Word: huge
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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...
More than a decade later, those assurances sound thin to some analysts. "This raises huge questions marks about whether you can fix the rogue-trader risk," says Pierre Flabbee, head of banking-sector research for Landsbanki Kepler in Paris. "This demonstrates that you cannot. The human factor is one you cannot control 100 percent. The more sophisticated procedures become, the more sophisticated employers become...
...return to Rambo a sign of a last-quarter-life crisis? It's less of a sign than what's under Stallone's right sleeve. Yesterday, he says, he finished his tattoo, and it's not subtle. It's a huge, color-saturated portrait of his wife surrounded by three roses (the middle name of each of his three daughters is Rose) and looked over by a tiger (apparently, Rocky was fond of tiger eyes). "When people read about this, they'll go 'Tattoo?' But after a certain age it takes on a different meaning," he says. "You get your...
...legal world ever reacted negatively to your work? -Diana Parrish, BostonThere have been tons of negative reactions. I have been routinely trounced by lawyers and legal critics, but I couldn't care less. A huge part of my readership is made up of lawyers, and every book was inspired, in some part, by something that really happened...
...says Tim Wu, a Columbia law professor and net neutrality expert. "They are the Obama in this race. They don't have the advantages of the Bell culture, but they aren't trapped by it either." Google could benefit by controlling their own wires, which could potentially mean huge profits down the road and direct access to their customers - a safety net against any wireless carrier whims...