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« "The Plot to Destroy America's Beer" | Main | "NFL broadcasting cliches will come back to haunt you" »

November 17, 2012

"Meet The Most Indebted Man In The World"

"Jérôme Kerviel owes the bank $6.3 billion."

No, really.

(With some helpful tips if you want to try to follow his path.)


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As I tell my students [especially in budget] the payoff for successfully finding a 'hole' in the system is always much larger [for the individual] than the payoff for someone seeking to plug holes. And no matter how many holes you plug there are always more [I'm always tempted to bring in Godel here but restrain myself]. Therefore, you'll always have some one 'ripping off' the system. The trick is to keep the damage to a minimum.

Legislators, unfortunately, continue to believe that same harsh set of regulations or other can totally prevent the problem. In my estimation such efforts only make the likelihood of disastrous damage greater.

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