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It has been a time for scapegoats. First, it was the 31-year-old trader at Societe Generale who, given the bank’s position, seems to have single-handedly lost $7 billion without anyone at the bank noticing. At Bristol Myers Squibb, it was Edward Dwyer, Bristol’s longtime treasurer, who—-along with several mid-level managers–took the fall for the company’s $275 million loss on trading of mortgage-backed auction rate securities.

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