Another rogue trader

Futures broker MF Global has fired an employee for alleged rogue trading, for which racked up $142 million in losses. This of course comes on the heels of the Jerome Kerviel affair at Societe General. The MF Global trader, Evan Dooley, worked at the company's Memphis office and was found to have made wheat futures that "substantially exceeded his authorized trading limit," notes the AP. Can we concluded that European banks lack rigorous controls? I'm sure the minute that happens, we'll see a U.S. bank hit with such activity (a variant of Murphy's Law). I'll spare the industry and avoid the conclusion.  

For more:
- here's the AP article
- here's a profile from the New York Times

Related Articles:
Kerviel affair continues. Article
Details on rogue trader's red flags. Article
Kerviel a folk hero? Ouch. Article