IT Could Have Caught $2 Billion Rogue Trader

superapecommando writes "With the benefit of hindsight, IT experts are claiming that technical countermeasures at Swiss bank UBS could have stopped rogue trader Kweku Adoboli running up a $2 billion loss." If American Express and Visa can mine transaction data and put a stop order on credit cards when you unexpectedly buy gas out of state, it seems like there could be patterns to watch for when the amounts are in the billions, too.

Comments

Re:perhaps, perhaps not

[jrminter]

Wish I had mod points... You got that exactly right. Here in the US, the politicians could not resist the clamor to repeal the Glass–Steagall Act of 1933 that made that distinction between commercial and investment banks. Set us on the road to the mess we have now...