Contents
Foreword 11
Preface 15
Introduction 17
Advances 22 Sub - Prime Advances 38
Auditors Advice Ignored 42 Failing in Duties 43
Back Office - Confirmations, Checking of 50 Confirmation Exercises - Bien Trouves 52 Operational Risk 53 Reconciliation Problems 57 Settlement Risk 59
Banking Confidence - Loss of 62
The Big Four - Allied Irish Banks 66 Baring Brothers & Co. Ltd. 74 China Aviation Oil, Singapore 78 National Australia Bank 81
Causes Celebres
American Savings & Loan Associations 91 Argentina 92 Bank of Credit & Commerce International 94 China, (People's Republic of) 98 Citigroup 101 Enron Corporation 104 Independent Insurance 110 Indian Securities Scandal 111 Kuwait Stock Exchange 114 Marconi PLC 115 Parmalat 116 Republic National Bank of New York 124 Russian Problems 127 Salomon Brothers 132 Sumitomo Corporation - Copper Trading 134 WorldCom 137
Comfort Letters 141
Counterparty Risk 143
7 Dealers' Losses 145 Mis-pricing of Dealers' Positions 147 Unauthorised Trading 149
Derivatives - General 154 Credit Derivatives 167
Direct Dealer Input 171
Due Diligence in Takeovers 175
Electronic Mail - Email 178
Euro Problems 183
Financial Advisers 187
Financial Regulators 189
Foreign Adventures 200
Foreign Exchange Open Positions 208
Fraud 212 Advance Fee Fraud 212 Back Office Fraud 213 Cheque Fraud 215 Data Theft 217 Forgery 218 Fraud - General 219 Fraud on Investors 225 Internet Bank Fraud 234 Leasing Fraud 235 Letters of Credit Fraud 237 Prime Bank Instruments 238 Pyramid Schemes 241 StaffCollusion 243 Staff Defalcations 245 Hedge Funds 254
Historie Rate Rollovers 259
Ignoring / Forgetting What One Already Knows 261
Insurance Companies 264
Interest Rate Risk / Interest Mismatch 268
Internet Banks 270 Internet Companies 276
Legislative Misadventures 282
LIFFE and Local Traders 284
Liquidity in Banking 287
Management Controls 292
Market Ignorance 301
Millennium Problems 305
Money Laundering 307
Pot Pourri 313
Reputational Risk 324
Segregation / Rotation of Duties 335
Sex Discrimination 336
Speculation 340
Systems Failures 342
Telecommunications Companies 345
Training Exercises 351
Underwriting / Share Dealing 352
Unsuccessful Takeovers 359
Sundries 362
Appendix - Specimen Management Guidelines for Dealing Operations 376
Acknowledgements 381
Index 385 PPN: 256456690 Titel: Great financial disasters of our time / Alan N. Peachey. - . - Berlin : BWV, Berliner Wiss.- Verl., 2006 ISBN: 3-8305-1162-0 Bibliographischer Datensatz im SWB-Verbund