$2 billion bank fraud - Could it ever happen here?

IT was Albert Einstein who said the definition of insanity was doing the same thing time after time and expecting a different result.

One of the consequences of the economic collapse was that we dared to imagine that banking supervision had become effective enough to prevent the kind of excesses that destroyed so much wealth.

How wrong we were. London police have arrested a trader on suspicion of fraud in connection with a $2 billion trading loss at Swiss investment bank UBS.