BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific Arabic Spanish Russian Chinese Welsh
BBCi CATEGORIES   TV   RADIO   COMMUNICATE   WHERE I LIVE   INDEX    SEARCH 

BBC NEWS
 You are in: Business
Front Page 
World 
UK 
UK Politics 
Business 
Market Data 
Economy 
Companies 
E-Commerce 
Your Money 
Business Basics 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 


Commonwealth Games 2002

BBC Sport

BBC Weather

SERVICES 
Thursday, 7 February, 2002, 15:22 GMT
AIB and the missing millions
BBC News Online presents audio and video coverage of the crisis at AIB bank after US trader John Rusnak loses $750m.


6 February 2002

Fraud crisis at the AIB

AIB foreign exchange trader John Rusnak
Suspected: John Rusnak
Ireland's biggest bank the AIB was left reeling after a trader, John Rusnak at US subsidiary Allfirst, loses $750m in share trading. The bank assured customers it was financially secure and asked the FBI to track down Mr Rusnak.

 The BBC's Stephen Evans reports


A 'complex' fraud

AIB chief executive Michael Buckley
Buckley: "This was a complex and a very determined fraud"
AIB's chief executive Michael Buckley believes the affair is "a complex and a very determined fraud". But he says the group's underlying business and profitability momentum is not impaired by what is "a once-off blow."

 AIB chief executive Michael Buckley


Investor concerns

Enron headquarters
Enron's collapse undermined confidence in regulation
The massive losses suffered by the Allied Irish Bank, coming so soon after the collapse of the American energy giant Enron, raise more concerns among investors about whether they can trust companies with their money.

 The BBC's Jeff Randall reports


The man who broke Barings

Rogue trader Nick Leeson who brought down Barings Bank in 1995
Nick Leeson
John Rusnak has been compared with "rogue trader" Nick Leeson - the man whose dealings brought down Barings Bank. Leeson went to prison for three years and he told the BBC's James Naughtie that nothing had been learned about financial security.

 click here to listen


FBI investigators question Rusnak

FBI logo
The AIB asked the FBI to investigate

After a media manhunt in his native Baltimore John Rusnak and his attorney finally contacted FBI investigators looking into the fraud. The bank's directors are holding crisis talks to establish the extent of the damage. The BBC's Rory Cellan Jones reports.

 click here to watch


Whizzkids who go off the rails

A City trader
High pressure and high rewards

Pressure is mounting for financial institutions to tighten their procedures to prevent traders from costing shareholders millions. There are concerns that the pressure to achieve profits is tempting staff to take unacceptable gambles. The BBC's Max Foster reports.

 click here to watch

See also:

22 Jun 99 | The Economy
How Leeson broke the bank
22 Jun 99 | The Economy
Leeson scandal 'could happen again'
Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories