The old 'rouge trader' line never seems to fail being trotted out. But is it a bad trader or bad management? I guess it is the broking industries version of the 'computer problem' line.
But the regulation is even worse than I thought. It seems ASIC smelt a rat but the whole thing simmered until it exploded regardless!
So maybe 'Paramedic' is not the correct term for ASIC's market role. 'Voyeur' might be a better description. Esp considering all the reported the porn surfing.
"It is understood that ASIC has been monitoring Sonray and on three dates asked for extra information on why it could not reconcile its cash. "