimore-based Allfirst Financial Inc. made a series of fictitious transactions to hide losses he was making on real trades, said Gary Kennedy, the bank's head of finance, in an interview. This would be the biggest trading loss from unauthorized trading since 1996 when Sumitomo Corp. of Japan disclosed it lost $2.6 billion from copper trading

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