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Barings and Allied Irish Bank: Lessons Ignored

In: Greed And Corporate Failure

Author

Listed:
  • Stewart Hamilton
  • Alicia Micklethwait

Abstract

In February 2002 Allied Irish Bank (AIB) announced that a trader at its Allfirst Baltimore-based subsidiary had lost $691 million in unauthorised trading. It soon became apparent that this had happened because of poor risk assessment and management control; a lack of management supervision; an ineffective internal audit process; and a short-sighted desire to reduce overheads without regard to the potential long-term consequences. History was repeating itself.

Suggested Citation

  • Stewart Hamilton & Alicia Micklethwait, 2006. "Barings and Allied Irish Bank: Lessons Ignored," Palgrave Macmillan Books, in: Greed And Corporate Failure, chapter 0, pages 13-32, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50275-8_2
    DOI: 10.1007/978-0-230-50275-8_2
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