A bus bombing two decades ago — and a New Jersey father’s quest for justice — inadvertently set off a chain of events that led American prosecutors to accuse some of the world’s biggest banks of transferring money for nations like Iran.
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“The fact that our case laid the groundwork for these actions is really a tribute to Alisa who would be 40 this year,” he said.
To paraphrase Ernest Hemingway’s response to a bankruptcy question :
How did your country die?
Two ways. Gradually, then suddenly.
Statistical evidence is immune to concealment. No matter how clever a cheater is in communicating with collaborators, no matter how small the wireless communications device, the actual moves produced by a cheater cannot be hidden.
The losses are a result of a serious error of judgment by an employee in our International Finance Unit acting beyond the limits of their authority and without following proper procedures. Greenpeace International entered into contracts to buy foreign currency at a fixed exchange rate while the euro was gaining in strength. This resulted in a loss of 3.8 million euros against a range of other currencies.
Disruptive innovation is a theory about why businesses fail. It’s not more than that. It doesn’t explain change. It’s not a law of nature. It’s an artifact of history, an idea, forged in time; it’s the manufacture of a moment of upsetting and edgy uncertainty. Transfixed by change, it’s blind to continuity. It makes a very poor prophet.
Abnormal Capitalist 