Have you ever read the book Liar's poker by Michael Lewis?? The amount of knowledge one needs to become a Wall Street CEO is miniscule. These guys are good at bloviating and threatening people. lewis seems to think they have absolutely no idea what is going on in their companies. I am certain people in charge knew that the changing of the formulas was a complete and total fraud... It would be interesting to see it play out in court, but again, it's more a case of treason of the intellectuals. You can find these quants anywhere.