The dogs might be barking for Jean-Pierre Mustier, Société Générale's head of corporate and investment banking, reports the Financial Times, and the Houston Chronicle reports that the bank's board is now discussing chief executive Daniel Bouton's offer to resign. Still, this problem will keep happening.

In the Financial Times piece mentioned above, Lyndon Nelson, head of risk at the UK's Financial Services Authority has called it a "wake-up call" for banks. Yeah right.

The reality is there have been many wake-up calls and the same thing keeps happening again and again. We have had the trades that bankrupted Barings and the Amaranth scandal last year. It's the same story every time, and it will keep happening, says Money Morning's investment director Keith Fitz-Gerald.

"Clever traders will always find ways to game the system and their supervisors will unwittingly encourage this behavior by maintaining the outrageous bonus structures and payouts for which Wall Street is now synonymous," he writes. "The old adage, 'where there's a will, there's a way' is unbelievably true when it comes to the financial markets."

Rogue traders are a fact of life. "There are no foolproof systems," former SEC chairman Harvey Pitt told Reuters.

At best, all the banks can do is take preventative steps but there will always be insiders who know how to work the system and who can cover their tracks.

Trouble is most bankers, even if they admit that things could go wrong in theory, would have trouble acknowledging that it would happen on their watch. Let alone admit they could be so stupid as to fall for a rogue trader's lies. Another reason why this will keep happening.