By Stewart Hamilton
This ebook is for someone who desires to comprehend what actually lies at the back of the scandals and mess ups of world company which marred the 1st few years of the twenty first century. It examines why businesses fail, discovering the explanations few, but all too universal. It additionally explores what the prudent investor, board member or supervisor could be alert to yet frequently isn't.
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Additional resources for Greed And Corporate Failure: The Lessons from Recent Disasters
In 1989 it became a wholly owned subsidiary, and the decision was made to allow it to operate more or less autonomously, with its own management team and board of directors. One area which AIB did want to control was the Treasury operation, where it believed that it had greater expertise. Accordingly, a senior AIB executive, David Cronin, was sent from Dublin to take over the role of treasurer. The insertion of an outsider was not entirely welcomed, and it took some time for him to be accepted.
If you are approaching the bonus assessment day and you have not quite reached your target, is it not tempting to take an additional risk to make sure that it is achieved? ’17 Organisational risks Matrix management systems carry special risks. Unless well designed, and supported by proper information systems, there is a real danger that things might fall through the gaps. Reporting lines need to be absolutely clear, which was anything but the case at Barings: No one in management accepts responsibility for Leeson’s activities between October 1993 and 1 January 1995 … 18 And again: … some members of management believed that the responsibility for certain activities (for example equity derivatives, BFS) rested with other managers, who deny they had such responsibility.
Confused reporting lines in a matrix management structure Barings operated under a matrix management system. Traders, for example, reported both to product managers, who had proﬁt responsibility for their actions, and to the local manager on operational and administrative matters. Back-office staff, while reporting to the local manager, also had a ‘dotted line’ report to their functional head in London. Senior management control was exercised by a series of head office committees. One of the most important committees, in operational terms, was the asset 19 20 Greed and Corporate Failure and liability committee (ALCO), whose responsibilities included the review, assessment and monitoring of credit and market risk across the whole Barings group.