Damning report over Allfirst failure

Former US Comptroller of the Currency Eugene Ludwig’s report into fraudulent trading at Allied Irish Banks’ US subsidiary Allfirst Financial, published on March 13, not only shows a complete breakdown of risk oversight, but also reveals that Allfirst failed to take the most basic precautions – like obtaining prices from a third party – that could have prevented John Rusnak from accumulating $691 million in losses over nearly five years.

The report says Rusnak made most of the losses from yen

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