I'm reminded of Barings, and a swing through Japan and Singapore I made just before it all happened. I had a look around SIMEX and could not believe that the SIMEX audit people who went around and looked at members' accounts (including error accounts) had never even met the SIMEX people running the trading floor.

IMHO SIMEX got away scot-free: it could never have happened at IPE, and should never have happened there either.....I sent SIMEX a 3 page fax upon my return to the UK setting out my thoughts (and a couple of recommendations), which I really wish I had kept when I left IPE.

I dunno what Jerome will make of the divide you outline between Officers and Other Ranks.

But it was the same in the UK Civil Service and most other places. In the Bank of England you had the distinction between "Officers" and "Officials", and of course only one of them (I can't remember which)could ever ascend the higher ranks to dine at the "Golden Trough" (the dining arrangements for the top people: mind you the "Silver Trough" was pretty good).

"The future is already here -- it's just not very evenly distributed" William Gibson