A million here, a million there…

So. I've been doing some digging on the whole John Rusnak thing over the past week–can't help it, he's here in Baltimore, it's a local bank, and there has to be an IT angle. What amazes me is that 5 years after the Barings Bank Nick Leeson disaster, this sort of thing can still happen at a major bank. It's proof positive that stupid is as stupid does–and I don't mean Rusnak either. It was management's job to look at the risk management views of the data coming off his desk and stop him before it got out of control. I don't buy fraud–as Napoleon has been credited with saying, “never mistake incompetence for malice.”