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John Rusnak

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BUSINESS
February 12, 2002 | Reuters
A currency trader suspected of defrauding the U.S. branch of Allied Irish Banks of $750 million received hefty bonuses for his dealing, the bank said. The confirmation that John Rusnak got bonuses of $100,000 to $200,000 a year, on top of his salary of $85,000, came as AIB said the bank's directors and top management would have to forgo bonuses until an investigation of the alleged fraud is completed. Attorneys for Rusnak have denied he stole money.
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BUSINESS
March 15, 2002 | Bloomberg News
Allied Irish Banks fired six executives at its U.S. business after alleged bogus currency market trades cost Ireland's biggest lender $691 million. Chief Executive Michael Buckley will keep his job. The dismissals follow a monthlong investigation by former U.S. bank regulator Eugene Ludwig into how trader John Rusnak allegedly racked up the losses without being caught by management at Allied Irish or its Allfirst Financial Inc. unit.
BUSINESS
May 24, 2003 | From Reuters
Allied Irish Banks sued Bank of America Corp. and Citibank, alleging they helped a former currency trader from an AIB unit hide more than $691 million in investment losses. Allied Irish is seeking $500 million in compensatory damages as well as punitive damages, according to its complaint filed in federal court in New York. The case concerns BofA's and Citibank's alleged involvement with John Rusnak, a trader at Allfirst Bank.
BUSINESS
March 4, 2002
* Today, President Bush may announce a decision on steel tariffs and quotas, before a Wednesday deadline. * Wednesday, U.S. District Judge Colleen Kollar-Kotelly opens hearings on whether the Justice Department's proposed settlement of the Microsoft Corp. antitrust case is in the public interest. * Wednesday, the Senate Judiciary Committee holds a hearing on the proposed merger of EchoStar Communications Corp. and Hughes Electronics Corp.'s DirecTV Inc.
BUSINESS
March 11, 2002 | Reuters
Allied Irish Banks is expected to dismiss senior managers this week at its scandal-hit U.S. unit Allfirst, where rogue trader John Rusnak ran up losses of nearly $700 million, it was reported. The Business newspaper of London said Allfirst Chairman Frank Bramble as well as the Maryland bank's chief executive, Susan Keating, would resign. Rusnak's immediate bosses, Bob Wray and David Cronin, the head of Allfirst's treasury team, also were expected to be fired.
BUSINESS
February 11, 2002 | From Associated Press
Allied Irish Banks appointed a senior American banker Sunday to oversee an internal probe into $750 million in allegedly fraudulent losses at its U.S. subsidiary, Allfirst Bank of Baltimore. Eugene A. Ludwig is a veteran federal regulator who served as the Treasury Department's comptroller of the currency during the Clinton administration. Allied Irish said Ludwig would publish a report into the losses, which the bank has blamed on foreign-exchange trader John Rusnak, within 30 days. ''Mr.
BUSINESS
June 6, 2002 | From Reuters
Former currency trader John Rusnak was named in a seven-count indictment for his alleged role in a trading scam that landed Allied Irish Banks in one of the biggest scandals in recent banking history, prosecutors said Wednesday. Rusnak was charged after four months of investigation into $691.2 million in losses, which Rusnak allegedly racked up by executing unauthorized trades while employed by AIB's U.S. subsidiary, Allfirst Financial Inc.
BUSINESS
February 8, 2002 | E. SCOTT RECKARD, TIMES STAFF WRITER
Allied Irish Banks said Thursday that it would centralize currency trading operations and appoint an "eminent person" from the financial industry to investigate how internal safeguards failed to stop an employee at its U.S. subsidiary from secretly losing $750 million. Ireland's largest bank also postponed a $365-million bond sale planned for this week, after Wednesday's disclosure that a trader lost $750 million at its Allfirst Bank in Baltimore. Allied Irish has alleged that John M.
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