Well well, another $2bn popped it, this time from UBS, and they said it couldn't happen again.
In my experience, if the banks put in something akin to the cost controls that the average charity has (actually Parliament could learn something here) then it really couldn't happen again. The number of signatures, checks, balances and justifications one usually has to make to get repaid for a trip to, say Leeds, would make all but the sturdiest stalwarts tremble in their boots. But it works.
The same applies for sales control as I've just found out. I've spent the last two months chasing around the university to get an invoice raised for a tiny piece of research. Eight weeks, six signatories about about four separate forms all so that the university can be paid by an organisation gagging to pay us! You might say that this is over controlled. I couldn't possibly comment. It does however throw into stark relief the fact that with a few more people looking over the shoulders of the traders and asking the obvious questions, this stuff just could not happen.
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