Clueless Wong didn't realize having made self-incriminating remarks

[PrinceCharming]

By stating in Parliament that "MAS did not find evidence that the banks' senior management were aware of their traders' misconduct" the Acting Ministar for Culture, Community and Youth had admitted that the MAS and the banks' senior management had been laxed in their supervision of their subordinates' work.

There is NO evidence that Clueless Wong realized that he had made a self-incriminating remark.

*************************************

Banks' senior management not involved in rate-rigging

SINGAPORE - Senior management of the 20 banks involved in attempts to rig benchmark financial rates here were not aware of their traders' actions.

This was revealed by Acting Minister for Culture, Community and Youth Lawrence Wong in Parliament on Tuesday. Mr Wong, a board member of the Monetary Authority of Singapore (MAS), was speaking on behalf of Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam in response to questions by several MPs.

Mr Wong said: "While a few line managers were aware... MAS did not find evidence that the banks' senior management were aware of their traders' misconduct."

The senior management of these banks took the MAS review seriously, and cooperated fully, he said.

Mr Wong added that MAS referred five cases of attempted rate rigging to the Commercial Affairs Department. However, there was insufficient evidence to support any prosecution based on existing criminal laws.

Last month, a MAS year-long review revealed 133 traders from 20 banks attempting to rig benchmark rates, including the Singapore interbank offered rate (Sibor) which most home-loan rates are pegged against.

MAS said that while there was no conclusive finding that rates here were successfully manipulated, the traders' conduct showed a lack of professional ethics.

MAS has proposed a new regulatory framework for financial benchmarks, including criminalising attempts to rig these rates and subjecting the setting of several key benchmarks to regulatory oversight.

Source: http://business.asiaone.com/news/banks-senior-management-not-involved-rate-rigging

 

[Confuseous]

This is a good example of how ministers culled from stat boards and GLCs don't know how the real world works.

It is very common where bosses tell you to do what you have to do, but don't need to tell me, wink wink.

Such remarks are in the same level of stupidity as Ting Pei Ling who said that as a result of her efforts, the hawkers in McPherson agreed not to increase their prices.
Which was true. What she obviously was not aware that the hawkers started dishing fewer fishballs and rice/noodles in their servings.

So Lawrence Wong's intellectual level has been exposed - plus the 'punishment' was just an excuse to make the banks safer, not better in terms of ethics. What a clown.
I don't know what to say.

 

[halsey02]

ha ha ha ha ha if clueless wong don't know about about the secret, facsimile machines that are not connected to the mail line, nor going through the voice recorders in the dealing rooms... that are more...the top to the line managers do not know....ha ha ha

 

[watchman8]

This is a good example of how ministers culled from stat boards and GLCs don't know how the real world works.

It is very common where bosses tell you to do what you have to do, but don't need to tell me, wink wink.

Such remarks are in the same level of stupidity as Ting Pei Ling who said that as a result of her efforts, the hawkers in McPherson agreed not to increase their prices.
Which was true. What she obviously was not aware that the hawkers started dishing fewer fishballs and rice/noodles in their servings.

The same wink wink practice common in government too. Old man never have to state what he wants, but everyone knew that the dragon son is to be the PM eventually.

 

[jw5]

Which begs the questions: When Ah Wong gets married again, will cass888 and hubby be invited to his wedding and how much ang pow will they pow?

 

[winnipegjets]

That's a lame excuse. The CEO is ultimately responsible for the action of every employee. PAP government is in cahoots with the banks, thus won't dare to take any action. And some small fries are made to take the rap.

 

[lee6100]

That's a lame excuse. The CEO is ultimately responsible for the action of every employee. PAP government is in cahoots with the banks, thus won't dare to take any action. And some small fries are made to take the rap.

Money talks. Singapore won't dare take action against ang mo bankers. The Indians (Barclays, was it?) will get clobbered, though.