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| Business Words in the News
Friday 08 February 2002
Vocabulary from the business news. Listen to and read the report then find explanations of difficult words below.
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AIB and the missing millions
Summary: The FBI has been interviewing the man accused of defrauding Allied Irish Banks. Managers at All First, the subsidiary where he worked, have been holding crisis meetings as the investigation into the loss continues. This report from Jane Hughes:
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| | The News | |
| | | All First Bank appears to have battened down the hatches as officials pursue their intensive investigation into the missing seven-hundred-and-fifty-million dollars which they believe John Rusnak lost in dozens of bad trades over the course of last year. There were no more lengthy news conferences. Managers spent much of the day locked in crisis meetings. John Rusnak himself has been co-operating with the FBI, according to his lawyer. David Irwin said he wasn't a fugitive and firmly denied that he had stolen any money.
(DAVID IRWIN) “He's not a fugitive, as was reported early on. He's not going anywhere. He's here to help try to get to the bottom of this.”
Despite his denials, federal agents say they are investigating alleged bank fraud and embezzlement. And with such a big hole blown in All First's balance sheet, it's clear John Rusnak could face very serious criminal charges. It's also possible more All First employees could be implicated. Several managers have been suspended and bank officials have said they believe other people must have colluded with Mr Rusnak for such big losses to have gone unnoticed.
Jane Hughes, BBC
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| | The Words
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| | | battened down the hatches
if you batten down the hatches you make ships safe before a bad storm. Here, it means that the bank officials have stopped speaking to the media in order to protect their interests during this crisis
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| | | bad trades
the buying and selling of shares or currencies which results in the trader losing money
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| | | a fugitive
a person running away or trying to hide, especially from the police
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| | | to get to the bottom of
to find the real truth about a situation
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| | | fraud
the crime of gaining money or other benefits by lying or trickery
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| | | embezzlement
when someone illegally takes or uses money from the company or organization that they work for
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| | | implicated
to be involved in a wrong or unpleasant situation or event
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| | | suspended
If someone is suspended they lose their job or position, usually for a specific period of time, as a punishment for doing something wrong
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| | | colluded
if you collude with someone you cooperate or work with them, secretly or illegally
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