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Discussion Groups / ESL Teaching / December 2004what is the logic of this sentense?
Hello all, There is a sentense here, but I don't know what is the logic of this sentense. "A breakdown in accountability enabled the rogue trader to bring the established investment bank to its knees." who can give me a easier explanation for this sentense? English is not my mother language, so I just can't make out the main idea of it. any help is welcome. thanks in advance! Li. >Hello all, > > There is a sentense here, sentence > but I don't know what is the logic of this >sentense. > >"A breakdown in accountability enabled the rogue trader to bring the >established investment bank to its knees." "Accountability" means that there is someone supervising what is done. A person or company will be held accountable if they do something wrong. "A breakdown in accountability" means that whatever agency should have been watching, wasn't doing so. A "rogue' was originally a bull elephant that did not run with the herd, but always stayed alone. Such "rogue elephants" were usually considered bad tempered and dangerous. A "rogue trader" would be a trader who had a reputation for shady deals and marginally illegal behavior. To bring a bank to its knees one would have to get hold of most of its assets and/or damage its reputation. John Ings wrote: >>Hello all, >> [quoted text clipped - 24 lines] > To bring a bank to its knees one would have to get hold of most of its > assets and/or damage its reputation. I think I recognise this text from an article about Nick Leeson whose trading losses on speculation he carried out in defiance of the company's rules led to the bankruptcy of Barings Bank, one of the oldest merchant banks in Britain. >>> There is a sentense here, >> [quoted text clipped - 27 lines] >company's rules led to the bankruptcy of Barings Bank, one of the oldest >merchant banks in Britain. I wanted to complete my reply to Li by deftly rephrasing the original sentence, and after some thought, chickened out. How would you put it, not using any of the original jargon? John Ings wrote: >>>>There is a sentense here, >>> [quoted text clipped - 32 lines] > > How would you put it, not using any of the original jargon? Due to lack of the expected supervision a dealer speculating outside any controls drove the established merchant bank into bankruptcy. Or something like that. Regards, Einde O'Callaghan |
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