The Wall Street Journal has published a retrospective on famous criminal traders. Thanks to Moneyweb I can post a link to the usually locked-down WSJ content. The idea for the article came from the recent news of an insider at Societe Generale, Jérôme Kerviel, who used his knowledge of back office systems to cover up his huge positions in derivatives. His activity led to over $7 billion in losses for the French bank.
Two lessons learned here. First, your trusted insiders are your greatest risk. The very people who have the strongest authentication are the ones you have to worry about. Second, crime does not pay. Read the article as it follows the jail time these guys have suffered.
