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All together now: not, not, not responsible
The PricewaterhouseCoopers report into National Australia Bank's foreign currency options losses provides a gripping and extraordinarily disturbing insight into the inner workings of the bank.
It is disturbing because, while the report paints a picture of four rogue traders motivated by greed and arrogance who deliberately, over years, circumvented the bank's monitoring and risk management systems, they were able to do so because layers of NAB people were too complacent to act or to think through the implications of their activities.
· Gripping and extraordinarily disturbing insight into the inner workings of the bank
· See Also Stone Cold: Extraordinary 15-year lease to rent 90 per cent of the building to the Australian National Audit Office, the agency ironically accountable to Parliament to keep the bureaucrats honest and accountable