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Good Day, Bad Day
February 22, 2008
GOOD DAY FOR: Teamwork, after it took 28 people at French bank Societe Generale 16 days to discover the massive fraudulent trades by banker Jerome Kerviel. The bank ignored 75 warnings about his activities before nailing a confession, according to an internal bank probe. (Bloomberg)
BAD DAY FOR: Good fortune, after a New York man was arrested on grand larceny charges for withdrawing more than $2 million from his bank, even though his account only contained about $800. The man shares a name with an executive whose name is listed on the account of property management firm Woodlawn Trustees Inc., and a bank teller mistakenly gave him access to Woodlawn’s money. (Reuters)
of The Week magazine.