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...huge scale and complexity of Kerviel's fraud has strong echoes of Nick Leeson, a young rogue British trader in Singapore. Leeson bankrupted the 230-year-old Barings Bank in 1995, after losing $1.38 billion in fictitious trades on Asian futures markets, single-handedly wiping out Barings' cash reserves. Leeson was jailed for more than three years in Singapore, and the scandal became almost synonymous with the power of a lone employee to unravel a large company. At the time, officials at various banks said they were tightening internal security measures in order to avert a similar disaster...

Author: /time Magazine | Title: France's $7.2 Billion Hit | 1/24/2008 | See Source »

...postelection skirmishes in Kenya are not a natural consequence of poverty. Kenyans have been poor but peaceful for decades. Rather, the protests are the language of the weak against a regime that rigged itself into power. Second, tribalism is not new; it started with the imperial British driving wedges between people to facilitate colonization. It was later perfected by myopic postcolonial leaders. And developed countries like the U.S. are not half as enthusiastic about a stable democratic Africa as they are about forging partnerships against terrorism and for their multinational corporations. Rich nations are very much a part...

Author: /time Magazine | Title: Inbox | 1/24/2008 | See Source »

...Uruzgan's new governor, Assadullah Hamdam, that a major operation, Spin Ghar, was about to be conducted in the Baluchi Valley, 16 km north of Tarin Kowt. They dropped leaflets and broadcast messages telling villagers how to protect themselves during the operation, which involved Australian, Dutch, Afghan and British forces. Rietdijk says Spin Ghar uncovered many weapons caches without a single civilian casualty. But Australian SAS sergeant Matthew Locke was shot dead on a reconnaissance mission, and Dutch soldier Ronald Groen was killed by a mine. Rietdijk concedes that giving notice of the operation might have put troops at risk...

Author: /time Magazine | Title: Mission: Difficult | 1/24/2008 | See Source »

Last week at Heathrow Airport, when 136 passengers had to get off a British Airways Boeing 777 that had crashed short of the runway, they did it by escaping down the eight slides unfurled at the plane's exits. The deplaning, like the landing itself, was very successful, with no fatalities and only a handful of injuries...

Author: /time Magazine | Title: How to Escape Down an Airplane Slide | 1/23/2008 | See Source »

...aisle with obstacles. And yet, even if the cabin is full of smoke, passengers will almost invariably reach up to get their briefcases and garment bags. Video footage of emergency evacuations often shows people sailing down the slides clutching rolling suitcases. Chloe, 24, was a passenger on the British Airways flight. "I got to the door, and I realized I was holding a bamboo hat - and just thought, what am I doing rescuing a hat from a crashed plane?" she told the Coventry Telegraph...

Author: /time Magazine | Title: How to Escape Down an Airplane Slide | 1/23/2008 | See Source »

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