For the past few years, bonuses at RBS have been what you call not so great (for good reason of course, which is that whatever money the firm had needed to be put towards on-site saunas and sports bars, so just silence yourselves). RBSGC Managing Director James Glover (apparently known to colleagues though not to his face as "G-Love"), was all too aware of the shit bonus situation, particularly the potential scheme to pay employees entirely in RBS debt and if we're being honest? He didn't like it. It didn't jibe with the ski house in Vermont he was building (which some haters claimed was out of his price range) or the money problems he was having in general. So Jim did what any thinking man would do and came up with a plan-- help himself to a bonus.
He did so by having junior employees submit wires that would normally go to a counterparty to pay for trades, and then approving them to, instead, go to his personal account. Jimbo put the plan into action months ago, and hundreds of thousands of dollars later,* it was working out great! And it would've continued to keep working out great were it not for the damn chippies running the place and their "internal controls" finding out about the thing and taking issue with it, instead of congratulating G-Love for thinking outside the box. Unfortunately Big J wasn't expecting to be confronted about any of this, and failed to turn the situation around on them by offering that no one ever told him when he first started working there that this sort of thing is frowned upon (when he was at Drexel Burnham people did it all the time). So now he's out of there, the matter has been "referred to law enforcement," and any of you previously contemplating a similar scam should just forget it, because you'll probably be found out, eventually, at some point, maybe. In related news, if anyone reading this makes the hiring decisions for his/her firm and is looking to award creativity and problem solving, get in touch.
*Obviously he had to go about this slowly so as not to draw attention to the situation and, you know, get caught or something.