Damning report over Allfirst failure

- Rob Dwyer, Nikki Marmery and Kirsten Hyde
- 01 Apr 2002

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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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