WHO NEEDS TALENT LIKE THIS?

You may recall that Barings Bank folded because of the actions of a single trader but you may not know how this came about. The trader hid his losses by entering them into an "error account" which was unconnected to the rest of the computer system. Why didn't the top execs realize that there was a hole in the system and take steps to block it? And don't think Barings was an aberration.

Yves at Naked Capitalism found two great examples of incompetence at AIG. First, the exec boobs didn't realize that AIG had an extra $20 Billion in losses and second, they seem to have almost forgotten that there was a huge amount of money in bonds available in "the unofficial vaults."