Is this the wateshed where the country has decided to begin the downward journey to ruin.
Here are the simple facts
1. 20 banks
2. 133 bankers
3. 4 years
4. Manipulating of SIBOR after Barclays debacle over LIBOR came to light.
This is setting of daily rates for the Singapore dollar by a "panel" under the auspices of the local banking association and MAS. Manipulation means that the outcome of the rate is certain or fairly certain and those who are in the know can take positions with much reduced risk in a multitude of financial instruments. This means that those not in the know are disadvantaged - in essence this particular horse race is rigged to high heaven over 4 years.
So what does MAS and Singapore who are world renown for strict enforcement and white than white image of high standards when it comes to many things particularly commerce and international trade do?
Here is what happened.
1. They found nothing criminal in this whole episode. And someone is going to spend 6 months in jail for getting a blowjob from 49 year old aunty.
2. Just in case you are in total shock and have gone catatonic, yes, nothing criminal found.
3. No bank has been fined, sanctioned or disciplined.
4. And this must be most innovative act ever - capital reserves to be increased for one year, interest free, to be placed with MAS. Lets face it this is not a penalty or sanction. This is analogous to someone renting an apartment and the landlord wants an additional deposit to cover pets.
5. Bank staff dismissed, disciplined etc. So does this mean that only bank staff benefitted and not the banks. The question on people's mind is that did these "dismissed" staff end up in different banks as part of a well organised musical chairs courtesy of the expat community. I have told some interesting things.
6. By the way Briton announced that it plans to criminally prosecute those that manipulated the LIBOR. Investigations are still in progress.
What now brown cow?
Here are the simple facts
1. 20 banks
2. 133 bankers
3. 4 years
4. Manipulating of SIBOR after Barclays debacle over LIBOR came to light.
This is setting of daily rates for the Singapore dollar by a "panel" under the auspices of the local banking association and MAS. Manipulation means that the outcome of the rate is certain or fairly certain and those who are in the know can take positions with much reduced risk in a multitude of financial instruments. This means that those not in the know are disadvantaged - in essence this particular horse race is rigged to high heaven over 4 years.
So what does MAS and Singapore who are world renown for strict enforcement and white than white image of high standards when it comes to many things particularly commerce and international trade do?
Here is what happened.
1. They found nothing criminal in this whole episode. And someone is going to spend 6 months in jail for getting a blowjob from 49 year old aunty.
2. Just in case you are in total shock and have gone catatonic, yes, nothing criminal found.
3. No bank has been fined, sanctioned or disciplined.
4. And this must be most innovative act ever - capital reserves to be increased for one year, interest free, to be placed with MAS. Lets face it this is not a penalty or sanction. This is analogous to someone renting an apartment and the landlord wants an additional deposit to cover pets.
5. Bank staff dismissed, disciplined etc. So does this mean that only bank staff benefitted and not the banks. The question on people's mind is that did these "dismissed" staff end up in different banks as part of a well organised musical chairs courtesy of the expat community. I have told some interesting things.
6. By the way Briton announced that it plans to criminally prosecute those that manipulated the LIBOR. Investigations are still in progress.
What now brown cow?
