The Outlier Risk under their noses. It seems funny at first, but not really. Could have been really nasty indeed. Of course, if they’d been using idax they’d have spotted him in a heartbeat.
This article from “Here In The City” tells the tale of how the simplest of actions can completely bypass complex security .
He had freshly printed business cards identifying himself as a bond salesman. He met with customers and impressed executives in internal meetings with his talk about rich clients he knew, according to two people familiar with the matter.
Then, just as suddenly, he was out the door several months later after bank managers began asking questions about him, questions that led to the realization that he wasn’t a bond salesman after all, the people said.
RBS informed regulators but otherwise kept the matter private, according to another person familiar with the matter. Some details became public when another bank executive mentioned it in a complaint he filed over an employment dispute.
Ho had been a manager in RBS property services facing a layoff, and was given a desk to help him find a new position, according to the three people, who asked not to be identified because they weren’t authorized to discuss it. Ho wasn’t assigned to a team, had no manager and wasn’t authorized to sell securities or meet clients.