Three Mile Island, Chernobyl, Fukushima. First the accident, then the predictable allegations in the postmortem: The design was flawed. Inspections were inadequate. Lines of defense crumbled, and reliable backups proved unreliable. Planners lacked the imagination or willpower to prepare for the worst.
In May 1931, a Viennese bank named Credit-Anstalt failed. Founded by the famous Rothschild banking family in 1855, Credit-Anstalt was one of the most important financial institutions of the Austro-Hungarian Empire, and its failure came as a shock because it was considered impregnable.
Shares of Accenture Plc , the technology consulting firm, sold for $40 on the afternoon of May 6 when the stock suddenly seized up. For 22 seconds there were no recorded trades. Then came a transaction below $10.
BP says it’s throwing its best people at stopping the Gulf of Mexico oil spill. Nevertheless, it took an outsider -- none other than Energy Secretary Steven Chu , who has a Nobel Prize in physics -- to come up with the idea of peering inside the malfunctioning blowout preventer on the sea floor with high-energy gamma rays.
Bloomberg Businessweek editor Peter Coy discusses the one year anniversary of the so-called financial market flash crash. Coy talks with Bloomberg's Pimm Fox, David Wilson, and Courtney Donohoe on Bloomberg Radio's "Taking Stock."
June 27 (Bloomberg) -- Bloomberg Businessweek economics editor Peter Coy talks with Bloomberg's Tom Keene about what to expect from this week's EU summit and the pressure the European debt crisis puts on the United States. He speaks on Bloomberg Television's "Bloomberg Surveillance." (Source: Bloomberg)
Bloomberg Businessweek economics editor Peter Coy takes a look at the unemployment rates for Greece and Germany and posits why they may explain why Germany has been reluctant to act forcefully in the European financial crisis. (Source: Bloomberg)
In 2002, an accountant in Boca Raton, Florida, named Joseph Lents was accused of securities-law violations by the U.S. Securities and Exchange Commission. Lents, who was chief executive officer of a now-defunct voice- recognition software company, had sold shares in the public company without filing the proper forms. Facing a little over $100,000 in fines and fees, and with his assets frozen by the SEC, Lents stopped making payments on his $1.5 million mortgage.