Wednesday, February 06, 2002

Wearing of the Red-Ireland's largest bank (and the largest cap on the Irish exchange), Allied Irish Bank, reported a $860 million theft by a Baltimore foreign exchange trader. The stock dropped 16% on the news. Denbeste points out that Price Waterhouse that did the auditing for AIB. This one could be interesting. A big bank fiasco could have some fallout on Irish politics with an election coming up this spring. There might be another volley of punditfire at the accounting industry, as another firm gets egg on its face. Expect a lot of reflexive big-business and banking bashing by the usual suspects. Ireland's already in the EuroZone (I'm getting used to the E with two middle prongs Euro sign) , so cries to "join the Euro and lessen foreign exchange trading" aren't in play here, as there might be if a British bank got caught with its pants down.

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