Posts Tagged ‘corporate culture’
From the dusty archives…Barings Bank. Thought to ponder: How do you prevent a rogue from taking down your business?
A sad anniversary – 2/24 – The Guardian – Barings collapse at 20: How rogue trader Nick Leeson broke the bank
Twenty years ago Barings Bank was taken down by one trader, Nick Leeson. The bank was founded in 1762. It was London’s oldest merchant bank.
Barings was 233 years old when it failed.
Second post provides background on the large number of audit failures that surrounded Andersen. The editorial provides background on the poor ethical environment of the firm.
David Albrecht, in his post 10 Years Later – Did Andersen Die in Vain?, has a very different answer to the question.
There was a purpose in the demise of Andersen. Punishment
Previous post discussed a March 14, 2012 editorial in the Chicago Tribune which ponders what greater cause may have existed behind the 2002 collapse of Big 5 accounting firm Arthur Andersen. The editorial concluded that Andersen died in vain.
Methinks the editorial’s content argues against the editorial’s conclusion.
Let’s look at the pattern of behavior