Introduction

Stewart Hamilton and Alicia Micklethwait

Chapter Chapter 1 in Greed And Corporate Failure, 2006, pp 1-12 from Palgrave Macmillan

Abstract: Abstract A decision to save $20,000 a year by not subscribing for a second Reuters terminal ultimately cost Allied Irish Bank’s American subsidiary, Allfirst, some $690 million in 2002: possibly the worst bargain ever. Allied Irish was big enough to absorb the losses and did not suffer the same fate as Barings Bank, which had failed some seven years earlier after a ‘rogue trader’ ran up even greater losses. It was abundantly clear that Allied Irish had learnt nothing from that high-profile disaster. This was, sadly, only one of many such omissions that have led to history repeating itself so dramatically in the first years of the new century.

Keywords: Stock Market; Audit Committee; Share Price; External Auditor; Internal Audit Function (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50275-8_1

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DOI: 10.1007/978-0-230-50275-8_1

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