Word: traders
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...hands meeting to reassure workers about the future. The affable Lay told everyone that if operating earnings were on target, as it appeared they would be, bonuses would be paid. The questions that followed veered toward the trivial--the Christmas party, parking privileges--until one persistent energy trader started drilling for details about Enron's myriad, murky off-the-books enterprises...
...trader, Jim Schwieger, challenged Lay. Why, he asked, was chief financial officer Andrew Fastow sharing the stage--and gainfully employed--considering that he had just blown half a billion dollars mismanaging several Enron partnerships and earned $30 million doing it? Lay put his arm around Fastow and proclaimed his "unequivocal trust" in the CFO. The partnership accounting was complex stuff, Lay explained, but Fastow was on top of it--or he'd be in big trouble. A day after that buddy-buddy display, Fastow was history...
Enron executives are hardly the first to be accused of messing with other people's money. A rogue trader at Allied Irish Banks landed in trouble last week for allegedly losing $750 million. Not all have seemed as colorful as NICHOLAS LEESON, who brought down Britain's prestigious Barings Bank with $1.4 billion in concealed losses...
...John Rusnak. Bruce Lamdin, his co-counsel, said his client had "made himself available to the FBI." If Rusnak's story continues to parallel Leeson's, there could be some jail time, followed by mid-ranking celebrity. There could be biographies, autobiographies and who knows, maybe even Rogue Trader...
Yasuo Hamanaka Sumitomo Bank?s chief copper trader racked up losses of $2.6 billion in unauthorized deals over 10 years. He pleaded guilty to forgery and fraud, and is serving eight years in a Japanese prison...