They are banksters for a reason...
This happens because no one (regulators) was trying to put the fear of jail and disgrace to them. The pity is that so few of these banksters serve hard time for the absolute destruction they unleash on the “little people”.
I work in cyber security and the vast majority of our customers are community and regional banks. I can whole heartedly tell you that there is far too much trust in technology and not enough verify in person.
“Only four years later, in May 2012, it emerged that JP Morgan trader Bruno Iksil (known as the London Whale) had carried out aggressive trading activities in the credit default swaps market which led to market losses of $7bn.”
Iksil was a skilled trader, who carried out the trades his boss ordered him to carry out. He told his boss, Achilles Macris, that the trades wouldn’t work out, and suggested they cut their losses.
Spent 42 years in commercial banking. Watched the “short run maximizes” take over bank management. Ethics, honesty, and probity went out the window.